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July 29, 2010updated 04 Apr 2017 1:10pm

Shinsei swings back into profit

Mid-sized Japanese lender Shinsei has posted first quarter net profits of 13.9bn ($160.4m) for the three months to 30 June, more than double the 5.2bn net earnings reported in the same quarter last year.

By Douglas Blakey

Mid-sized Japanese lender Shinsei has posted first quarter net profits of ¥13.9bn ($160.4m) for the three months to 30 June, more than double the ¥5.2bn net earnings reported in the same quarter last year.

In the previous quarter Shinsei recorded a loss of ¥162.4bn.

While Shinsei cut expenses by 18%, first quarter revenue was down by 19.4% as a result of a drop in consumer finance earnings.

Shinsei’s net interest margin remained flat at 2.33% compared to the prior quarter, but down by 32 basis points compared with the first quarter last year.

Shinsei’s full year profits forecast remained unchanged at ¥12.5bn.

“Given these encouraging first quarter results, we have no immediate plans to raise capital,” said Shinsei president and CEO Shigeki Toma.

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