Farm Credit System Reports Net Income of $5.3 Billion for 2018
The Farm Credit System today reported combined net income of $5.3 billion for the year ended December 31, 2018, as compared with $5.2 billion for the prior year. The System also reported combined net income of $1.3 billion for the fourth quarter of 2018, as compared with $1.5 billion for the fourth quarter of 2017.
“System earnings for the year continued to reflect strong financial performance by System institutions,” remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. “Earnings were favorably impacted by continued growth in the System’s loan portfolio, while credit quality remained relatively stable. Further, the System’s capital levels remained strong, leaving us well-positioned to provide reliable, consistent credit to rural communities and agriculture.”