FCC Loans by sector in billions
Crops $14.4
Dairy $6.9
Beef $3.7
Poultry $3.0
Other $3.0
Greenhouse $1.8
Alliances $1.7
Hogs $1.4
Fruit $1.3
Canada’s agricultural bank increased assets by 7.8 per cent to $44.5 billion in the last fiscal year — marking 29 years of straight loan growth.
Farm Credit Canada’s annual report indicates the Crown Corporation earned $932 million net income during the year – an increase of 14.3 per cent.
FCC provisions for loan losses was down by $118 million to $100 million. The lower loan losses account made up almost 13 per cent of profits.
The year was marked by increased farm receipts of 9.3 per cent in crops and 13.4 per cent in livestock with average inputs up 10.8 per cent.
Bad weather reduced production of principal crops by 30 per cent but higher prices helped offset the lower volumes.
The corporation lent about $4.95 billion to young farmers and young agri-business operators, with almost 20,000 customers under age 40.
An FCC goal, since being formed about 60 years ago, has been to ensure young producers get adequate financing.
Nearly $573 million was lent to women entrepreneurs. About 19,000 persons took online management courses with more than one million online site views.
During the year, farm debt increased six per cent, down from the previous year’s rate of 6.5 per cent.
The Ontario portfolio leads with most loans at just over $13 billion with Saskatchewan second at $8.3 billion, Alberta third at $8.2 billion and Quebec fourth at $6.15 billion.
Next is B.C. at $4 billion, Manitoba at $3.5 billion and the Atlantic region at $1.3 billion.
Ron Walter can be reached at [email protected].
The views and opinions expressed in this article are those of the author, and do not necessarily reflect the position of this publication.
