Credit Union lending passes £1bn

31st January 2024

Latest data from the Bank of England has indicated an increase Credit Union lending, with loans to members in England passing the £1 billion mark for the first time.

The figures showed that loans to members increased 5.3% quarter-on-quarter to £2.34 billion.

However, the average amount in arrears grew for the 8th successive quarter, increasing by 4.6% to £2,043.

Interim profit/loss at Credit Unions fell by 20% to £11.89 million, as 14.4% growth in total income to £91.74 million was offset by a 22.2% increase in total expenditure to £79.85 million.

Total capital held by Credit Unions increased 4.3% quarter-on-quarter to £602.03 million, passing the £600 million mark for the first time.