Japan's Regional Banks Post 46 Pct Rise in Net Profits

Economy

Tokyo, Sept. 5 (Jiji Press)--Japan's 99 regional banks logged an aggregate net profit of 328.4 billion yen in April-June, up 46.1 pct from a year before, according to data compiled by Jiji Press.

The rise mainly reflected lower credit costs for possible loan defaults.

On the other hand, many banks are taking a cautious stance toward their borrowers' earnings outlooks amid the variant strain-fueled resurgence of novel coronavirus infection cases, with an official of Okinawa Kaiho Bank saying, "The situation does not allow optimism."

Of the 99 banks, 80 posted increases in profits, with Hachijuni Bank <8359> logging a 2.6-fold jump in its net profit, while San-in Godo Bank <8381> recorded a 2.2-fold increase.

Fukushima Bank <8562> and three other banks returned to the black after posting net losses in the previous April-June quarter.

[Copyright The Jiji Press, Ltd.]

Jiji Press