RALEIGH, N.C. – State Employees’ CU, the nation’s second-biggest credit union, reported another strong year for 2011, including 10% growth to $23.7 billion in assets and a 0.82 return-on-assets.
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The credit union giant reported deposits grew by $1.9 billion, or 10%, and loans by $481 million, or 4%. Both delinquencies and charge-offs ticked up slightly to 1.18% and 0.27%, respectively, from 0.93% and 0.24% in 2010.
The growth and a lower expense-to-assets ratio (1.77%, down from 1.92%) helped it produce $196 million in net income, down slightly from the $229 million, or 1.06% ROA, reported for 2010.
