The nation's largest credit unions nearly tripled their earnings margin in the first quarter as loan loss provisions fell back to pre-pandemic levels and cuts in overhead made up for lower income.
A CU Times analysis of NCUA Call Reports filed last week showed the 10 largest credit unions earned $1.2 billion, up from $367.6 million in 2020's first quarter. Their annualized return on average assets was 1.48%, up from 0.51% a year earlier.
The increase came despite a surge in savings, which contributed to a 12.4% rise in average assets. Loan growth was tepid, with balances rising 4.5% to $201.8 billion.
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