Victoria Teachers Credit Union is relatively immune to the credit crisis, in the enviable position of holding a deposit book a fifth bigger than its lending book.Net profit increased 26 per cent from $7.9 million to $9.9 million during financial year 2008, helped by double system residential lending growth and a trimming of costs.Residential lending increased 24 per cent to $587 million, with total loans and advances up 19 per cent to $702 million.Retail deposits grew nine per cent to $837 million, with at-call increasing four per cent to $546 million and term up 21 per cent to $291 million.William Wolke, chief executive officer at Victoria Teachers, said the credit union strategy during FY08 was to grow its lending book strongly."Because of the structure of our balance sheet, we took the view to take advantage of the market place due to the strength of our retail banking model."Wolke said the 19 per cent drop in administration expenses to $3.2 million for the period was due to more efficient systems being established, with the cost savings a one off, with administration expenses likely to remain stable for financial year 2009.Interest income increased 16 per cent to $72.1 million, with interest expense up 24 per cent to $37.3 million.Wolke said the credit union is not engaged in any merger discussions.Victoria Teachers has around 80,000 members, with over 90 per cent of lending domiciled in Victoria.