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| Best of NAMA 2025 |
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FULL YEAR: FARM CREDIT SYSTEM'S NET INCOME INCREASED 5%: $7.8 BILLION
Feb. 24, 2025
Source: Farm Credit System news release
NEW YORK - The Farm Credit System today reported combined net income of $7.80 billion for the year ended December 31, 2024, as compared with $7.45 billion for the prior year. The System also reported combined net income of $1.89 billion for the fourth quarter of 2024, as compared with $1.94 billion for the fourth quarter of 2023.
"Credit quality remained strong, despite challenging economic conditions in certain agricultural sectors," remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. "While we anticipate 2025 to unfold as a more difficult agricultural environment, the System's diversified asset portfolio, conservative balance sheet, and strong underwriting standards position us well to continue to serve our mission and meet challenges that may arise."
2024 Results of Operations
Combined net income increased $353 million or 4.7% for the year ended December 31, 2024, as compared with the prior year. The increase primarily resulted from an increase in net interest income and decreases in the provision for credit losses and the provision for income taxes, partially offset by an increase in noninterest expense and a decrease in noninterest income.
Net interest income increased $602 million or 5.3% to $12.0 billion for 2024, as compared with $11.4 billion for the prior year. The increase in net interest income resulted from a higher level of average earning assets, primarily driven by increased loan volume. Average earning assets grew $28.4 billion or 6.0% to $499.2 billion for 2024, as compared with the prior year.
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