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Resona Holdings posts YOY rise in fiscal-year profit

Resona Holdings Inc. posted a 46.3% year-over-year increase in net income for the fiscal year ended March 31.

The Japanese company's net income attributable to owners of the parent rose to ¥236.25 billion from ¥161.49 billion in the prior-year period, which it attributed to a decline in income tax. Basic EPS for the period came to ¥100.51, up from ¥66.89.

The S&P Capital IQ consensus GAAP EPS estimate for the fiscal year was ¥101.66.

Ordinary profits for the period slipped to ¥217.78 billion from ¥226.28 billion, while ordinary income also inched down to ¥742.93 billion from ¥757.96 billion.

Interest income declined to ¥368.36 billion from ¥377.91 billion, while fees and commission income rose to ¥149.42 billion from ¥142.71 billion.

The company reported a fall in credit expenses for the fiscal year to ¥14.75 billion from ¥17.45 billion in the prior year.

Net income at the company's three banking units — Resona Bank Ltd., Saitama Resona Bank Ltd. and Kinki Osaka Bank Ltd. — went up to ¥206.57 billion from ¥143.56 billion in the year-ago period.

Resona Bank's net income came to ¥156.85 billion, up from ¥101.35 billion, while Saitama Resona Bank posted net income of ¥40.15 billion, up from ¥34.71 billion. Kinki Osaka Bank's net income also rose to ¥9.57 billion from ¥7.50 billion a year earlier.

The three bank units' nonperforming loan ratio was 1.18% at March 31, down from 1.35% a year earlier.

As of March 31, Resona Holdings' consolidated capital adequacy ratio was 10.65%, compared to 11.69% at the end of March 2017.

Resona Holdings' board declared a higher final dividend of ¥10, from ¥9.50 for the same period last year. Together with an interim dividend of ¥10, the company's total dividend came in at ¥20, up from ¥19 in the prior financial year.

The company expects net income for the fiscal half ending Sept. 30 of ¥113 billion, or ¥48.81 per share, while it expects to report a 15.3% year-over-year decline in net income for the full year to March 31, 2019, to ¥200 billion. The company also plans to raise the total dividend to ¥21.

As of May 10, US$1 was equivalent to ¥109.58.