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Credit unions post record results over 12 months [Video]

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Brand Awareness

Credit Unions achieved record results over the past 12 months, with a total loan book of €5.3bn, up from €4.7bn in the prior year, according to new data from the Irish League of Credit Unions (ILCU).

The ILCU, which represents 92% of the total active credit unions in the Republic of Ireland, said annual growth in the loan book was 12% in the 12 months to 30 September 2023, an increase of €555m.

New lending in the credit union sector is being driven by mortgage lending, which grew by 50% in period to almost €500m.

Membership of ILCU affiliated credit unions grew at 1,000 new members per week and stands at 3.2 million, indicating strong demand for its products.

CEO of the Irish League of Credit Unions David Malone said the results showed a clear growth trajectory for the sector.

“Annual lending growth is now at a 10-year high of 12% and our market share of the unsecured personal lending market has increased …

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