Police & Nurses Credit Society yesterday said it will report a pre-tax profit of around $20 million, or 60 per cent more than in 2009. The credit union provided some profit highlights in a media release yesterday but will not publish financial statements until late next month.Like a lot of credit unions PNCS found the 2008/09 year a torrid one, with profit more than halving. The 2010 profit is still around $7 million less than the pre-tax profit reported in 2008.Deposits increased eight per cent to $1.7 billion at June 2010. This is a little higher than the rate of growth in deposits for all banks (at 6.5 per cent) and is four times the rate of growth in deposits for all credit unions (using March 2010 data from APRA for comparison).New lending levels fell markedly over the year. New lending was $153 million in 2010, according to the media release. New lending was $700 million in 2009 according to the annual report.Acquisition of new members also flagged, up by 7000 in 2010 and compared with a rise of 9000 in 2009.