The Farm Credit System reports loan volumes were up 10 percent for the first half of 2016, and net income increased two percent. President and CEO of the Federal Farm Credit Banks Funding Corporation, Tracey McCabe, says “Despite continued lower agricultural commodity prices and global economic challenges, the overall credit quality of the System’s loan portfolio remained favorable.”
2016 first half results compared to the first half of 2015 saw combined net income increased $39 million or 3.4 percent to $1.18 billion. Net interest income increased $120 million or 7.0 percent to $1.84 billion for the second quarter of 2016. The Farm Credit report contributes the figures to positive second quarter results driven by an increased loan volume.
Source: NAFB News Service