How successful a credit union is at earning money has an effect on its safety and soundness. A credit union can retain its earnings, giving a boost to its capital buffer, or put them to work addressing problematic loans, likely making the credit union more resilient in times of trouble. However, credit unions that are losing money have less ability to do those things.
On Bankrate's test of earnings, COVANTAGE scored 20 out of a possible 30, better than the national average of 10.31.
One indication that the credit union is beating its peers in this area was its earnings ratio of 12.00 percent in our test, better than the average for all credit unions.