Earnings Up Significantly At U.S. Central CU
U.S. Central CU reported that the higher interest-rate environment helped push earnings on its $36 billion investment portfolio 63% higher for the third quarter, compared to the same period last year. That enabled U.S. Central to boost the payout to its corporate members by 67% for the quarter, before dividends on member capital share accounts. The corporates' corporate said it doubled the payout on MCS for the third quarter to $11.4 million, compared to $5.4 million for the same quarter last year.
For the first three quarters U.S. Central earned 68% more in interest and dividends on its investments, enabling it to pay 74% more to its members, compared to the first nine months last year. Combined dividends on MCS and paid-in-capital was $39.5 million for the first three quarters, more than double the $18.8 million paid out for the same period last year. The average rates on MCS and PICs for the first three quarters was 3.27% and 4.03%, respectively, up from 1.46% and 2.24%, for the first three quarters last year.