World Council of Credit Unions' 2008 Statistical Report reveals modest growth in both the number of credit unions and members served, with 53,689 credit unions reporting nearly 186 million members. That's a 9% and 5% increase over 2007 numbers, respectively.
First-time respondents Ethiopia and Haiti helped drive credit union and member growth, but other areas of the world showed modest growth or slight declines. Global credit union assets totaled US$1.19 trillion, up from 2007's total of US$1.18 trillion. Savings reached US$995.7 billion, also an increase from last year's US$987.9 billion.
Loans worldwide dipped slightly to $847 billion, from US$847.9 billion in 2007.
"Currency valuation changes in countries around the world may have tempered aggregate financial progress as reported in U.S. dollars, but growth in the number of institutions responding this year tells us credit unions are alive and well and on the path to serving an ever-increasing number of members," said Pete Crear, president/CEO.
WOCCU has collected annual statistics for the past 36 years to produce its Statistical Report. The only source for such comprehensive data on the global credit union movement, WOCCU's report is widely cited by governments, international institutions and analysts. To download a free copy, visit WOCCU's Web site, www.woccu.org/statreport.
--handerson@cutimes.com
