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Shoko Chukin Bank sees net income more than double in fiscal 2016-2017

Shoko Chukin Bank Ltd. reported that its net income for the fiscal year ended March 31 more than doubled from the year prior.

The bank said May 24 that net income climbed to ¥32.44 billion from ¥12.46 billion in the previous fiscal year.

Ordinary profit rose to ¥50.88 billion from ¥34.95 billion, despite a decline in ordinary income to ¥195.38 billion from ¥204.41 billion, thanks primarily to lower credit costs and interest expense, the bank said.

As of May 24, US$1 was equivalent to ¥112.00.