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Chiba Bank fiscal Q1 net profit drops YOY

Chiba Bank Ltd. posted a decline in consolidated net profit attributable to owners for the fiscal first quarter ended June 30 to ¥17.03 billion from ¥18.46 billion.

EPS for the quarter declined to ¥21.32 from ¥22.61.

The bank attributed the drop in net profit to a fall in ordinary income and an increase in expenses.

Interest income rose to ¥35.17 billion from ¥35.06 billion, while fees and commissions increased to ¥12.29 billion from ¥11.77 billion.

Ordinary income dropped to ¥61.05 billion from ¥62.03 billion, mainly due to a decrease in other income such as reversal of allowance for loan losses. Ordinary profit declined to ¥24.28 billion from ¥26.58 billion.

Ordinary expenses rose to ¥36.77 billion from ¥35.44 billion, driven by an increase in interest expenses such as interest on negotiable certificates of deposit.

The bank's nonperforming loan ratio fell to 1.39% as of June 30 from 1.47% at the end of March and 1.62% at June 30, 2016.

As of Aug. 2, US$1 was equivalent to ¥110.48.