Suruga Bank Swings to Profit in April-Sept.

Economy

Tokyo, Nov. 14 (Jiji Press)--Suruga Bank <8358> said Thursday it swung to a group net profit in April-September after posting a loss a year before due to its fraudulent loans for real estate investment.

The regional bank, based in Numazu, Shizuoka Prefecture, central Japan, posted a net profit of 15,972 million yen for the latest fiscal first half, compared with the year-before loss of 100,785 million yen.

Loan loss reserves fell by 25.1 billion yen due to progress in negotiations with owners of properties for investment.

The lender raised its net profit projection for the full year through March 2020 by 5 billion yen to 15.5 billion yen.

But Suruga Bank President Michio Arikuni remained cautious about the outlook. "A path to reconstruction has yet to be opened up," he said, stressing the bank will continue its turnaround efforts.

[Copyright The Jiji Press, Ltd.]

Jiji Press