VIENNA, Va.—Navy FCU topped $1.198 billion in net income for 2016, according to the CU’s income statement.
That total, the highest in the $79.8-billion CU’s history, makes Navy the first U.S. credit union to break $1 billion in net income.
“Navy FCU's 2016 earnings are up approximately 37% from a year ago,” stated Keith Leggett, the former senior vice president and senior economist at the ABA on his Credit Union Watch blog.
Net revenues for 2016 reached almost $5.4 billion, total operating expenses were $2.3 billion and non-operating expenses were $1.6 billion. Navy paid almost $432 million in dividends.