LONDON–Credit union lending in the U.K. has grown significantly, according to the Bank of England.
Data released by the BoE, which is based on quarterly returns from 334 credit unions across the U.K., show that at the end of June 2016, total credit union membership (including junior savers) had reached nearly two-million.
U.K. credit unions serve 58,034 more people than they did in June 2015, which represents annual membership growth of 3%, BoE statistics show.
The largest growth category among credit unions in the U.K. was lending, which is up 8.5% since June 2015 to more than £781 million, resulting in an additional £61 million provided to consumers in England, Scotland and Wales compared with the same time a year ago, the BoE said.
Credit union savings and assets also rose on the British Isles, with an extra £87.9 million deposited with credit unions in the year to June, representing a 7.8% increase in members’ shares to around £1.22 billion.
“These latest growth figures are extremely encouraging,” said Mark Lyonette, CEO of the Association of British Credit Unions. “Not only are credit unions growing on every measure, but for lending to see the highest rate of growth bucks recent trends and bodes well for the movement’s future. ABCUL has recognized the lending challenge faced by credit unions and we’ve encouraged our members to look at innovative ways of encouraging new and existing members to think of their credit union first whenever they need to borrow money.”