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Norinchukin Bank posts 28.4% YOY decline in fiscal-year profit

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Norinchukin Bank posts 28.4% YOY decline in fiscal-year profit

Japan's Norinchukin Bank posted a 28.4% year-over-year decline in profit for the fiscal year ended March 31 amid a rise in expenses.

The bank on May 23 reported consolidated profit attributable to owners of ¥147.60 billion, down from ¥206.11 billion in the same period the prior year.

Ordinary income climbed to ¥1.450 trillion from ¥1.365 trillion, while ordinary profits fell to ¥171.02 billion from ¥214.07 billion. Ordinary expenses increased to ¥1.279 trillion from ¥1.151 trillion.

Interest income rose to ¥1.147 trillion from ¥1.107 trillion, while fees and commissions inched down to ¥29.08 billion from ¥29.24 billion in the prior-year period.

As of March 31, the lender's consolidated total capital ratio under Basel III stood at 23.50%, down from 24.39% at March 31, 2017. Its common equity Tier 1 capital and Tier 1 capital ratios for the period were both 19.02%, down from 19.31% and 19.34%, respectively, at March 31, 2017.

As of May 23, US$1 was equivalent to ¥110.03.