CUNA Survey Finds Small Jump in April Loan Volume
Credit unions had $575.2 billion in outstanding loans in April, a 0.2% increase over March’s $574.2 billion, according to a CUNA survey of 350 credit unions.
April’s numbers represented a 0.7% decline from April 2010.
The impact of the sluggish economy was still apparent in the loan delinquency rate, which remained at 1.58% for the second consecutive month. It had been 1.73% in April 2010.
The loan-to-savings ratio was 69%, the same as in March.
Based on the data, CUNA projects that credit union assets were $967.9 billion in April, compared with $959.7 billion in March and $925.7 billion in April 2010.
Capital ratio was 9.9% for the third consecutive month, compared with 9.8% in April 2010.
In April, adjustable rate mortgages grew 2%, home equity loans rose 1%, and used auto loans rose 0.7%.
New auto loans fell 0.7%, unsecured personal loans dropped 1.1% and fixed-rate mortgages fell 1.8%
The data also show a 0.7% increase in savings balances at credit unions, following a 1.3% increase in March.
CUNA Chief Economist Bill Hampel said the results were a cause for optimism. “Most of the indicators are heading in the right direction. We are still on track for a weak loan year and modest saving growth,’’ he said in an interview.