VIENNA, Va. – Navy FCU on Friday reported a 50% surge in first quarter net income, to $180 million, amid big gains in investment and fee income.
The first quarter results equate to a 1.63% return-on-assets for the $44 billion credit union.
First quarter results include a 61% rise in investment income to $68.9 million, as well as a 19% increase in “other” income, which includes fees, to $182 million. The credit union giant also profited handsomely from falling deposit rates, lowering its cost of funds by almost 10%, or $18 million, for the first quarter.
As with most of the industry, growth was mixed, with loans declining in the first quarter by 1.3%, including a 1.4% drop in real estate loans; but shares growing 4.6% for the period.
Net worth was a strong 9.1% at March 31.
