WASHINGTON – Net income of federally insured credit unions fell 15.7% during the first nine months of 2008, according to data released today by the NCUA.
The agency said the income decline was mostly the result of a 71.9% increase in the provision for loan and lease losses, meaning funds set aside for possible losses.
Other signs that the economic crisis is hurting credit unions included a 20 basis points increase in the loan delinquency ratio from 0.93% to 1.13%, and an increase in the net charge-off ratio from 0.51% to 0.75%., and a decline in the return on average assets ratio from 0.64% to 0.51%.
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