ARLINGTON, Va. – Even though Asset Exchange, the leading independent broker of credit union credit card portfolios, reported that 13 CUs sold their credit card portfolios, worth $97.5 million, in the first quarter of 2006, overall the CU industry continued to show favorable growth from their card portfolios.
Asset Exchange draws its statistics from NCUA data and statistics on inflation from the U.S. Department of Labor Statistics.
In year over year statistics, total card assets for credit union credit card portfolios over $1 million in outstanding values moved from $20.9 billion at end of the first quarter of 2005 to $22.9 billion in the same period. Adjusting for inflation, this represents an increase of 4.2%, the broker said.
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The value of total card assets also increased as a percentage of total assets in the first quarter of 2006 versus 2005. In the first quarter of 2005, cards represented an average of 3.96% of total CU assets while in 2006 they had risen to 4.06%.
The percentage of CU card portfolios which grew faster than inflation also increased-from 28% to 32%-in the first quarter of 2006 versus 2005.
The one area where CU card portfolios' 2006 performance lagged in 2005 was in penetration. Only 18% of CU members in the first quarter of 2006 carried their institution's credit card, down a marginal 0.1% from the 18.1%, which carried one in 2005.
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