Key points from the data include:
- Income increased by 27.5% to record levels in 2023, reaching £324.3 million, while corporation tax paid by UK Credit Unions rose by 216.7% to £9.9 million.
- Over the same period, total liquid assets fell by 5.1% to £1242.0 million, the first-time liquidity has fallen since 2018.
- Total expenditure grew by 28.3% to £250.9 million, as bad debt provisions and write offs increased by 56.6% to £58.7 million.
- Loans to members increased by 21.4% to £2338.4 million, the largest year-on-year change on record, after increasing 15.7% in 2022.
