An increase in auto lending activity combined with a reduction in ongoing expenses and set-asides for loan losses has helped Altura Credit Union double its net income in 2012.
The $655.3 million credit union in Riverside, Calif., reported net income of $17.49 million for the year ended Dec. 31, 2012. This is more than double the net income of $8.43 million reported at the end of 2011, according to Altura.
"This is without question the best year in Altura's history," said Mark Hawkins, CEO of Altura. "Historically, Altura has had many good years, but that was not the case during the Great Recession. So, it is very exciting to be able to report such positive results after that period of difficulty."
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