Australian Central Credit Union yesterday reported a further decline in profit in the latest half year, a result likely to be emblematic of results across the credit union sector this year.ACCU said net profit fell 37 per cent to $7.5 million for the year to June 2009. The credit union reported a net profit of $4.0 million in the first half of the financial year in a media release published via the ASX yesterday. It is yet to publish full financial statements.Preliminary estimates for aggregate profits across the credit union sector this year are for a decline in the order of 35 per cent to 50 per cent, reflecting compressed interest margins that in turn are the result of paying high rates for term deposits late last year and early this year.ACCU said deposits jumped nine per cent over the year.On the asset side Australian Central experienced reasonable levels of new business with settlements and increases in revolving credit loans increasing 16 per cent to $438 million.However loans on the balance sheet fell two per cent to $2.6 billion.ACCU said it suspended the opening of new branches and agencies to control costs.Australian Central and Savings & Loan credit unions, both headquartered in Adelaide, announced plans last week to merge.