Credit unions affiliated with the Irish League of Credit Unions (ILCU) in Northern Ireland have reported record-breaking performance for the financial year ending September 2025, with their collective loan book reaching an all-time high of £740m.
ILCU says this represents a 6% increase (£42m) over the previous year and a “remarkable” 59% growth over the past decade.
The average loan outstanding has risen to £5,283, up 7% from £4,923 in financial year-end 2024 (Sept 2024). Over the past five years, the average loan value has grown by 33%, “highlighting strong and sustained member demand for credit union loans”.
ILCU says this growth is ”accompanied by prudent management of arrears”, which are down 6.0% year on year, with the overall average arrears ratio down to 2.9% at the end of September.
“Member confidence also remains robust,” says ILCU, pointing to a 3.8% increase in savings, which now total £1.68bn across ILCU-affiliated credit unions.
Overall assets rose to £1.98bn by the end of Q4 September 2025, an annual increase of 4% (£76m). Capital reserves have increased to £282m, up 4.9% for the year. The overall capital ratio of ILCU affiliated credit unions in Northern Ireland is now 14.3%, up from 14.1% in Sept 2024.
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Credit union membership also continues to grow, reaching 586,000 members, an increase of 15,000 over the year. This is equivalent to approximately 1,250 new members each month.
One factor in this, says ILCU, is the provision of complimentary insurance cover by credit unions to eligible members, a “distinctive offering” which “remains a critical financial lifeline for families facing bereavement”.
Over the year, ILCU-affiliated credit unions in Northern Ireland paid out £13.9m in life savings benefits, helping to ease the immediate financial burdens faced by loved ones, and supporting 4,200 families.
Credit unions also provide loan protection cover at no direct cost to eligible members, says ILCU. During the year, this cover cleared £3.4m in outstanding loans, relieving almost 1,000 families of the burden of repaying a deceased member’s loan.
Commenting on the results, Martin Fisher from the Irish League of Credit Unions, said:
“These are a hugely positive set of results for credit unions and testament to the enduring trust and loyalty which members place in credit unions,” said ILCU’s Martin Fisher. “They also reflect the vital role credit unions continue to play in supporting households and communities across Northern Ireland, offering fair, affordable, and member-focused financial services at a time when many families are facing ongoing financial pressures.”
Looking ahead to this year, ILCU sees “a significant opportunity” with the Northern Ireland economy minister’s public consultation on legislation to modernise and strengthen the credit union sector – which, alongside UK-wide reviews led by regulators in London, “creates real momentum for modernising the operating environment for credit unions”.
“We are engaging closely with policymakers and regulators in Belfast and London,” said Fisher, “to ensure that any changes enable credit unions to do even more for their members – whether that is expanding product offerings, embracing digital transformation, or strengthening long-term sustainability. With the right reforms, credit unions can play an even greater role in promoting financial wellbeing and driving inclusive economic growth across Northern Ireland.”
