VIENNA, Va. – Navy FCU had another successful three months in the second quarter, reporting net income of $100 million–its best quarter ever–and asset growth of 3%, pushing the world’s largest credit union to $39.9 billion.
The huge net helped Navy Fed erase a $166.9 million loss for the first quarter–caused solely by a $217.1 million NCUSIF stabilization charge, which was whittled to $50.7 million after NCUA changed the stabilization program. As a result, Navy Fed reported net income of $100.7 million for mid-year.
The credit union giant also reported that deposits, which surged almost 11% in the first quarter, kept flooding in during the second quarter–$750 million in new deposits, almost 3%–during the period. In the first half of the year Navy Fed has seen $3.4 billion in new deposits, an increase of almost 14%.
