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Norinchukin Bank fiscal full-year profit falls 29.8% YOY

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Norinchukin Bank fiscal full-year profit falls 29.8% YOY

Japan's Norinchukin Bank posted a 29.8% year-over-year decline in profit for the fiscal year ended March 31 amid a rise in expenses.

The bank on May 22 reported a consolidated profit attributable to owners of ¥103.58 billion, down from ¥147.60 billion in the prior-year period.

Ordinary income rose to ¥1.732 trillion from ¥1.450 trillion, while ordinary profits fell to ¥124.54 billion from ¥171.02 billion. Ordinary expenses increased to ¥1.608 trillion from ¥1.279 trillion.

Interest income for the fiscal year climbed to ¥1.311 trillion from ¥1.147 trillion, while fees and commissions rose to ¥31.08 billion from ¥29.08 billion. Trading income declined to ¥124 million from ¥163 million.

As of March 31, the bank's consolidated total capital ratio under Basel III stood at 19.65%, down from 23.50% at the end of March 2018. Over the same period, its Tier 1 ratio rose to 19.65% from 19.02%, while its common equity Tier 1 ratio fell to 16.59% from 19.02%.

As of May 22, US$1 was equivalent to ¥110.35.