NCUA data showed tighter interest margins dragged down earnings for the nation's 10 largest credit unions in the three months ending June 30, compared with 2020's second quarter.
But all turned to roses after Navy Federal Credit Union of Vienna, Va. ($147.9 billion in assets, 10.6 million members) recorded $214 million as income from its loan loss provisions in this year's second quarter, after taking a provision expense of $779.4 million in 2020's second quarter.
Such is the impact of the nation's largest credit union — even when pooling its results with the next nine largest.
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