CoBank Loan Volume Up 10 Percent
CoBank says loan volumes increased in 2016, as did the bank’s net income. CoBank is a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States. In its financial results for 2016, the bank says net income for the year rose one percent to $945.7 million, reflecting increased net interest income offset by a greater provision for loan losses, as well as higher Farm Credit insurance fund premiums. Net interest income increased by seven percent to $1.4 billion, as a result of higher loan volume and increased earnings.
Meanwhile, CoBank's average loan volume increased 10 percent in 2016, to $91.6 billion, driven by higher levels of borrowing from affiliated Farm Credit associations, grain cooperatives, food and agribusiness companies, rural electric cooperatives and communications service providers.
Source; NAFB News