MADISON, Wis.-Credit unions are seeing strong loan demand, especially auto loans, as well as steady growth in membership, deposits and capital, according to CUNA Mutual Group's most recent "Credit Union Trends Report."
"Once again, CUs are leading the nation into economic recovery," CUNA Mutual Economist Dave Colby wrote in the April report that is based on February data. "Our outlook assumes the consumer-led recovery will persevere with the help of the nation's CUs, in spite of Washington politics, regulatory dynamics and troubles in the Eurozone, the Middle East and North Korea."
Among the highlights from the report:
* $110 billion in capital translates into 8.6% growth and 10.4% capital ratio.
* Vehicle loans grew 9.5% in February, with annual gains in new vehicles at 10.9%.
* 96.4 million CU members, up 2 million from February 2012.
* Due to data revisions going back to October 2012, there was a reduction in membership estimates of more than 500,000, but there are 24 more credit unions (current count is at 7,048).
* Savings grew by 6.2% in February, with credit unions increasing assets by nearly $64 billion during the past year.
* Annual loan growth has been steadily improving for the last 18 consecutive months, up 5% year-over-year, with strongest gains in vehicle loans and first mortgages.
