Federally insured credit unions reported net income growth of $11.3 billion, or 134.9%, over the year ending in the first quarter of 2021, according to the latest financial performance data released by NCUA.

The increase in net income was due in large part to strong growth in other operating income and a decline in the provisioning for loan, lease, and credit loss expenses. Insured shares and deposits rose $286 billion, or 22.4 percent, to $1.56 trillion over the same period.

Highlights from the NCUA’s Quarterly Data Summary Report for the first quarter of 2021 include:

• Net income for federally insured credit unions in the first quarter of 2021 totaled $19.7 billion at an annual rate, up $11.3 billion, or 134.9 percent, from the first quarter of 2020. Interest income declined $3.2 billion, or 5.3 percent, over the year to $57.7 billion. Non-interest income increased $5.9 billion, or 29.0 percent, to $26.2 billion, mainly due to growth in other operating income.
• The credit union system’s provision for loan and lease losses or credit loss expense declined $5.6 billion, or 66.1 percent, over the year, to $2.9 billion at an annual rate in the first quarter of 2021.
• Total loans outstanding increased $49 billion, or 4.4 percent, over the year to $1.17 trillion. The average outstanding loan balance in the first quarter of 2021 was $16,157, up $282, or 1.8 percent, from one year earlier. Credit union loan balances rose in most major categories compared with the first quarter of 2020.
• The delinquency rate at federally insured credit unions was 46 basis points in the first quarter of 2021, down 17 basis points compared with the first quarter of 2020. Loan performance improved or was little changed in most major categories.
• Credit union shares and deposits rose by $317.7 billion, or 23.1 percent, over the year to $1.69 trillion in the first quarter of 2021. Regular shares increased $160.9 billion, or 34.6 percent, to $626.2 billion compared to the first quarter of 2020. Other deposits increased $56.5 billion, or 8.3 percent, to $740.6 billion, led by money market accounts. These were up $80.3 billion, or 28.5 percent, from the first quarter of 2020.
• The credit union system’s net worth increased by $14.9 billion, or 8.3 percent, over the year to $195.3 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.01 percent in the first quarter of 2021, down from 11.00 percent in the first quarter of 2020.

The NCUA makes extensive credit union system performance data available in the Credit Union Analysis section of NCUA.gov. The analysis section includes quarterly data summaries as well as detailed financial information, a graphics package illustrating financial trends in federally insured credit unions, and a spreadsheet listing all federally insured credit unions as of March 31, 2021, including key metrics.