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;
- Interest income rose $19.9 billion, or 21.6%, over the year to $112.3 billion annualized. Non-interest income rose $2.6 billion, or 10.6%, to $27.1 billion annualized, largely reflecting an increase in other non-interest income;
- The credit union system’s provision for loan and lease losses or credit loss expense increased $3.8 billion, or 41.4%, over the year to $13 billion at an annual rate in the first half of 2024;
- Insured shares and deposits rose $36 billion, or 2.1%, to $1.76 trillion, from one year earlier. Total shares and deposits rose by $49 billion, or 2.6%, over the year to $1.93 trillion in the second quarter of 2024. Regular shares declined by $50 billion, or 8.1%, to $564.1 billion. Other deposits increased by $105.8 billion, or 12%, to $985.7 billion, led by share certificate accounts, which grew $123.8 billion, or 30.6%, over the year to $528.2 billion; and
- The credit union system’s net worth increased by $13.3 billion, or 5.6%, over the year to $249 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.84% in the second quarter of 2024, up from 10.62% one year earlier.
The NCUA makes credit union system performance data available online in the Credit Union Analysis section of NCUA.gov, including detailed financial information, a graphics package illustrating financial trends in federally insured credit unions, and a spreadsheet listing all federally insured credit unions as of June 30, 2024.
