WASHINGTON—Credit union loans outstanding increased 0.6% in May, compared to a 0.7% increase in April of 2023 and a 2.1% increase in May of 2022, according to CUNA's latest Monthly Credit Union Estimates.
Other mortgage loans led loan growth during the month, rising 3.2%, followed by adjustable-rate mortgages (2.7%), unsecured personal loans (1.7%), credit card loans and home equity loans (both rising 1.5%), fixed-rate mortgages (0.2%), and new auto loans (0.02%), CUNA said.
On the decline during the month were used auto loans (-0.08%).
According to the CUNA data, other performance numbers included:
- Credit union savings balances declined -0.4% in May, compared to a -0.7% decline in April of 2023 and a -0.7% decline in May of 2022. One-year certificates led savings growth during the month, rising 4.4%, followed by individual retirement accounts (0.2%), CUNA noted.
- On the decline during the month were share drafts (-2.6%), followed by money market accounts (-1.2%) and regular shares (-0.9%), the trade association said.
- Credit unions’ 60+ day delinquency remained at 0.7% in May.
- The loan-to-savings ratio increased from 82.7% in April to 83.6% in May. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 12.7% in April to 12.6% in May, CUNA said.
- Total credit union memberships grew 0.1% during May to 138.9 million.
- The movement’s overall capital-to-asset ratio increased from 9.0% in April to 9.2% in May. The total dollar amount of capital increased by 1.6% to $206.6 billion, CUNA reported.
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