Farm Credit Canada see strong finish to 2019 fiscal year, despite pandemic

Regina based Farm Credit Canada is reporting a strong financial performance during the past year ending March 31st.
FCC Executive Vice President Corinna Mitchell-Beaudin says the federal farm lending agency had net income of $632-million on a loan portfolio of more than $38-billion.
She says it reflects the strength of the farming sector.
But the year ahead will be affected by COVID-19 and she says there are allowances for future losses.
“The allowance for credit loss for FCC did grow, for the year-end of March 31st.” said Mitchell-Beaudin. “That is just a reflection of all the increased uncertainty that exists right now due to the pandemic situation.”
Mitchell-Beaudin says FCC is in a strong capital position with an additional $500-million from Ottawa to increase the risk capacity to $5-billion.
She expects another solid financial performance this coming year despite the pandemic.

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