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Japan Post Bank, Japan Post Insurance report YOY rise in fiscal-year income

Japan Post Bank Co. Ltd. and Japan Post Insurance Co. Ltd. both posted year-over-year rises in net income for the fiscal year ended March 31.

Japan Post Bank reported consolidated net income attributable to owners of parent of ¥352.78 billion, or ¥94.09 per share, for the fiscal year. The bank did not disclose consolidated net income for the fiscal year ended March 31, 2017.

On an unconsolidated basis, the bank's net income increased 12.9% year over year to ¥352.75 billion, or ¥94.09 per share, from ¥312.26 billion, or ¥83.28 per share, in the prior year.

Interest income dropped to ¥1.503 trillion from ¥1.568 trillion in the prior year, while fees and commissions increased to ¥130.04 billion from ¥119.47 billion.

The bank's ordinary income climbed to ¥2.045 trillion from ¥1.897 trillion, while ordinary expenses rose to ¥1.545 trillion from ¥1.455 trillion. As a result, net ordinary income increased to ¥499.67 billion from ¥442.09 billion.

Japan Post Bank said it expects consolidated net income to decline 26.2% to ¥260 billion, or ¥69.35 per share, in the fiscal year ending March 31, 2019.

Separately, Japan Post Insurance reported a 17.9% year-over-year increase in consolidated net income attributable to the company to ¥104.49 billion, or ¥174.21 per share, from ¥88.60 billion, or ¥147.71 per share, in the prior fiscal year.

Ordinary profit increased to ¥309.23 billion from ¥279.76 billion, while ordinary income fell to ¥7.953 trillion from ¥8.659 trillion. Insurance premiums and other dropped to ¥4.236 trillion from ¥5.042 trillion, while investment income fell to ¥1.285 trillion from ¥1.368 trillion.

Meanwhile, the insurer's ordinary expenses dropped to ¥7.644 trillion from ¥8.380 trillion in the prior-year period.

The company also recorded an extraordinary gain of ¥86.05 billion in the year ended March 31 from the sales of fixed assets.

Japan Post Insurance raised its year-end dividend to ¥68 from ¥60 in the fiscal year ended March 31, 2017.

For the fiscal year ending March 31, 2019, the company expects net income to drop 15.8% to ¥88 billion, or ¥146.72 per share.

Japan Post Bank and Japan Post Insurance are units of Japan Post Holdings Co. Ltd.

As of May 14, US$1 was equivalent to ¥109.61.