Navy Federal Credit Union (Vienna, VA) reported a record net income of $1.198 billion for 2016.
Navy FCU is the first U.S. credit union to break the $1 billion profit milestone.
Navy FCU's 2016 earnings are up approximately 37 percent from a year ago.
The $79.85 billion credit union reporting almost $5.4 billion in revenues for 2016. Navy had total operating expenses of $2.3 billion and non-operating expenses of $1.6 billion. Navy paid almost $432 million in dividends.
Navy's financial results show that the credit union is very profitable and it could easily afford to pay corporate income taxes.
Read Navy Federal Credit Union's Statement of Income.
Let’s put these numbers into perspective. $1.2b of net income on $79b of assets is an ROA of just over 1.50%. Per your earlier post, the credit union has a desire to grow to $127b in five years. That’s a 10% annualized growth rate. To maintain marginal net worth at 10%, Navy only needs to take an ROA of 1.00% from the members it serves. Why is it taking 50% more than it needs? Are they not supposed to be serving those that serve our country? Looks like they are taking from those that serve our country instead.
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