Altura Credit Union reports $3.37 million profit

Altura Credit Union reported a $3.37 million profit for the quarter ending Sept. 30.

The amount signifies an increase of about $200,000 from the year’s previous quarter and a significant improvement from the Riverside-based credit union’s condition of one year prior.
After the third quarter of 2010, Altura Credit Union reported a $1.5 million loss.

Improved financial conditions have also made it possible for Altura to reduce its loan loss provisions.

“The local unemployment rate has begun to drop. Home foreclosures are down, although we are seeing more ‘short sales’,” Altura CEO Mark Hawkins said in a statement. “People are adjusting to the new economic reality and are focusing on paying down debt. As a result, consumer loan activity remains sluggish. This is an ongoing challenge for all financial institutions, and we are no exception,” he added. “Yet, there is a lot to be positive about right now.”

Altura’s reported capital ratio is 6.89 percent, which the government considers to be adequately capitalized.

4 thoughts on “Altura Credit Union reports $3.37 million profit

  1. I’m extremely impressed together with your writing abilities and also with the structure to your weblog. Is that this a paid subject or did you customize it yourself? Anyway stay up the nice quality writing, it’s uncommon to look a nice blog like this one nowadays..

  2. Hello there, simply changed into aware of your blog through Google, and found that it is really informative. I’m gonna be careful for brussels. I’ll be grateful when you continue this in future. Many other folks might be benefited out of your writing. Cheers!

  3. Magnificent beat ! I would like to apprentice at the same time as you amend your website, how could i subscribe for a weblog web site? The account helped me a acceptable deal. I had been tiny bit familiar of this your broadcast provided shiny transparent idea

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>