Q1 FY2025 Quarterly Results show continued Growth and Momentum

Posted on: 07 Apr 2025

The Irish League of Credit Unions (ILCU), which represents 90% of the total active credit unions in the Republic of Ireland, has released the Q1 FY2025 (October 2024 - December 2024) results on behalf of its member credit unions. Overall, the results show continued growth among credit unions in several areas.

Q1 FY2025 (October 2024 to December 2024) – Performance Review Key Points

• The assets of ILCU affiliated credit unions stood at €18.5 billion at the end of the quarter to December 2024, while savings in ILCU affiliated credit unions have increased to €15.4 billion.
• In total, there were 104,000 new loans issued in the quarter, which equates to 1,155 loans issued every day.
• In addition, the average loan is up to a record high of €10,387.
• The overall increases in lending are in the context of close to record low arrears 2.41% (record low was 2.36% recorded previous quarter).
• The ILCU credit union mortgage loan book increased by 7% in the quarter to €600m at end December 2024.

Providing context and analysis of the performance statistics, David Malone, CEO of the Irish League of Credit Unions commented.

“The Q1 FY2025 results broadly continue the overall positive momentum of the credit union movement across Ireland from FY2024, reflected in the continued growth in assets and savings of members.

“We have also seen continued growth in demand for credit union mortgages, with the overall credit union mortgage book for the sector up 41% over the past year. The proposed changes to credit union mortgage lending limits, outlined in the recent Consultation on Proposed Changes to the Credit Union Lending Regulations, will further enable credit unions to meet this demand, and support even more people to buy their own homes. These changes could enable credit unions to increase their mortgage loan book to a potential €5.56 billion, from a maximum of €1.9 billion under the current limits.

“Although the October to December period is the slowest quarter for new personal loans across all providers, primarily due to reduced borrowing for car and home improvements, credit unions issued more than 103,000 new loans during this time. In total, the credit union loan book has grown to €5.96 billion, reflecting a 10.1% year-on-year increase”.

Mr Malone continued; “Considering the broader services offered by credit unions, the quarter was reflective of the sustained increase in members using electronic payments and availing of digital channels. Looking at the 2024 calendar year in its entirety, credit unions processed in excess of 32 million electronic current accounts payments in the year to December 2024, a 17% year on year increase, with 59% of these payments were made using contactless methods. Furthermore, credit unions processed €2.33 billion in digital transactions, a 28% growth year on year and a fourfold increase over the past five years. In addition, more and more credit union members are applying for their loans digitally, with more than half of all member loan applications originating on-line.

“Overall, this quarter highlights the continued growth of the credit union movement across Ireland as a trusted community partner, that is focused on innovation and service.”

ENDS

Notes to Editor

Please note that the FY2025 Credit Union Financial Calendar is as follows:

· Q1 - October 2024 to December 2024

· Q2 - January 2025 to March 2025

· Q3 - April 2025 to June 2025

· Q4 - July 2025 to September 2025

Summary of Quarter-on-Quarter Financial Performance

The table below shows a comparison of the quarters ended Sept 2024 and December 2024 financial results.

 

Summary of Annual 12 Months Financial Performance