Farm Credit System Reports Net Income of $3.495 Billion

Farm Credit System Reports Net Income of $3.495 Billion

The Farm Credit System reported an increase in combined net income of $645 million or 22.6% to $3.495 billion for the year ended Dec. 31, 2010, as compared with combined net income of $2.850 billion for the prior year, USAgNet reports. Combined net income increased $30 million or 3.6% to $862 million for the fourth quarter of 2010, as compared with $832 million for the fourth quarter of 2009.

Net interest income was $5.890 billion for 2010, an increase of $498 million or 9.2%, as compared with $5.392 billion for the prior year. The increase in net interest income resulted from an increase in the net interest margin and, to a lesser extent, a higher level of average earning assets. Average earning assets grew $5.180 billion or 2.5% to $208.635 billion for 2010, as compared with 2009. ◆