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August 4, 2010

Aozora Bank profits exceed expectations

by Richard Kilner

Story link: Aozora Bank profits exceed expectations

Aozora Bank, Ltd. has announced its results for the first quarter of the firm’s financial year.

The bank generated consolidated net revenue of 20.4bn yen, ordinary profit of 7.3bn yen and net income of 7.3bn yen.

These figures take the firm a long towards its targets for its annual results, and represent progress of 26.8%, 66.3% and 52.2% respectively.

Ordinary profit rose by 75.6% to 7.3bn yen, with net income rising by 34.7% from 5.4bn yen to reach 7.3bn yen.

Ordinary profit had been forecast to be 5bn yen, with net income predicted to be 6.5bn yen, but Q1 saw both targets comfortably exceeded.

General and administrative expenses declined by 9.4% (1bn yen), and credit-related expenses of 2.4bn yen in Q1 were only 12.2% of the full-year forecast.

President and Chief Executive Officer Brian F. Prince has said that Aozora has enjoyed a good start to the financial year, and that he is encouraged by the progress the firm has made whilst still recognising more work needs to be done.


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