DUBLIN, Ireland–Credit unions affiliated with the Irish League of Credit Unions (ILCU) in Northern Ireland reported record-breaking performance for the financial year ending September 2025, with their collective loan book reaching an all-time high of £740 million.
The ILCU said the figure represents a 6% increase (£42 million) over the previous year and a “remarkable” 59% growth over the past decade.
The average loan outstanding has risen to £5,283, up 7% from £4,923 in financial year-end 2024 (Sept 2024). Over the past five years, the average loan value has grown by 33%, “highlighting strong and sustained member demand for credit union loans,” the league said, according to Cooperative News.
‘Prudent Management’
The ILCU told Cooperative News the growth is ”accompanied by prudent management of arrears,” which are down 6.0% year on year, with the overall average arrears ratio down to 2.9% at the end of September.
“Member confidence also remains robust,” the ILCU said, citing a 3.8% increase in savings, which now total £1.68 billion across ILCU-affiliated credit unions.
According to the Cooperative News report, overall assets rose to £1.98 billion by the end of Q3 September 2025, an annual increase of 4% (£76 million). Capital reserves have increased to £282m, up 4.9% for the year. The overall capital ratio of ILCU affiliated credit unions in Northern Ireland is now 14.3%, up from 14.1% in Sept 2024.
Membership Growth
Credit union membership in the country also continues to grow, reaching 586,000 members, an increase of 15,000 over the year. This is equivalent to approximately 1,250 new members each month, Cooperative News reported.
One factor in the growth, the ILCU told Cooperative News, is the provision of complimentary insurance cover by credit unions to eligible members, a “distinctive offering” which “remains a critical financial lifeline for families facing bereavement”.
Over the year, ILCU-affiliated credit unions in Northern Ireland paid out £13.9 million in life savings benefits, helping to ease the immediate financial burdens faced by loved ones, and supporting 4,200 families, the report stated.
Looking Forward
“Credit unions also provide loan protection cover at no direct cost to eligible members, says ILCU. During the year, this cover cleared £3.4 million in outstanding loans, relieving almost 1,000 families of the burden of repaying a deceased member’s loan,” Cooperative News reported.
Cooperative news added that looking ahead to this year, ILCU sees “a significant opportunity” with the Northern Ireland economy minister’s public consultation on legislation to modernize and strengthen the credit union sector – which, alongside UK-wide reviews led by regulators in London, “creates real momentum for modernizing the operating environment for credit unions.”
