"Overall, NZCU Baywide continues to perform very well. Our stable, broadened market foothold in the regions we operate in provides a solid platform from which to grow and prosper in a challenging market," he said.
The customer-owned organisation reported a 33 per cent reduction of $673,000 in loan default-related expenditure.
"We have worked closely with members that are financially finding it tough while some are also saying they are in a slightly better financial position."
Mr Earle continued his message of caution to people borrowing from high-interest third-tier "loan sharks", and was urging the Government to take swift action to shut down lenders that were acting outside of the law.
Total assets increased by 12 per cent ($18.6 million) to $168 million and the organisation holds 17.3 per cent capital adequacy, above the 8 per cent minimum requirement.
"NZCU Baywide is financially very robust and well placed to grow and expand as the economy recovers.
"We have raised our profile and are now a true competitor to the mainstream banks."
The credit union had undertaken a more aggressive awareness campaign, launched a new prepaid Visa debit card product and a programme called Starfish which helped members manage their financial affairs.
"Our role is to help members achieve their financial goals while maintaining support of the community.
"Our members are our customers, as well as the owners of our business.
"Everything we do is for the ultimate benefit of our member-owners," he said.
It is the largest credit union in New Zealand and will celebrate its 40th anniversary next month.
