Credit union assets, loans grow; delinquencies increase, net income down

by America's Credit Unions

Total assets in federally insured credit unions rose by $79 billion, or 3.5%, over the year ending in the second quarter of 2024 to $2.3 trillion, according to the latest financial performance data released by the NCUA.

The delinquency rate at federally insured credit unions was 84 basis points in the second quarter of 2024, up 21 basis points compared with the second quarter of 2023. Net income for federally insured credit unions in the first half of 2024 totaled $15.7 billion at an annual rate, down $1.8 billion, or 10.1%, from the first half of 2023.

Highlights from the NCUA’s Quarterly Data Summary Report for the second quarter of 2024 include:

  • Total loans outstanding increased $56.1 billion, or 3.6%, over the year to $1.62 trillion;

 

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