Concordia Financial Group Ltd. reported a 53.1% year-over-year decline in profit for the nine months ended Dec. 31, 2017, as it posted extraordinary losses for the period.
The company posted nine-month profit attributable to owners of ¥50.59 billion, or ¥39.75 per share, down from ¥107.86 billion, or ¥83.31 per share, in the prior-year period.
Net interest income for the period rose to ¥143.31 billion from ¥128.22 billion, while net fees and commissions climbed to ¥38.58 billion from ¥34.54 billion. Net trading income increased to ¥2.30 billion from ¥1.83 billion.
Ordinary income inched up to ¥243.97 billion from ¥243.90 billion, while ordinary profit rose to ¥74.99 billion from ¥69.70 billion. The company reported extraordinary losses of ¥391 million for the period, compared to extraordinary income of ¥59.52 billion in the same period the prior year.
Provision of allowance for specific loan losses amounted to ¥1.05 billion for the period, while provision of allowance for general loan losses came to ¥2.37 billion.
The group's unit, Bank of Yokohama Ltd., posted a year-over-year increase in nine-month net income to ¥44.78 billion from ¥44.68 billion.
The banking unit's net interest income climbed to ¥121.51 billion from ¥107.62 billion, while net fees and commission rose to ¥27.37 billion from ¥24.19 billion. Net trading income declined to ¥148 million from ¥168 million.
Bank of Yokohama's gross operating income increased to ¥138.71 billion from ¥137.45 billion. Ordinary profit rose to ¥64.08 billion from ¥63.58 billion.
Meanwhile, Concordia Financial said it will repurchase up to 12 million shares for up to ¥6 billion. The repurchase period will run from Feb. 6 to March 20.
As of Feb. 1, US$1 was equivalent to ¥109.45.
