The loan-to-savings ratio for credit unions during January remained steady, at 75.1%, according to analysis by CUNA. The trade group's Economics & Statistics department credited certificates and individual retirement accounts (IRAs) with driving savings growth, while mortgages and home equity loans continued to fuel loan growth.
Savings for January 2005 totaled $573.6 billion, compared with $549.2 billion in January 2004, CUNA said. Loans grew to $430.6 billion in January 2005, up from $389.2 billion for the same period in 2004.
The dollar amount of loans outstanding increased 0.4%. After the winter holidays, outstanding credit card balances dropped 1.6% in January, compared with a 1.8% decrease in balances a year ago. ARMs were up 1.6%, home equity lines of credit grew 1.2%, and fixed-rate, first mortgages grew 0.7%.
