VIENNA, Va. — Navy FCU reported Monday that it added another 234,000 new members in the third quarter and 445,000 new members over the past 12 months — for a total of 4.6 million.
The additional members helped pushed Navy Federal's assets over the $55 billion mark for the first time and helped it earn $560.8 million in net income for the first three quarters, virtually the same as last year — for a 1.35% annualized return-on-assets.
The credit union giant increased its total loan portfolio by 16% from a year ago to $38.3 billion, even while loans granted year-to-date are down almost 14% to $18.7 billion. As a result of the larger portfolio loan income was up 8% from a year ago to almost $1.8 billion for the first nine months of 2013.
The rapidly growing credit union giant has opened six branches so far this year and plans to add six more to its worldwide network of 235 as it is also expanding its huge call center in Pensacola, Fla.
As a result, it has added 1,243 full-time employees so far in 2013 and 1,540 employees over the past 12 months, for a total of 9,603 full-time and 1,057 part-time workers.
Navy Federal declined to make an executive available to discuss its third quarter financials.
