Wisconsin’s credit unions saw profits soar in 2016, according to new data released by the Wisconsin Department of Financial Institutions.
There are 143 state-chartered credit unions regulated by the DFI. Their total net income was $329.2 million in 2016, up 16.9 percent from $281.6 million in 2015.
The credit unions also increased lending in 2016, with $24.4 billion in total loans, up 9.9 percent from $22.2 billion in 2015.
At the same time, the number of bad loans declined, with the delinquent loan ratio dropping to 0.75 percent from 0.81 percent in 2015.
The DFI does not release the full financial results for institutions it regulates until later in the month.
“State-chartered credit unions had a very solid year in 2016,” said Lon Roberts, DFI secretary. “Our credit unions continue to adapt to the needs of their members with the right mix of products and services, which in turn is having a positive impact on the Wisconsin economy.”
The Wisconsin Credit Union League also this week released its 2016 Wisconsin Credit Union Scorecard, showing the impact of the industry on the state.
Wisconsin credit unions employ 25,300 people and have $27.9 billion in deposits. Membership was up 7 percent and deposits were up 11 percent in 2016.
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