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Concordia Financial fiscal Q1 profit slips 1.2% YOY

Concordia Financial Group Ltd. reported a 1.2% year-over-year decline in net profit for the fiscal first quarter ended June 30 as net interest income fell.

The Japanese group said Aug. 5 that consolidated profit attributable to owners of the parent dropped to ¥15.03 billion from ¥15.22 billion in the prior-year period. EPS slipped to ¥12.23 from ¥12.13.

Net interest income for the period fell to ¥38.72 billion from ¥41.79 billion, while net fees and commissions rose to ¥12.58 billion from ¥12.13 billion. Net trading income came to ¥478 million, down from ¥672 million.

The group posted extraordinary losses of ¥300 million, down from ¥342 million a year earlier.

Ordinary profit declined to ¥20.99 billion from ¥22.76 billion, while ordinary income went down to ¥73.74 billion from ¥74.14 billion.

Provision of allowance for specific loan losses came to ¥1.57 billion, compared to a reversal of ¥1.62 billion. Provision of allowance for general loan losses fell to ¥696 million from ¥1.90 billion.

As of June 30, Concordia Financial's nonperforming loan ratio stood at 1.4%, unchanged from March 31.

Over at the Bank of Yokohama Ltd. unit, unconsolidated fiscal first-quarter net income grew 9% year over year in the aggregate ¥16.01 billion from ¥14.68 billion.

The bank's ordinary profit went up to ¥21.73 billion from ¥20.57 billion. Gross operating income for the period came to ¥45.95 billion, up from ¥43.37 billion.

Extraordinary losses fell to ¥282 million from ¥315 million in the year-ago period.

The lender's nonperforming loan ratio slipped to 1.3% at the end of June from 1.4% at the end of March.

As of Aug. 5, US$1 was equivalent to ¥106.13.