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Resona Holdings fiscal Q1 net income falls 47.5% YOY

Resona Holdings Inc.'s net income for the fiscal quarter ended June 30 fell 47.5% year over year, mainly due to the absence of a one-off gain from the management integration of Kansai Mirai Financial Group Inc. recorded in the prior-year period.

The group posted consolidated fiscal first-quarter net income attributable to owners of ¥36.71 billion, down from ¥69.95 billion in the quarter ended June 30, 2018. Excluding the ¥39.8 billion one-off gain from the prior-year quarter, the group's net income was up 22.1% year over year.

EPS for the quarter was ¥15.89, down from ¥30.21 in the prior-year period.

Ordinary profits rose 9.1% to ¥50.70 billion from ¥46.48 billion. Ordinary income rose to ¥198.84 billion from ¥198.38 billion. Net interest income amounted to ¥103.22 billion, down from ¥106.00 billion in the prior-year period. The group's net fees and commissions fell to ¥43.31 billion from ¥43.74 billion. Trading income dropped to ¥681 million from ¥941 million.

Net operating profit increased to ¥55.67 billion from ¥51.57 billion.

Resona Bank Ltd. reported net income of ¥24.20 billion, up from ¥17.35 billion. Saitama Resona Bank Ltd., another unit of the group, reported a year-over-year decrease in net income to ¥7.09 billion from ¥7.80 billion

Kansai Mirai Financial Group reported net income of ¥1.53 billion, down from ¥3.85 billion in the prior-year period.

The nonperforming ratio of the group's banks came to 1.19% as of June 30, compared to 1.18% at the end of March and 1.27% at June 30, 2018.

Looking ahead, the group expects net income for the fiscal year ending March 31, 2020, to be ¥160 billion, or ¥69.48 per share. The company expects net income for the fiscal first half of ¥76 billion, or ¥33 per share.

As of July 31, US$1 was equivalent to ¥108.60.