The results are in from the NAFCU’s March flash report. Almost 98% of those surveyed predict their CUs net income growth will be effected by the premium. The NCUA decided to levy a 1.3 percent premium on CUs to steady the NCUSIF as part of the corporate stabilization plan. The premium is projected to cost credit unions on average 62 basis points in return on assets.
According to the report over 80% of CUs surveyed expect net income growth to decline this year. Less than 35% expect an increase in asset growth for 2009 and 70% of credit unions have adjusted their forecasts.
The credit union community is split on asset quality, with just over half anticipating it to stay the same in 2009. You can read the full report on the NAFCU website.
Randall C. Smith, Managing Editor
CUiNSIGHT.com
Wednesday, March 18, 2009
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