Farm Credit System Reports 2020 Second Quarter and Six-Month Net Income
The Farm Credit System today reported that combined net income increased 4.4% and 7.7% to $1.44 billion and $2.87 billion for the three and six months ended June 30, 2020, as compared with net income of $1.38 billion and $2.67 billion for the same periods of the prior year.
“The System generated strong earnings during the first six months of 2020 despite the global pandemic and economic challenges,” remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. “The positive results were mainly due to increased loan volume and reduced funding costs driven by the substantial decline in interest rates during the first half of the year. The System stands committed to provide reliable credit to rural America through these unprecedented times.”