British Credit Union Membership Surpasses 1.5 Million For the First Time

Friday 16 February 2024

The Bank of England recently published its Credit Union Statistics for Quarter Three of 2023 which has shown impressive growth in membership, total assets, shares and loans.

In keeping with the trend of the past six consecutive quarters, credit union membership in GB has grown and for the first time ever it has surpassed 1.5 million members. For the third quarter of 2023 total credit union membership in GB (including junior depositors) totalled 1,505,076 which is a 1.1% increase from the previous quarter and 5.7% higher than the year prior.

“It is incredible to say that GB credit union membership has reached record levels for the sixth consecutive quarter and surpassing 1.5 million members is a real triumph” said ABCUL CEO, Robert Kelly.

Furthermore, total credit union shares continued to grow to £2.3 billion which is the largest total shares held by British credit unions. This growth in shares equates to a 2.4% increase from the previous quarter and a staggering 14% increase from the previous year. Assets have also grown by 2.8% since the last quarter with a sector total of £2.64 billion – another record level. More records were smashed in quarter three of 2023 including the highest total capital of £322 million and a record capital-to-assets ratio of 12.22%.

“This data shows that British credit unions are more financially resilient than ever. During the economic challenges of the COVID Pandemic and the cost of living crisis, British credit unions have continued to support their members and remained pillars of communities” said Robert.

ABCUL Members can see a full analysis of the statistics here and the original Bank of England data is available here.