Loans made by credit unions reached a total of $5.6 billion in 2021, their highest point since 2010. When compared to 2020 loans increased by $419.7 million or 8%. When compared to 2019 loans increased by $427.9 million or 8.2%. This is a significant contrast to the decline seen in loans and leases made by commercial domestic banks over the past decade. It is also worth noting that loans were at their highest point in the last decade.
Deposits have also increased significantly to reach a total of $8.2 billion in 2021. When compared to 2020 deposits increased by $833.3 million or 8.3%. When compared to 2019 deposits increased by $2.2 billion or 37.2%. This significant increase in deposits likely reflects lower consumption brought by the COVID-19 pandemic. Similarly, to loans, this is the highest value of deposits in the Credit Union sector in the last decade.
Finally, assets also reached a decade peak of $11.5 billion in 2021. When compared to 2020 assets increased by $1.2 billion or 11.2%. When compared to 2019 assets increased by $2.2 billion or 37.2%.
Overall, the Credit Union sector has experienced constant growth over the past decade. This pattern of growth has prevailed despite the COVID-19 pandemic and the various economic challenges that the Puerto Rican economy has faced during the period.
