NCUA Releases Credit Union System Performance Data

According to the latest financial performance data released by the National Credit Union Administration (NCUA), total loans outstanding in federally insured credit unions increased $41 billion, or 2.6%, over the year ending in the third quarter of 2024, to $1.63 trillion.

Total assets rose by $82 billion, or 3.7%, to $2.31 trillion during the same period.

The delinquency rate was 91 basis points, up 19 basis points from one year earlier.

Net income for federally insured credit unions in the first three quarters of 2024 totaled $15.8 billion at an annual rate, down $0.8 billion, or 4.7%, from the first three quarters of 2023.

“The credit union system remains healthy overall but with several mixed signals,” NCUA Chairman Todd M. Harper said.

“For the year ending in the third quarter of 2024, assets, loans outstanding, insured shares and deposits, and net worth all grew. Yet, net income declined year-over-year, and we experienced anemic loan performance along with rising default rates. Credit card and auto loan delinquencies remain especially elevated.

“The NCUA, therefore, continues to urge credit unions to carefully manage their credit risks in this time of growing financial stress among members.”

The NCUA’s Quarterly Credit Union Data Summary provides an overview of the financial performance of federally insured credit unions based on information reported to the agency in the third quarter of 2024.

As of September 30, 2024, there were 4,499 federally insured credit unions with 142 million members.

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

Insured shares and deposits increased $44 billion, or 2.6%, to $1.76 trillion, from one year earlier.

Interest income rose $18.7 billion, or 19.6%, over the year to $114.0 billion annualized.

The credit union system’s provision for loan and lease losses or credit loss expense increased by $3.3 billion, to $13.2 billion at an annual rate in the first three quarters of 2024.

Total loans outstanding increased by $40.6 billion, or 2.6 percent, over the year to $1.63 trillion.

Total shares and deposits grew by $58.9 billion, or 3.1%, over the year to $1.93 trillion in the third quarter of 2024. Regular shares declined by $35.0 billion, or 6%, to $553.0 billion.

Other deposits increased by $98.0 billion, or 10.8%, to $1.01 trillion, led by share certificate accounts, which grew by $106.8 billion, over the year to $551.0 billion.

The credit union system’s net worth increased by $14.0 billion, or 5.8%, over the year to $252.9 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.94% in the third quarter of 2024, up from 10.72% one year earlier.