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9 MONTHS: FARM CREDIT SYSTEM'S NET INCOME UP 7%: $5.91 BILLION
Nov. 4, 2024
Source: Farm Credit System news release
NEW YORK - The Farm Credit System today reported that combined net income was relatively stable at $1.98 billion for the third quarter of 2024, as compared with $2.00 billion for the third quarter of 2023. For the nine months ended September 30, 2024, System combined net income increased 7.3% to $5.91 billion, as compared with $5.51 billion for the same period of the prior year.
"The System continued to achieve favorable results during the third quarter and first nine months of 2024," remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. "Overall credit quality remains strong, despite an increase in nonaccrual loans. Results going forward may be impacted by a more challenging agricultural economic and volatile political environment. However, System institutions are positioned to support our member-borrowers in a less favorable environment."
Third Quarter and Nine-Month 2024 Results Compared to Third Quarter and Nine-Month 2023 Results Net interest income increased $162 million or 5.6% to $3.0 billion for the third quarter of 2024 and $458 million or 5.4% to $8.9 billion for the nine months ended September 30, 2024, 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 investments held for liquidity. Average earning assets increased $31.7 billion or 6.7% to $502.5 billion for the three months ended September 30, 2024 and $26.9 billion or 5.8% to $493.6 billion for the nine months ended September 30, 2024, as compared with the same periods of the prior year.
To read the full report click here.
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