SBI Sumishin Net Bank Considering Going Public

Economy

Tokyo, Jan. 30 (Jiji Press)--SBI Sumishin Net Bank is considering going public to become Japan's first listed internet-only bank without any physical branches, according to informed sources.

The bank hopes that the stock listing will help bolster its name recognition and boost its earnings, the sources said.

SBI Sumishin Net Bank, which started its operations in 2007, reported a consolidated net profit of 11.9 billion yen for the fiscal year to March 2019, up 14.6 pct from the previous year.

It is the No. 1 internet-only bank in Japan in terms of deposit balances, which topped 5 trillion yen as of April 2019.

In its mainstay mortgage business, the balance of loans offered by SBI Sumishin Net Bank exceeded 5.5 trillion yen in November last year.

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Jiji Press