You can use your smart phone to browse stories in the comfort of your hand. Simply browse this site on your smart phone.

    Using an RSS Reader you can access most recent stories and other feeds posted on this network.

    SNetwork Recent Stories

FCC’s Annual Report Reflects Customer Success

by pmnationtalk on July 22, 2016993 Views

fcc_banner_resize

FCC’s Annual Report Reflects Customer Success

Regina, Saskatchewan – Helping small and medium-sized farms and agribusinesses succeed continues to be the key to Farm Credit Canada’s (FCC) success, according to Michael Hoffort, FCC president and CEO.

“Our business is built on strong customer relationships, knowing our customer’s business and ensuring they have the support they need through every business cycle,” said Hoffort, in releasing the Crown corporation’s 2015-16 annual report. “Agriculture is a complex and dynamic industry, so our customers appreciate knowing we work with them to provide the best service and solutions for their operation.”

FCC’s annual report reflects customer successMore than 85 per cent of FCC’s 100,000-plus customers are small- to medium-sized businesses, spanning a wide variety of sectors, including grain and oilseed, dairy, livestock, fruit and vegetables, as well as agri-food and agribusiness.

“We are the only national financial institution solely dedicated to agriculture and we are proud of that fact,” Hoffort said. “We take a long-term view, we know the ups and downs of the industry and we have had an unwavering commitment to agriculture since we opened our doors in 1959.”

For the fiscal year ending March 31, 2016, FCC disbursed $9.1 billion to farmers, processors and suppliers along the agriculture value chain. As a result, FCC’s loan portfolio grew by $1.3 billion to $28.7 billion.

More than $2.6 billion in lending went to young farmers, a slight increase from the previous year.

“To ensure a bright future for Canada’s agriculture sector, it is essential that farmers and processors have access to the capital they need to develop their businesses,” Agriculture Minister Lawrence MacAulay said. “FCC plays a vital role in supplying family farms, young farmers and agricultural entrepreneurs with the means to provide quality agriculture jobs and grow Canada’s middle class.”

Other 2015-16 financial highlights include:

  • A net income of $615 million, which will be reinvested in agriculture through funding new loans and developing agriculture knowledge, products and services for customers.
  • A dividend of more than $90 million paid by FCC to the Government of Canada.
  • A strong loan portfolio, with a decrease of $61.7 million in impaired loans (over 90 days in arrears) to $231.1 million. As a percentage of loans receivable, this was a decrease of 0.3 per cent to 0.8 per cent.
  • Allowance for credit losses remains low, reflecting a healthy FCC portfolio and a strong and vibrant agriculture sector.
  • Strong debt-to-equity and total capital ratios, indicating continued financial strength and an ongoing ability to serve the agriculture industry.

FCC’s solid financial position enables it to reinvest its profits back into Canadian agriculture by creating innovative products and services tailored to the changing needs of the industry, as well as supporting more than 130 learning events that provide Canadian producers and agribusiness operators with information and training to help advance their farm management practices. FCC also shares agriculture knowledge through social media and its various publications, supports industry associations and gives back to communities where its customers and employees live and work.

“It is both a privilege and a great responsibility to be serving more than a third of all Canadian farmers,” Hoffort said. “We are incredibly proud to be part of an industry that produces safe, high-quality food to feed an ever-growing world.”

The FCC annual public meeting will be held in Winnipeg, Manitoba on August 17. A full copy of the report can be found at www.fcc.ca/annualreport.

FCC is Canada’s leading agriculture lender, with a healthy loan portfolio of more than $28 billion. Our employees are dedicated to the future of Canadian agriculture and its role in feeding an ever-growing world. We provide flexible, competitively priced financing, management software, information and knowledge specifically designed for the agriculture and agri-food industry. Our profits are reinvested back into agriculture and the communities where our customers and employees live and work. Visit fcc.ca or follow us on Facebook, LinkedIn, and on Twitter @FCCagriculture.

– 30 –

For more information, photos or interviews, contact:

Trevor Sutter
Corporate Communication
Farm Credit Canada
1-855-780-5313
trevor.sutter@fcc.ca

Send To Friend Email Print Story

Comments are closed.

NationTalk Partners & Sponsors Learn More