What are the current financial performance trends for credit unions?
As a credit union leader, it is important to keep a forward-looking perspective to anticipate how change will affect your organization.
Key findings from Q1, 2023 include:
- Net revenue in hard dollars declined. In a fixed-cost industry, the first sign of trouble shows up here.
- Non-interest income in hard dollars declined.
- Slowing growth in non-interest expense.
- While inflation has declined as of May, the Federal Reserve has been raising the federal funds effective rate.
2023 is proving to be a year of building storm clouds. The industry remains well capitalized and can weather the storm, but it is going to be a challenge. Understanding trends and key financial performance indicators in the industry are more important than ever.
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