Net income up, reports Farm Credit Services of America

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Posted: Tuesday, November 5, 2013 12:00 am

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.

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