Cuscal Limited, the chief provider of banking and fund management services to credit unions, yesterday reported a six per cent increase in net profit from normal operations, to $18.7 million.The financier reaped windfall net profit of $39.6 million from its share of the sale of shares into the Visa IPO earlier this year. This lifted the reported profit of Cuscal to $58.3 million.The gain on the Visa holding comprises the sale of 56 per cent of Cuscal's holding in Visa for $26 million, with an additional unrealised gain of $13.6 million recognised as Cuscal's residual investment. This windfall appears likely to be distributed to credit unions.The return on equity for Cuscal was little changed at 10.3 per cent for the full year, with the final dividend of four cents fully franked unchanged from the previous period.Cuscal, a form of central bank to most credit unions, increased its loans to affiliates during the period. Loans to credit unions increased 80 per cent to $797 million at June 2008. (Though taking into account home loans funded by securitisation trusts included on the balance sheet and trading securities, the Cuscal balance sheet exceeds $5 billion.)On the liability side, credit unions ran down their traditional deposits with Cuscal, to about $1.1 billion, with about $2 billion invested in negotiable certificates of deposit instead.