Overall credit union loan growth may be stagnating, but CU credit card portfolios continued to grow in the second quarter of 2010, according to a leading card analytical firm.
Asset Exchange, a leading brokerage and consultant on CU card portfolios, reported that NCUA data shows card balances at CUs with card portfolios worth at least $1 million grew at an annual rate of 7.4% between June 2009 and June 2010 to $34 billion. This continued the trend of CU cards being among the leading CU loan products and outperforming other loan products. Total assets at these credit unions grew at an annual rate of 6.8% over the same period, the firm reported.
This meant that credit cards as a percentage of total assets increased slightly to 4.6% in the second quarter of 2010, up from 4.5% in the second quarter of 2009.
Significantly, card accounts grew at a 3.1% annual rate over the same period to 12.6 million, the firm said.