Credit unions continue to grow
05 May 16
The latest Bank of England statistics show continued growth for Britain’s credit unions.
The unaudited figures – based on quarterly returns from 342 credit unions across England, Scotland and Wales – show that at the end of December 2015, total credit union membership (including junior savers) had grown to 1,269,345. This represents annual membership growth since December 2014 of 5.7%.
The new quarterly figures also show a particular surge in credit union membership during the final quarter of the calendar year. In fact on average, more than 2,500 new members joined a credit union in Britain every week in the last 3 months of 2015.
The official statistics reveal even more impressive growth in credit union loans, savings and assets. Credit union lending is up 6.9% from December 2014 to £769 million. Savings in credit unions increased by 8.6% over the year to £1.17 billion, while the British movement’s assets grew by 8.5% to £1.37 billion.
ABCUL Chief Executive Mark Lyonette said: “These latest growth figures are extremely encouraging and demonstrate the continued success and appeal of the credit union model.
“It’s particularly pleasing to see that the movement increased its lending by almost £50 million during 2015, showing how we are getting better at being vital to our members’ lives and making a real contribution to improving financial health.”