Farm Credit Canada grew its
portfolio by 6.6 per cent to $38.6 billion in the fiscal year that ended March
31.
Its net income was down to $656.6
million from $670 million the previous year.
It increased its provision for
loan losses to $103 million compared with $31 million the previous year.
It paid dividend of
$394.8 million to the Government of Canada which also gave it another $500 million
worth of backing so FCC can make another $5 billion in loans in response to the
COVID-19 pandemic.
Federal Agriculture
Minister Marie-Claude Bibeau said the FCC is important to keeping the Canadian
agriculture industry healthy and noted that exports have increased by six per
cent so far this year.
