Credit unions lose market share

Building societies and credit unions had modest earnings growth and fell behind system in deposits and assets over the last year according to KPMG. Lending business growth for both building societies and credit unions lagged system – 11.1 per cent for credit unions and 5.9 per cent for building societies. Building societies grew their deposits 9.8 per cent, while credit union deposits were up 11.4 per cent. System growth in deposits was 17.9 per cent. The market was dominated by banks, which made a strong pitch for retail savings.

Source: The Sheet