Data Shows Strong 2003 For Corporate CUs

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Year-end 2003 data shows corporate credit unions experienced record growth last year. Total assets held by the nation's 29 corporate credit unions increased by $4.9 billion, or 7.1%, to $73.8 billion at year-end 2003, up from the $68.9 billion total at year-end 2002, according to the Association of Corporate Credit Unions (ACCU).

Total assets have grown 86% since Dec. 31, 2000, when the year-end total stood at a combined $39.6 billion for all corporate credit unions.

"Although loans outstanding increased substantially over the entire 12 months of 2003, total loans outstanding for corporate credit unions amounted to just 2.8% of corporates' total assets as of Dec. 31, 2003," said Eric Kenealy, president and CEO of SunCorp and chairman of the ACCU. "And the quality of the loan books continues to be excellent, with no reported delinquent loans in any of the past six years dating back to year-end 1997."

Total share deposits throughout the Corporate Network were $58.8 billion on Dec. 31, 2003, down slightly from the year-end 2002 total of $60.4 billion. Share deposits have grown by 82.6% since year-end 2000, however, when total share deposits stood at $32.2 billion. At year-end 1997, total share deposits by natural person credit unions were $27.2 billion, ACCU said.

Other results:

* Total capital (retained earnings, plus paid-in-capital, plus membership capital shares) was $5 billion at Dec. 31, 2003, compared with $4.5 billion at year-end 2002. Total capital for the corporate network has increased by 80% since year-end 1997.

* Aggregate core capital (retained earnings, plus paid-in-capital) was $2.3 billion on Dec. 31, 2003, compared with $2.1 billion a year earlier. Since year-end 1997, when core capital was $1.2 billion, core capital has increased by 91%.

Non-interest income during 2003 was $188.8 million, compared with $166 million in 2002.

* Net income for 2003 was $136 million, compared with $139 million in 2002.

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