CoBank reports third quarter 2022 financial results
DENVER (November 4, 2022) – CoBank, ACB has released its third quarter 2022 financial results.
Financial highlights for the third quarter 2022 include:
- Average loan volume increased 11% to $133.0 billion in Q3 2022 from $119.5 billion in Q3 2021.
- Net interest income increased 10% to $447.6 million in Q3 2022 from $407.1 million in Q3 2021.
- Net income increased 11% to $394.9 million in Q3 2022 compared to $354.2 million in Q3 2021 due to higher net interest income and noninterest income somewhat offset by an increase in operating expenses and a lower loan loss reversal.
- Credit quality and financial condition remained strong.
About CoBank
CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 76,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.