Credit Union membership passes two million

1st September 2023

Latest Bank of England data has found that the number of adults who are members of Credit Unions has passed two million for the first time.

The number of adult members of Credit Unions grew by 1.3% in 2023 Quarter 1 (Q1).

The total value of net liabilities in arrears grew by 10% to £139.8 million representing a 35.9% increase compared to the pandemic low of £102.8 million.

The total assets held by UK Credit Unions increased by 1% reaching £4.6 billion.

Interim profit increased by 22.3% to £12.2 million in 2023 Q1, after falling by 28.3% in the previous quarter. The increase was driven by a 4.3% fall in total expenditure to £58.4 million, which offsets a 0.5% decline in total income to £70.6 million.