MADISON, Wis.—CUs’ strong 2015 lending performance continued in August, according to new data from CUNA.
CUNA’s latest credit union monthly estimates show loans outstanding rose 1.2% during the month, up slightly from the monthly performance one year ago (1.1%). On an annual basis, loan portfolios expanded by 10.5%.
CUNA noted that all reported loan categories experienced an increase.
Adjustable-rate mortgages led the way with a 1.9% increase, used auto loans and home equity lines of credit each were up 1.5%, and unsecured personal loans, new-auto loans, other mortgages and credit-card loans each climbed by 1.4%.
“The positive relationship between (gross domestic product) growth and loan growth is visible in the August estimates,” said Perc Pineda, CUNA senior economist. “As the economy continues to expand, credit union loan growth is sustaining its positive run.”
New and used auto loans increased 16.5% and 17% respectively on an annual basis, while credit card loans were up 6.3% and unsecured personal loans rose 10.3% year-over-year, according to Pineda.
“These numbers underscore the relevance of credit union lending on the macro economy,” Pineda said.
Growth in members shows no signs of slowing, as total U.S. credit union memberships climbed by 0.6% in August to 104.3 million.
The movement’s capital-to-asset ratio rose to 10.8% during the month, driving CU capital nationwide to $129.3 billion.
Additionally, asset quality continued to remain strong, as the 60-plus day delinquency rate stood at 0.7%.