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1ST HALF: FARM CREDIT SYSTEM'S NET INCOME UP 4%: $3.6 BILLION
Aug. 3, 2022
Source: Farm Credit System news release
NEW YORK - The Farm Credit System today reported that combined net income increased 3.5% to $1.8 billion and 3.7% to $3.6 billion for the three and six months ended June 30, 2022, as compared with net income of $1.7 billion and $3.4 billion for the same periods of the prior year.
"The System reported another quarter of solid financial performance," remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation.
"Continued loan growth, sound credit quality and solid capital levels position the System to support U.S. agriculture in the current volatile economic and geopolitical environment."
Results of Operations
Second Quarter and Six-Month 2022 Results Compared to Second Quarter and Six-Month 2021 Results
Net interest income increased $190 million or 7.8% to $2.6 billion for the second quarter of 2022 and $358 million or 7.4% to $5.2 billion for the six months ended June 30, 2022, as compared with the same periods of the prior year. The increases in net interest income primarily resulted from higher levels of average earning assets, driven largely by increased loan volume and, to a lesser extent, growth in the liquidity investment portfolio. Average earning assets increased $47.3 billion or 12.0% and $42.4 billion or 10.8% to $441.8 billion and $435.0 billion for the three and six months ended June 30, 2022, as compared with the prior year periods.
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