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Norinchukin Bank 9-month profit falls YOY on higher expenses

Japan's Norinchukin Bank posted a 29.5% year-over-year decline in profit for the nine months ended Dec. 31, 2017, amid higher expenses.

The bank said Feb. 6 that profit attributable to owners of the parent dropped to ¥133.18 billion from ¥189.02 billion in the year-ago period.

Interest income went up to ¥861.29 billion from ¥835.18 billion, while fees and commissions slipped to ¥21.78 billion from ¥21.92 billion.

Ordinary profits fell to ¥167.21 billion from ¥235.05 billion, even as ordinary income rose to ¥1.101 trillion from ¥1.062 trillion.

Ordinary expenses for the period amounted to ¥933.72 billion, up year over year from ¥827.44 billion.

At the end of December 2017, the bank's consolidated total capital ratio stood at 22.12%, down from 24.39% at the end of March 2017. Its common equity Tier 1 and Tier 1 capital ratios came in at 17.60% and 17.63%, respectively, down from 19.31% and 19.34% at March 30, 2017.

As of Feb. 6, US$1 was equivalent to ¥109.14.