Farm Credit System Reports $2.379 Billion Income

Figure represents a $283 million increase from last year.

The Farm Credit System reported Wednesday a combined net income of $2.379 billion for 2006.

The 2006 number represents a $238 million increase from the previous year's net income of $2.096 billion.

The fourth quarter of 2006 also showed an increase over the fourth quarter of the previous year, with $579 million in 2006 coming in $48 million above the $549 million in the fourth quarter of 2005.

"The System's financial results were strong for 2006, continuing to be favorably impacted by the growth in the System's loan and investment portfolios," says Jamie B. Stewart, Jr., President and CEO of the Federal Farm Credit Banks Funding Corporation.

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