Wisconsin credit unions earned a combined $225.7 million in 2012, up 81 percent over their profits of $124 million in 2011, according to the Wisconsin Department of Financial Institutions.
Return on average assets in 2012 was 1.0 percent, the highest since 2003, and assets grew by 6.6 percent to a total of $23.4 billion compared with $21.9 billion the previous year.
By comparison, the state-chartered commercial banks had assets of $45.1 billion for the third quarter of 2012, the most recent data available, or nearly twice as much as the credit unions.
Meanwhile, the state's 187 state-chartered credit unions had a delinquent loan ratio of 1.36 percent, down from 1.83 percent and the lowest since 2007, and they wrote off a total of $92.7 million in bad loans, a reduction from $118.1 million the previous year.
"A key factor in credit union performance was that loan portfolios showed significant improvement in 2012," Peter Bildsten, secretary of the Department of Financial Institutions, said in a written statement.
"That, in turn, allowed credit unions to make more loans and grow assets."
Another reason profits increased was that credit unions did not have to pay as much to the corporate credit union stabilization fund last year. The 2012 assessment was $18.1 million, less than half of the 2011 assessment of $43.8 million.
A full report will be available later this month at www.wdfi.org.