RALEIGH, N.C. – State Employees’ CU reported another successful year, even as the recession was spreading across the state creating one of the highest unemployment rates in the country.
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The credit union giant reported 18% growth in assets for 2009, to $19.6 billion at year end, and net income of $176 million – more than twice the $73 million net for 2008 – creating a return-on assets of almost 0.90%.
SECU did report higher delinquencies, still a meager 0.62%, compared to 0.51% for 2008; and slightly higher charge-offs of 0.19%, up from 0.12% for 2008.
For the year, loans grew by 6%; deposits by 19% and capital by 15%.
