FARM CREDIT SYSTEM REPORTS NET INCOME OF $7.4 BILLION FOR 2023

NEW YORK - The Farm Credit System today reported combined net income of $7.4 billion for the year ended December 31, 2023, as compared with $7.3 billion for the prior year.  The System also reported combined net income of $1.9 billion for the fourth quarter of 2023, as compared with $1.8 billion for the fourth quarter of 2022.

“System earnings for the fourth quarter and the full year continued to reflect strong financial performance by System institutions,” remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. “Overall credit quality remained sound as System institutions manage credit risk through disciplined risk management and administration processes.”