VIENNA, Va. Navy FCU reported this afternoon that net income for the first six months of the year rose 20% over the same period last year to a record $439 million.
The record earnings equate to a return on assets of 1.6%, up from 1.48% for the first six months last year, when Navy reported a $365.7 million net for the first half, and $760.4 million for the full year.
The world’s biggest credit union, now with $54.4 billion in assets, which is in the midst of a mortgage loan boom, had a $75.8 million increase in loan income for the first half of the year, accounting for all of the $73.3 million of increased net.
The bottom line was also helped by a decrease of $15.6 million, or almost 5%, in the credit union’s cost of funds. Navy boosted its provision for loan losses slightly, by $1.5 million.
The rising net came even as costs were increasing, with employee pay and benefits and operating expenses both up 11% over last year. The credit union giant which added 600,000 new members in 2012, added another 180,000 in the first half of 2013, giving it a total of almost 4.4 million members worldwide.
