ALEXANDRIA, Va. — Despite tight margins, shrinking lending growth and slight savings growth, federally insured credit unions fared well through the third quarter of 2006.
FICU assets grew $22.7 billion, or 3.28%, to $700.9 billion for annualized asset growth of 4.37%, according to NCUA's Financial Trends in Federally Insured Credit Unions for the first three quarters of 2006. Of those reporting, 5,255 were federal credit unions and 3,302 were federally insured state charters.
In the same period, net worth has grown 5.9% (7.87% annualized) or $4.5 billion, and FICUs' net worth ratio increased from 11.24% to 11.52%. Earnings also nudged upward from 0.85% to 0.88%.
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And, while lending grew 6.47% through the third quarter (8.63% annualized)–off from previous double-digit growth–delinquencies dropped from 0.73% to 0.62%. Bankruptcies and loan losses were also down.
Shares grew 2.77% or $15.99 billion, representing an annual growth rate of 3.69%.
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