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Fukuoka Financial posts YOY rise in 2017-18 fiscal year net income, ups dividend

Fukuoka Financial Group Inc. swung back to net profit for the fiscal year ended March 31, as ordinary expenses plunged.

The group reported a net income attributable to owners of the parent of ¥49.37 billion for the period, compared to a net loss of ¥54.30 billion for the previous fiscal year. On a per share basis, the company posted a profit of ¥57.48 compared to a previous loss of ¥63.22, according to a May 14 report.

The results are in line with the company's guidance issued at the end of the fiscal 2016-17 period.

The group said interest income rose to ¥171.02 billion from ¥166.67 billion, and fees and commissions climbed to ¥52.35 billion from ¥46.81 billion. Ordinary income rose to ¥237.57 billion from ¥235.77 billion.

Ordinary expenses plunged to ¥165.94 billion from ¥270.21 billion in the year-ago period. The group reported an ordinary profit of ¥71.64 billion, compared to an ordinary loss of ¥34.44 billion.

Bank of Fukuoka Ltd., the group's banking unit, however reported a year-over-year decline in net income for the fiscal full year to ¥40.43 billion from ¥44.15 billion in the prior-year period. Ordinary profit fell to ¥57.01 billion from ¥60.11 billion.

The bank's net interest income rose to ¥110.89 billion from ¥107.91 billion in the prior-year period. Net fees and commissions increased to ¥16.60 billion from ¥15.09 billion in the year-ago period.

The group declared a final dividend of ¥7.50 per share for the fiscal year, up from ¥6.50 per share for the prior fiscal year. Including an interim dividend of ¥7.50 per share, the group's total dividend for the year came to ¥15 per share, up from ¥13 per share for the 2016-2017 fiscal period.

For the fiscal year ending March 31, 2019, the group expects net income to rise 5.3% to ¥52 billion, or ¥60.54 per share. For the fiscal first half ending Sept. 30, the group forecasts a 7.0% year-over-year decline in net income to ¥26 billion, or ¥30.27 per share. The group expects to pay interim and final dividends of ¥8.5 per share each for the year ending March 31, 2019.

As of May 11, US$1 was equivalent to ¥109.40.