Shinsei Bank returns to black

Thursday 15th May, 07:19 AM JST

TOKYO —

Shinsei Bank said Wednesday it swung into the black in the year that ended in March thanks to gains from the sale of its Tokyo head office building and subsidiaries. The bank posted a group net profit of 60,108 million yen against a loss of 60,984 million yen the previous year.

Recurring profit, however, sank 51.6% to 11,222 million yen, weighed down by the effects of the U.S. subprime loan crisis and increased costs related to outlet openings. The bank incurred a loss of 29.1 billion yen in connection with the subprime debacle.

Recurring revenue rose 6.0 pct to 593,503 million yen. For the year ending next March, Shinsei Bank expects a net profit of 62 billion yen, up 3.1%.

President Thierry Porte told a press conference that the bank has already written down most of its subprime-related losses and does not plan further write-downs in the current year.

JCN

› Login to comment

3 Comments

GrouchyGaijin at 09:28 PM JST - 15th May

Get these numbers independently audited and I'll believe it.
some14some at 07:10 AM JST - 16th May

Get these numbers independently audited and I'll believe it.

Leave it, why waste further money on auditing, it will be in red soon.
KyouNoNippon at 03:26 PM JST - 16th May

I saw my earnings and I had them painted bla~~ck.