The Bank of England have issued their Credit Union statistics for the period ended 30 June 2024. There are some interesting trends and results from the statistics.
The sector now has assets of £4.9bn with the number of adult members increasing by 4.6% in the last year to 2,130,979. The number of juvenile members, however, has decreased by 5.3% to 185,506. This now represents a 20% decrease in juvenile members in the last 5 years.
The statistics show credit risk remains a major issue in the sector. Net liabilities of loans in arrears divided by total loans has increased sharply in June 2024 and is now over 2020 levels. The average loan in arrears has now increased to £2,438 up 25% on the same time a year ago.
| . | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Jun-24 |
| Net Liabilities to Loans | 4.88% | 5.21% | 7.39% | 6.62% | 6.45% | 6.60% | 7.77% |
(Results above all at September unless otherwise stated)