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Credit Union Assets and Delinquencies Grow in the Fourth Quarter

According to the latest financial performance data released today by the NCUA, total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion over the year ending in the fourth quarter of 2023. Insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion. The delinquency rate at federally insured credit unions was 83 basis points in the fourth quarter of 2023, up 21 basis points from one year earlier.

Highlights from the NCUA’s Quarterly Data Summary Report for the fourth quarter of 2023 include:

  • The credit union system’s net worth increased by $8.7 billion, or 3.8 percent, over the year to $24.5 billion.
  • The return on average assets for federally insured credit unions was 69 basis points in 2023, down from 88 basis points in 2022. The median return on average assets across all federally insured credit unions was 60 basis points, up 10 basis points from a year earlier.
  • Net income for federally insured credit unions in 2023 totaled $15.2 billion, down $3.5 billion, or 18.8 percent, from 2022. Interest income rose $26.6 billion, or 37.3 percent, over the year to $98.1 billion. Non-interest income rose $1.2 billion, or 4.9 percent, to $25.0 billion, largely reflecting an increase in other non-interest income.
  • The delinquency rate on non-commercial real estate loans was 56 basis points in the fourth quarter of 2023, 13 basis points higher than in the fourth quarter of 2022. The credit card delinquency rate rose to 211 basis points from 148 basis points one year earlier. The auto loan delinquency rate increased 23 basis points over the year to 90 basis points in the fourth quarter of 2023.
  • The net charge-off ratio was 61 basis points, up 27 basis points compared with the fourth quarter of 2022.
  • Total loans outstanding increased $96.2 billion, or 6.4 percent, over the year, to $1.60 trillion. The average outstanding loan balance in the fourth quarter of 2023 was $17,922, up $778, or 4.5 percent, from one year earlier.
  • Total shares and deposits rose by $31.2 billion, or 1.7 percent, over the year to $1.88 trillion in the fourth quarter of 2023.

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