VIENNA, Va. Navy FCU reported a record $218.2 million first quarter net income this morning, up 29% from last year’s first quarter, as the world’s biggest credit union continued to land record mortgages.
The first quarter net, which equates to a 1.60% ROA, puts the $54.3 billion credit union on course to top last year’s record net of $760.4 million.
First quarter earnings were boosted by $3.2 billion of new mortgage originations, including a credit union-record $1.2 billion for March. That sets Navy Federal on pace to top last year’s $10 billion in mortgage originations.
The credit union giant also recruited 77,130 new members for the quarter, giving it almost 400,000 additional members for the past 12 months, for a total of 4.3 million members at March 31.
