Thursday, July 23, 2020

FCC posts strong year


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.