PETERBOROUGH, N.H. - Just five credit unions sold their card portfolios during the second quarter, a marked decline in such sales by CUs. According to Brookwood Capital and Asset Exchange, both of which consult on card portfolio issues, total balances sold during the during the quarter were approximately $20 million. On average, the size of the portfolios sold was $4.1 million.
"This marks a decline in portfolio sales levels from prior years, and leaves year to date total sales numbers at 15 portfolios with total receivables of $83 million," said Brookwood Capital.
Meanwhile, analysis by Portland, Ore.-based AssetExchange showed that of the 2,100 credit unions with credit card portfolios of $1 million and larger:
* CU credit card assets grew 14% between June 07 and June 08 to $30.1 billion, more than twice the growth rate of total CU assets. Card accounts grew about 3% over the same period.
* The percentage of portfolios that grew more than the rate of inflation during the previous 12 months increased from 71% in June 07 to 76% in June 08.
* Total card assets for portfolios over $1 million increased as a percentage of total assets to 4.49% in June 07 to 4.80% in June 08.
* The average balance per account increased 10% from June 07 to June 08 to $2,509.
For info: www.brookwoodcapital.com and www.AssetExchange.com (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
