Total loans outstanding in federally insured credit unions increased $229 billion, or 17.6%, over the year ending in the first quarter of 2023, to $1.53 trillion, according to the latest financial performance data released Thursday by NCUA. 

Total assets rose by $93 billion, or 4.4%, during the same time period, to $2.21 trillion. Insured shares and deposits rose $39 billion, or 2.3%, to $1.73 trillion, from one year earlier.

NCUA’s Quarterly Credit Union Data Summary provides an overview of the financial performance of federally insured credit unions based on information reported to the agency in the first quarter of 2023. As of March 31, there were 4,712 federally insured credit unions with 136.6 million members.

Highlights from the report include:

• Net income for federally insured credit unions in the first quarter of 2023 totaled $17.7 billion at an annual rate, down $0.6 billion, or 3.0%, from the first quarter of 2022. Interest income rose $28.0 billion, or 45.8%, over the year to $89.0 billion annualized. Non-interest income declined $0.3 billion, or 1.3%, to $24.0 billion annualized, partly due to a drop in other income.
• The credit union system’s provision for loan and lease losses or credit loss expense increased $5.9 billion, or 203.3%, to $8.8 billion at an annual rate in the first quarter of 2023.
• Total loans outstanding increased $228.6 billion, or 17.6%, over the year, to $1.53 trillion. Credit union loan balances rose in all major categories compared with the first quarter of 2022.
• The delinquency rate at federally insured credit unions was 53 basis points in the first quarter of 2023, up 10 basis points compared with the first quarter of 2022.
• Total shares and deposits rose by $37.6 billion, or 2.0%, over the year to $1.89 trillion in the first quarter of 2023. Regular shares declined by $44.3 billion, or 6.5 percent, to $641.7 billion. Other deposits increased by $76.3 billion, or 9.8 percent, to $854.0 billion, led by share certificate accounts, which grew $120.8 billion, or 50.1 percent, over the year to $362.2 billion.
• The credit union system’s net worth increased by $15.5 billion, or 7.2 percent, over the year to $231.9 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.49 percent in the first quarter of 2023, up from 10.21 percent one year earlier.

NCUA makes credit union system performance data available online 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, including key metrics.