Chiba Bank Ltd. posted a 3.9% year-over-year decline in profit for the fiscal first quarter ended June 30 amid a rise in expenses.

The Japanese bank on Aug. 5 reported a consolidated profit attributable to owners of ¥14.27 billion, down from ¥14.85 billion in the prior-year quarter. EPS fell to ¥18.71 from ¥19.04.

The lender attributed the decline in profit to a rise in ordinary expenses, which was mainly due to an increase in other expenses such as provision of allowance for loan losses.

Ordinary income rose year over year to ¥60.34 billion from ¥60.23 billion, which the bank mainly attributed to an increase in other income such as recoveries of written off claims. Ordinary profit for the quarter fell to ¥20.20 billion from ¥21.09 billion, while ordinary expenses climbed to ¥40.15 billion from ¥39.14 billion.

Interest income fell to ¥36.94 billion from ¥37.22 billion. Fees and commissions declined to ¥11.86 billion from ¥11.91 billion, while trading income dropped to ¥1.08 billion from ¥1.25 billion.

As of June 30, the bank's stand-alone nonperforming loan ratio came to 1.10%, down from 1.19% at March 31 and 1.21% at June 30, 2018.

As of Aug. 2, US$1 was equivalent to ¥106.67.