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Credit union membership pass two million for first time
The number of adults that are members of credit union based in the UK has passed two million for the first time.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Based on data published by the Bank of England for the first quarter of 2023, there was also a jump in the total value of net liabilities – growing by 10% to £139.8m. This also represents a 35.9% increase when compared to the low seen during the pandemic of £102.8m.
Meanwhile, the total number of assets held by credit unions increased by one percent, going up to £4.6bn.
Additionally, the market saw an overall increase in interim profits of 22.3% going up to £12.3m, and follows a fall of 28.3% when compared to the final quarter of 2022. This uptick was driven mainly by a 4.3% fall in total expenditure to £58.4m, offsetting the 0.5% decline in total income to £70.6m.
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