$4.72 Million Net Income Compared to $1.63 Million for Same Quarter in 2017
(Riverside, Calif.) November 28, 2018 – Altura Credit Union today report Net Income of $4.72 million on Total Assets of $1.352 billion for the quarter ended September 30, 2018. Net income for the quarter is up a remarkable 189 percent over the $1.63 million reported the same quarter in 2017.
Through September 30, 2018, Altura reported Net Income of $13.6 million, compared to $8.09 million for the same period last year, an increase of 68 percent. Total Assets of $1.35 billion are up 5 percent compared to $1.27 billion for third quarter last year. Altura’s Net Worth Ratio is 11.45 percent compared to 10.78 percent for the third quarter of 2017. (A Net Worth Ratio of 7% or above is considered “Well Capitalized”)
“Altura successfully expanded efforts to boost Member retention and growth over the first three quarters of 2018. This Member growth, along with product and service enhancements, contributed to solid net income growth this quarter. Additionally, our goals are supported by an ongoing strengthening economy in the Inland Empire, which we serve,” said Jennifer Binkley, Altura CEO. “Importantly, this solid financial base enables Altura to be more responsive to our Members through better rates, as well as to communities in which we do business through more generous giving.”
“We believe our third quarter numbers also reflect Altura’s solidifying alignment with our Members’ expectations and our mission to enrich our Members’ lives and empower their dreams,” she added. Over the past few months, Altura launched an automated Member feedback system for employees that will further enhance the connection with Members."