Farm Credit System Reports 2024 Third Quarter and Nine-Month Income

November 1, 2024

NEW YORK - The Farm Credit System today reported that combined net income was relatively stable at $1.98 billion for the third quarter of 2024, as compared with $2.00 billion for the third quarter of 2023.  For the nine months ended September 30, 2024, System combined net income increased 7.3% to $5.91 billion, as compared with $5.51 billion for the same period of the prior year.

“The System continued to achieve favorable results during the third quarter and first nine months of 2024,” remarked Tracey McCabe, President and CEO of the Federal Farm Credit Banks Funding Corporation. “Overall credit quality remains strong, despite an increase in nonaccrual loans. Results going forward may be impacted by a more challenging agricultural economic and volatile political environment.  However, System institutions are positioned to support our member-borrowers in a less favorable environment.”