Shinsei Bank reveals drop in quarterly profits

by Richard Kilner

Story link: Shinsei Bank reveals drop in quarterly profits

Shinsei Bank has announced its financial results for the quarter ended 30 June 2009.

The firm made a net quarterly income of 9.7bn yen (consolidated cash basis), down from 13.4bn yen in the same quarter of 2008.

Revenues rose sharply by 43.4% to 87.5bn, and total deposits are nearing the 7 trillion yen mark.

Masamoto Yashiro, chief executive officer, has described the quarter’s performance as good and stated that the restructuring measures taken earlier have begun to have a positive effect.

Yashiro went on to say that the bank would endeavour to maintain adequate liquidity whilst at the same time striving to bolster its capital position.

In the next fiscal year Shinsei Bank will merge with Aozora Bank in a deal announced earlier this month.

Regulatory and shareholder approval is required for the deal to go ahead, and it is predicted that the president and CEO of the new entity will be Norito Ikeda.