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Fukuoka Financial fiscal Q1 profit drops YOY

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Fukuoka Financial fiscal Q1 profit drops YOY

Fukuoka Financial Group Inc. reported a 16.2% year-over-year decline in net profit for the quarter ended June 30.

The company said net profit attributable to shareholders for the fiscal first quarter fell to ¥12.18 billion from ¥14.53 billion in the prior-year period. Basic EPS fell to ¥14.18 from ¥16.91.

The group's ordinary income slipped to ¥58.93 billion from ¥62.59 billion. Ordinary profit dropped to ¥17.85 billion from ¥21.71 billion in the year-ago period. The group did not report any gains on sales of bonds, compared to gains of ¥5.03 billion in the year-ago quarter.

Net interest income inched up to ¥37.90 billion from ¥37.26 billion. Net fees and commissions rose to ¥8.01 billion from ¥6.93 billion.

As of June 30, the combined nonperforming loan ratio of the Japanese group's lending businesses fell to 1.94% from 1.97% as of March 31 and 2.06% on June 30, 2016.

At Bank of Fukuoka Ltd., net income for the fiscal first quarter slumped to ¥9.72 billion from ¥16.13 billion in the same period last year.

The bank's net interest income edged up to ¥27.63 billion from ¥26.82 billion. Net fees and commissions grew to ¥4.41 billion from ¥4.12 billion. Ordinary profit at the banking unit dropped to ¥13.93 billion from ¥22.77 billion in the year-ago quarter.

The lender's NPL ratio stood at 1.77%, the same as of the end of the previous quarter and down from 1.89% in the prior-year period.

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