Credit unions made more money than ever in 2012, according toSNL Financial.
|The Charlottesville, Va., data analysis firm said the industryrecorded aggregate net income of $8.6 billion in 2012, a 33.54%jump from the previous year and the most ever in one year.
|The numbers showed a sharp increase since 2008, when they hit anet aggregate income loss of 0.15%, SNL Financial said. In 2000,the earliest year the firm reported, the figure was 4.38%.
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Meanwhile, the nation's largest credit union, the $52 billionNavy Federal recorded asset growth of 11.74% in 2012 and loan andlease growth of 9.84%, SNL Financial said, helped along by its moveinto participation loans as other credit unions neared theirbusiness lending camp.
|At the nation's second largest credit union, the $25 billionState Employees' Credit Union in North Carolina, assets grew 7.51%in 2012, despite growth in loans and leases of only 0.44% in 2012.Deposits jumped 7.51% in that same period, SNL said, and securitiesportfolio investments and mortgages helped drive the assetincrease, SNL said.
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