Mid-sized Japanese
lender Shinsei has returned to profit and has posted a net profit
of ¥42.6bn ($528.1m) for the 12 months to 31 March following a loss
of ¥140.1bn in the previous fiscal year.
Shinsei President and
CEO Shigeki Toma said:
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“We posted positive net
income above our initial forecasts, both on a consolidated and
non-consolidated basis, for the first time in three fiscal
years.
“This was due in part to
an improvement in earnings power as a result of steady
implementation of operational strategy by each of our business
groups, as well as comprehensive expense reductions and despite
making further provisions against potential risk.”
Full year highlights
included:
- Revenue increased by 2.3% to
¥292.1bn; - Expenses declined by 15.2% to
¥142.8bn; - Net credit costs fell by 39.1% to
¥68.3bn, and - Shinsei’s Tier 1 Capital Ratio increased
year-on-year from 6.35% to 7.76%.
Shinsei’s non-performing
loan ratio inched up by 8 basis points to 6.78%; total assets fell
by 10.1% to ¥10.23trn.
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