San Diego County Credit Union on Friday released what it said were “notable” financial results for 2018, including more than $106 million in net income.
According to its most recent call report, the credit union’s total assets as of Dec. 31, 2018, were $8.2 billion, down slightly from $8.3 billion at the end of the previous year. Its net worth ratio at the end of 2018 was 16.04 percent (“well capitalized”). Net income was up nearly 5 percent over 2017.
SDCCU said it ended 2018 with 403,674 members, as it added 29,456 over the 12-month period, an increase of 7.87 percent. The credit union noted its membership growth rate was more than double the average for the U.S.
SDCCU’s return on assets was a “strong” 1.30 percent for 2018, the credit union said in a statement.
“These notable results represent continued growth for SDCCU in 2018, which is a direct reflection of the effort our team puts into delivering exceptional customer service and providing breakthrough banking products that help save our customers time and money,” said Teresa Campbell, SDCCU’s president and CEO.
SDCCU also noted several highlights from 2018, including another year as the title sponsor of the San Diego County Credit Union Holiday Bowl, played each December at SDCCU Stadium. The most recent version of the game, between Northwestern University and the University of Utah, drew more than 47,000 fans, with $1 from each ticket sold being donated to the SDCCU Biz Kid$ program, which teaches local school children about money and business.
