NCUA data showed tighter interest margins dragged down earnings for the nation's 10 largest credit unions in the three months ending June 30, compared with 2020's second quarter.
But all turned to roses after Navy Federal Credit Union of Vienna, Va. ($147.9 billion in assets, 10.6 million members) recorded $214 million as income from its loan loss provisions in this year's second quarter, after taking a provision expense of $779.4 million in 2020's second quarter.
Such is the impact of the nation's largest credit union — even when pooling its results with the next nine largest.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
