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.