The National Credit Union Administration (NCUA) has released its financial performance data for the third quarter of 2024. The report shows an increase in total loans and assets for federally insured credit unions, despite a decline in net income.

Total loans outstanding rose by $41 billion, or 2.6 percent, reaching $1.63 trillion by the end of the third quarter. During the same period, total assets grew by $82 billion, or 3.7 percent, amounting to $2.31 trillion.

However, the delinquency rate increased to 91 basis points, up from 72 basis points a year earlier. Net income for these credit unions decreased to $15.8 billion at an annual rate, a drop of $0.8 billion or 4.7 percent compared to the first three quarters of 2023.

NCUA Chairman Todd M. Harper commented on the mixed signals within the credit union system: “The credit union system remains healthy overall but with several mixed signals.” He highlighted that while there was growth in assets and loans, "net income declined year-over-year," with "credit card and auto loan delinquencies remain especially elevated."

As of September 30, 2024, there were 4,499 federally insured credit unions serving approximately 142 million members across the United States.

The NCUA’s Quarterly Credit Union Data Summary outlined several key metrics for the third quarter:

- Insured shares and deposits saw an increase of $44 billion or 2.6 percent over the year.

- Interest income rose significantly by $18.7 billion or 19.6 percent.

- The provision for loan and lease losses increased by $3.3 billion or 33.5 percent.

- Total shares and deposits expanded by $58.9 billion or 3.1 percent.

- The net worth of the credit union system climbed by $14 billion or 5.8 percent.

This data is accessible through NCUA's website under their Credit Union Analysis section, which includes detailed financial information and graphical trends.

The NCUA continues to regulate federal credit unions while insuring deposits through its Share Insurance Fund backed by U.S government support.

For further details, media inquiries can be directed to Joe Adamoli at JAdamoli@ncua.gov or contacted via phone at 703-518-6572.