ALEXANDRIA, Va.--Mid-year data for credit unions released by NCUA today show strong loan growth and net worth that is at highest point since 2008.
Loans were up 2.3% in the second quarter, and 5.5% in the last four quarters, the strongest four-quarter growth since the start of 2009. Federally insured credit unions reported $613.7 billion in total loans in the second quarter of 2013, an increase of $13.8 billion over the previous quarter.
First mortgage real estate and auto loans set the pace. First mortgage loans rose to $253.8 billion, up 2.1% for the quarter and 5.6% year-over-year. New auto expanded to $66.4 billion, up 2.8% for the quarter and 10.7% for the last four quarters. Used auto loans rose to $121.3 billion, up 3.7% for the quarter and 9.3% for the year ending June 30.
Net worth ratio climbed to 10.5% at the end of the second quarter, up 34 BPs from the end of the second quarter of 2012.
CU membership reached 95.2 million, a record high, growing by 560,670, or 0.6%.
“The increases in lending, net worth and membership are especially positive signs,” NCUA Board Chairman Debbie Matz said. “The brisk loan growth shows that federally insured credit unions are meeting the needs of more borrowers and putting their assets to productive use.”
