Credit unions post higher 1993 profits.The nation's 12,759 credit unions earned a total of 3.8 billion in 1993, a return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). of 1.34%. This compares with a 1.31% return for 1992. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. declined to 0.64% of total assets from 0.76% in 1992, and foreclosed property held by the nation's credit unions fell to $181 million from $190 million in 1992. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Delmonico, vice-president of finance of the Technology Federal Credit Union, San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , said his credit union posted a slightly lower return on assets for 1993. "Our return on assets dropped a little in 1993 to 1.13% from 1.3% in 1992. Most of the drop was due to a narrowing of the interest rate spread. Interest rates on deposits held steady while asset yields kept coming down." Delmonico expected more of the same for 1994. |
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