The following is a summary of the National Rural Utilities Cooperative Finance Corporation 5.5% SUB NT 64 (NRUC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• National Rural Utilities loans to members grew by $1 billion in the six months ending November 2023, reaching $33.6 billion.

• The company reported no charge-offs during the fiscal year and marked only 0.25% of loans as non-performing.

• Adjusted TIER was 1.23 times, surpassing the goal of 1.1 times.

• Members' equity reached $2.3 billion by the end of November 2023.

• The company saw a $1.5 billion increase in total assets due to an expanding loan portfolio.

• Adjusted net income in Q2 rose by 46%, primarily due to increased adjusted net interest income and a reduced provision for credit losses.

Business Progress:

• Significant growth was seen in the company's loan portfolio, mainly long-term fixed-rate secured loans to rural electric cooperatives.

• There was a decline in non-performing loans from two in May 2023 to only one by November 2023.

• The allowance for credit losses increased by $3 million due to the growth of the loan portfolio and a slight downgrade in overall credit quality.

• The company successfully completed consolidation of RTFC's and NCSC's business operations in December 2023.

• Diverse funding sources have increased, and the company kept stable short-term and long-term credit ratings.

More detailed: National Rural Utilities Coop Fin 5.5% Subord Notes Due 15/05/2064 Usd25 IR

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