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Japan Post Bank, Japan Post Insurance post YOY increase in fiscal Q1 profits

JAPAN POST BANK Co. Ltd. and Japan Post Insurance Co. Ltd. reported year-over-year increases in their respective net profits for the quarter ended June 30.

The bank said its fiscal first-quarter net income rose to ¥89.38 billion from ¥67.88 billion in the prior-year period. Basic EPS climbed to ¥23.83 from ¥18.10.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was ¥23.08, with three analysts reporting.

Net ordinary income increased to ¥124.30 billion from ¥92.98 billion. The bank said its ordinary income rose to ¥487.17 billion from ¥459.97 billion.

The bank's net interest income declined to ¥303.96 billion from ¥308 billion, mainly due to a decline in interest on Japanese government bonds. Net fees and commissions went up to ¥24.13 billion from ¥21.77 billion a year earlier.

Meanwhile, Japan Post Insurance said net income for the period rose to ¥24.16 billion from ¥19.44 billion in the year-ago period. Basic EPS climbed to ¥40.28 from ¥32.41.

The insurer's ordinary profit surged to ¥83.22 billion from ¥44.34 billion, while ordinary income fell to ¥2.114 trillion from ¥2.261 trillion. Ordinary expenses went down to ¥2.030 trillion from ¥2.217 trillion a year earlier.

Insurance premiums and others slipped to ¥1.124 trillion from ¥1.415 trillion, and investment income dropped to ¥321.39 billion from ¥344.13 billion.

As of Aug. 9, US$1 was equivalent to ¥110.07.