Farm Credit Services of America said Monday that 2013 net income through September rose 3.1 percent on higher lending income.
The customer-owned lending cooperative said nine-month net income was $353.6 million, compared with $343 million a year earlier.
“The increase in net income was primarily due to an increase in net interest income from loan growth and a reduction in the provision for credit losses,” the Omaha-based lender said.
With about $20 billion in assets, Farm Credit is owned by its borrowers, farmers and ranchers. The company raises money for ag loans by selling bonds on Wall Street.