BRIEF: Net income nearly doubles at Wisconsin credit unions in first three quarters
Nov 13, 2012 (Menafn - The Wisconsin State Journal - McClatchy-Tribune Information Services via COMTEX) --Wisconsin credit unions grew their combined net income by 96 percent in the first nine months of 2012 compared with the same period last year, according to the Wisconsin Department of Financial Institutions (DFI).
Net income totaled 164.7 million, up from 84 million for the first three quarters of 2011, and combined return on assets was 0.98 percent, up from 0.59 percent a year ago. The credit unions' net worth was 10.09 percent of total assets, the highest since 2008, the department said.
"Wisconsin credit unions have returned to pre-recession levels of strength," DFI secretary Peter Bildsten said.
The state has fewer credit unions, though, than it did a year ago, with 188 in the third quarter, down from 194. Bildsten said "industry consolidation and merger activity" accounted for the drop.
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