Net income fell sharply for the nation's 10 largest credit unions from the second quarter to the third quarter because of higher loan loss provisions and lower operating income.
The Top 10 credit unions earned $650.5 million in the three months ending Sept. 30, or an annualized 0.64% of average assets, down from ROA of 0.87% in the second quarter and 1.03% in the third quarter of 2022.
The Top 10 credit unions encompassed 27.2 million members and $406.9 billion in assets as of June 30. The group accounts for nearly 20% of all credit union assets and members.
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