Net income for federally insured credit unions rose sharply in the first quarter with an extra push from a rebate from the NCUA’s insurance pool.

The nation’s 5,647 federally insured credit unions also increased expenses at a slower pace than gains in net interest income and fee income. Altogether, net income rose 35.4% to $3.1 billion.

Most federally are set to receive $735.6 million this year from the rebate, and many credit unions recorded the one-time gain in the three months that ended March 31 as part of non-interest income, according to an NCUA report released earlier this month.

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Jim DuPlessis

A journalist for decades.

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