NCUA: Credit union assets grew 4.4 percent in Q1

Total assets in federally insured credit unions rose by 4.4 percent in the first quarter, according to the National Credit Union Administration (NCUA).

The NCUA’s Quarterly Credit Union Data Summary found that assets jumped by $96 billion, compared to the first quarter a year ago, to $2.31 trillion. Further, total loans outstanding increased $71 billion, or 4.6 percent, to $1.60 trillion.

In addition, the report revealed that insured shares and deposits rose $40 billion, or 2.3 percent, year-over-year to $1.77 trillion.

Further, the delinquency rate at federally insured credit unions was 78 basis points in the first quarter of 2024, up 25 basis points compared with the first quarter of 2023.

Among other findings, the report said:

• Net income for federally insured credit unions in Q1 totaled $15 billion, down $2.8 billion, or 15.6 percent, from the first quarter of 2023. Interest income rose $21.4 billion, or 24 percent, to $110.4 billion, while non-interest income rose $2.6 billion, or 10.6 percent, to $26.6 billion.
• The provision for loan and lease losses or credit loss expense increased $4 billion, or 45.8 percent, to $12.7 billion.
• Total loans outstanding increased $70.7 billion, or 4.6 percent, to $1.60 trillion.
• Total shares and deposits rose by $45 billion, or 2.4 percent, to $1.93 trillion in the first quarter. Regular shares declined by $68 billion, or 10.6 percent, to $574.4 billion. Other deposits increased by $124.8 billion, or 14.6 percent, to $978.7 billion. Certificate accounts grew $155.7 billion, or 43.0 percent, to $517.8 billion.
• The credit union system’s net worth increased by $13.3 billion, or 5.7 percent, to $245 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.62 percent in the first quarter, up from 10.48 percent one year earlier.

As of March 31, there were 4,572 federally insured credit unions with 140.4 million members.

The NCUA makes credit union system performance data available online in the Credit Union Analysis section of NCUA.gov. The section includes quarterly data summaries as well as detailed financial information, a graphics package illustrating financial trends in federally insured credit unions, and a spreadsheet listing all federally insured credit unions, including key metrics.

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