The bank revealed net income of JPY33.5 billion on a consolidated basis for the period compared to net income of JPY47.1 billion reported during the comparable period in 2006. Consolidated cash basis net income for the first nine months of the fiscal year 2007 was JPY42 billion, compared to JPY60.1 billion in the first nine months of the previous fiscal year.
Shinsei Bank’s total assets increased from JPY10,837.6 billion at March 31, 2007, to JPY11,848.1 billion at December 31, 2007 and total deposits, while negotiable certificates of deposit for the period also increased JPY777.4 billion or 14.3% to JPY6,198.3 billion, compared to March 31, 2007.
Thierry Porte, president and CEO of Shinsei Bank, commented: While Shinsei Bank’s core business remained steady in the first nine months of fiscal year 2007, revenues were down slightly due mainly to mark-downs of our US residential mortgages and an increase in net credit costs related to the same portfolio. While the market outlook remains uncertain, we view these events as largely non-recurring and believe we have made the right choices to leverage opportunities going forward.
