MEMBER GROWTH AND REVENUE PER MEMBER
FOR U.S. CREDIT UNIONS | DATA AS OF 03.31.24
© Callahan & Associates | CreditUnions.com
- Annual membership growth was 3.2% in the first quarter of 2024. This is the second-lowest growth rate since 2015 — coming in right behind last quarter — however, it’s still higher than the rates recorded prior to the third quarter of 2015.
- The reasons behind this lull in membership growth are nuanced. One possible explanation: many credit unions have pulled back on lending because of their liquidity position. This is particularly evident in indirect lending, which declined 24 percentage points to 1.1% in the first quarter.
- Membership growth has declined in the past year, but revenue has climbed to record levels, and revenue-per-member has grown $80 quarter-over-quarter to $955. Revenue hit an all-time annualized high of $134.3 billion in the first quarter, up $21.3 billion from last year.
- Interest income is underpinning revenue performance. It increased 24.5% year-over-year to an annualized $110.6 billion in the first quarter. Despite the slowdown in membership, credit unions are capitalizing on higher yielding loans.
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