January Asset Growth Triple That One Year Earlier

Register now

CU asset growth during Janurary nearly tripled over the same period one year earlier, according to analysis by CUNA. The rocketing asset growth caused credit unions' average loan-to-share ratio to fall from 71.2% in December 2002 to 70.1% in January, CUNA reported. Savings balances grew 1.7% while loans outstanding grew a slight 0.05% in January. Strong share draft growth, 4.2%, led savings growth in January, followed by regular shares, 1.6%, and certificates, 1.1%. Other January results: credit card loans dropped 2.3% in January; fixed-(1%) and adjustable-rate mortgages (0.5%) led loan growth; auto and home equity loans rose 0.05%; and delinquencies rose slightly to 0.80%.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER