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Concordia Financial posts fiscal Q1 profit decline on lower extraordinary income

Concordia Financial Group Ltd. reported a year-over-year decline in consolidated profit attributable to owners for the fiscal first quarter ended June 30 to ¥19.54 billion from ¥76.28 billion on lower extraordinary income.

The company said Aug. 3 that EPS for the quarter fell to ¥15.27 from ¥58.61.

Net interest income climbed to ¥46.92 billion from ¥41.66 billion, while net fees and commissions increased to ¥13.08 billion from ¥12.55 billion. Net trading income grew to ¥647 million from ¥520 million.

Ordinary income dropped to ¥80.09 billion from ¥83.20 billion, while ordinary profit rose to ¥28.67 billion from ¥23.83 billion. Extraordinary income declined to ¥141 million from ¥60.39 billion in the prior-year period.

Provision of allowance for specific loan losses fell to ¥87 million from ¥267 million, while provision of allowance for general loan losses climbed to ¥261 million from ¥152 million.

The group's nonperforming loan ratio was 1.5% as of June 30, down from 1.6% on March 31.

Bank of Yokohama Ltd., a unit of the group, posted a rise in fiscal first-quarter net income to ¥17.42 billion from ¥17.34 billion.

The bank's net interest income rose to ¥40.53 billion from ¥36.69 billion, while net fees and commissions climbed to ¥9.58 billion from ¥9.09 billion. Net trading income decreased to ¥42 million from ¥60 million.

Gross operating income fell to ¥47.90 billion from ¥49.32 billion. Ordinary profit climbed to ¥24.27 billion from ¥23.68 billion.

As of Aug. 3, US$1 was equivalent to ¥110.06.