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Arizona credit unions reported the highest return on average assets in the country during first quarter 2012, according to the NCUA’s Quarterly U.S. Map Review. But despite 123 basis points worth of profit, things aren’t completely sunny in the Copper State.

Rather than increasing income, Arizona credit unions have achieved ROA thanks to a steep drop in provisions for loan losses. In March 2009, credit unions set aside 3.77% of average assets for provisioning, but that figure dropped to only 0.47% as of March 2012.

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