Growth in credit union lending
02 Nov 16
The latest Bank of England statistics show significant growth in credit union lending.
The unaudited figures – based on quarterly returns from 334 credit unions across England, Scotland and Wales – show that at the end of June 2016, total credit union membership (including junior savers) was 1,281,279. This means Britain’s credit unions serve 43,157 more people than they did in June 2015, and represents annual membership growth of 3.5%.
The official statistics reveal even more impressive growth in credit union savings and assets. An extra £87.9 million was deposited with credit unions in the year to June, representing a 7.8% increase in members’ shares to around £1.22 billion.
Meanwhile, the British movement’s assets grew by 7.9% to £1.43 billion.
But the most impressive growth is in credit union lending, which is up 8.5% since June 2015 to more than £781 million. This means credit unions are providing an additional £61 million in credit to British consumers compared with the same time a year ago.
ABCUL Chief Executive Mark Lyonette said: “These latest growth figures are extremely encouraging. Not only are credit unions growing on every measure, but for lending to see the highest rate of growth bucks recent trends and bodes well for the movement’s future.
“ABCUL has recognised the lending challenge faced by credit unions and we’ve encouraged our members to look at innovative ways of encouraging new and existing members to think of their credit union first whenever they need to borrow money.
“These figures show that credit unions are now doing even more to make a vital contribution to the financial health of people in communities and workplaces right across the country.”