Figures released by the Bank of England show that total credit union membership in the UK grew 2.3% in 2022 to 2.14 million, the highest level on record.
The figures – compiled from the annual returns submitted by authorised credit unions – show that loans to members also increased, rising 15.7% in 2022 to £1.9bn the largest change since 2018.
Over the same period, total net liabilities of loans in arrears increased by 12.7% to £124m.
Grants applied have decreased by 45.2% in 2022, from £11.8m in 2021 to £6.5m.
Total liquid assets are £1,303.4m, up from £1,290.7m, while total profits after tax add up to £56.6m up from £52.8m.
The sector employs 2,490 staff, up from 2,452 the previous year.
Robert Kelly, CEO of the Association of British Credit Unions, said “This annual data shows that credit unions across Britain have stepped up to serve the needs of communities to provide members with safe and fair credit options.
“As communities across the country continue to navigate their way through the recent squeeze on finances, I am encouraged to see a record figure of credit union members continue to increase.”