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FULL YEAR: FARM CREDIT SYSTEM'S NET INCOME UP 11%, REDUCES PROVISION FOR LOAN LOSSES
Feb. 23, 2021
Source: Farm Credit System news release
NEW YORK - The Farm Credit System today reported combined net income of $6.0 billion for the year ended December 31, 2020, as compared with $5.4 billion for the prior year. The System also reported combined net income of $1.6 billion for the fourth quarter of 2020, as compared with $1.4 billion for the fourth quarter of 2019.
"In spite of the extraordinary challenges posed by the COVID- 19 pandemic, the Farm Credit System has been able to deliver solid financial results while maintaining a strong capital position," remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. "Our member- orrowers were positively impacted from this success given our structure as a network of financial cooperatives. The benefit of historically low interest rates was passed through to our members in the form of record patronage, allowing us to tangibly support rural America and agriculture through this uniquely challenging period."
To read the report click here.
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