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August 3, 2009

Aozora Bank announces quarterly results

by Richard Kilner

Story link: Aozora Bank announces quarterly results

Aozora Bank has reported its financial results for the last quarter, the first of the financial year.

The quarter saw the bank’s efforts directed at domestic corporate lending and regaining profitability, and net revenue reached 21.5bn yen.

Aozora Bank also achieved a net income of 5.4bn yen, 108% of the 2009 forecast.

Brian F. Prince, president and CEO of Aozora Bank, has expressed his pleasure at the firm managing to return to profitability despite the ongoing difficulties in the operating environment.

Prince went on to say that Q1 saw the firm concentrate on reducing its balance sheet risk and focusing upon the Japanese market.

In the next fiscal year the firm will merge with Shinsei Bank, which earlier revealed its quarterly profits had fallen from 13.4bn yen to 9.7bn yen.

 

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