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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
