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COPYRIGHT 2007 Asia Pulse Pty Ltd
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Aozora Bank Reports Financial Results for the Three Months to June 30, 2007
TOKYO, July 31 /Xinhua-PRNewswire-AsiaNet/ -- Record First Quarter Profit Boosted by Interest Income Growth
Aozora Bank, Ltd., a leading Japanese commercial bank, today reported financial results for the three months ended June 30, 2007. Fiscal first-quarter net income was the highest since the Bank began reporting financial results on a quarterly basis in FY2004. These results highlight Aozora's continued growth and demonstrate that the group is on track to achieving its full year earnings projections.
FINANCIAL HIGHLIGHTS: First Quarter FY2007 (Consolidated Basis)
-- Net income rose 11.8% to 37.0 billion yen, a record for the first quarter, driven by higher net interest income related to loan transactions and securities investments, and the additional recognition of deferred tax assets.
-- Operating profit amounted to 17.2 billion yen representing 57% of the first half projection, evidence that Aozora is well on track to meet its target.
-- Net revenue fell 5.3% to 27.1 billion yen, with a growing contribution from net interest income.
-- Aozora continued to meet its targets for managing expenses. The Bank reduced expenses by 6.5% in the first quarter compared with the preceding quarter. Expenses rose 2.8% versus the same quarter a year earlier reflecting the overall growth in the Bank's business.
-- Credit related...
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