UFU 'stunned' by bank profits amid financial pressure for farmers

The Ulster Farmers’ Union says it is 'stunned' by the profits made by banks when farmers remain under financial pressure to meet high interest rates.

Interim report figures were recently published highlighting how much local banks have made in the past nine months.

Danske Bank in Northern Ireland increased its pre-tax profit by 90% to £152m compared to £80m last year.

The UFU says it was 'taken back' and 'deeply frustrated' by this level of money as farmers 'worry daily' about how they will keep up with climbing interest rates.

The union's deputy president, William Irvine asked: “How do these figures show that they are working and supporting farm families?”

"This is not the first time that figures released by other businesses have shown immense profit growth while farmers are under increasing pressure to pay the basics.

“It appears that everyone else within agriculture and the food supply chain is doing more than ok with managing increasing costs and lower producer prices, yet our farmers are on their knees."

The UFU says farmers need to know that their financial provider is 'there for them when needed'.

All sectors are being hit by an array of spiralling input costs, which are eroding already slim margins.

But the union says the current financial situation for farmers is 'serious' as it has the potential to impact local food production.

Mr Irvine added: "The industry has always had a good and positive relationship with banks, and farmers have been valued and profitable customers for generations.

"Banks need to do more to meet the demands of our farmers, especially as the winter months approach and costs increase for their farm businesses.

"We urge our local banks to step up and deliver for their farming families, the figures are there to show they have the capability to do this."