Farm Credit Canada achieved a profit of $613.8 million in the most recent 2016-17 fiscal year.
It continued its aggressive, competitive lending policy by increasing its lending by $2.6 billion to $31.2 billion. Of that, $3.2 billion went to young farmers, a category for which the FCC doubled its borrowing limit.
The FCC gave away more than $3 million to support community investments and to celebrate Canada’s Agricuture Day and Canadian agriculture.
It continued support for agriculture education and safety through its support for groups, such as 4-H Canada, Ag in the Classroom, industry associations, STARS air ambulance service and the Canadian Agricultural Safety Association’s Back to Ag program to help injured farmers and agricultural workers return to work.
Profits are also used to support health and wellness initiatives, such as Agriculture Safety Week and FCC Drive Away Hunger in support of Food Banks Canada.
FCC continues to provide free learning opportunities and economic insights through social media and various publications for all involved with the industry.
The FCC paid a dividend of $268.3 million to the federal government, which backs its portfolio.
That's still peanuts given the multi-billion bailout the feds provided the FCC in the 1980s, also a time when it was an aggressive lender.
About 300 borrowers were offered concessions to make it through tough financial circumstances, such as bad weather.
“Our business is built on strong, caring relationships with our customers and our passion for the industry that feeds the world,” said president and chief executive officer Michael Hoffort in a news release.
The FCC annual public meeting will be held in Regina, Saskatchewan on August 16. A full copy of the report can be found at https://www.fcc.ca/annualreport.