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Norinchukin Bank fiscal Q1 profit falls 26.7% YOY

Japan's Norinchukin Bank reported a 26.7% year-over-year decline in profit for the fiscal first quarter ended June 30.

The bank said Aug. 6 that consolidated profit attributable to owners of the parent fell to ¥59.87 billion from ¥81.67 billion in the prior-year period.

Ordinary profits dropped to ¥76.31 billion from ¥110.32 billion, while ordinary income slipped to ¥454.81 billion from ¥498.61 billion.

Interest income fell to ¥349.26 billion from ¥365.97 billion, while fees and commissions rose to ¥8.33 billion from ¥7.16 billion.

Ordinary expenses declined to ¥378.50 billion from ¥388.29 billion.

The bank's trading income increased to ¥123 million from ¥44 million a year earlier. It booked extraordinary profits of ¥1.80 billion for the quarter.

As of Aug. 6, US$1 was equivalent to ¥106.34.