Shinsei Bank reports consolidated financial results for 3Q07
Shinsei Bank, Limited, a leading diversified financial group, has announced net income of 33.5 billion yen on a consolidated basis for the first nine months of the fiscal year 2007, ended December 31, 2007, compared to net income of 47.1 billion yen reported in the first nine months of the fiscal year ended December 31, 2006.
Consolidated cash basis* net income for the first nine months of the fiscal year 2007 was 42.0 billion yen, compared to 60.1 billion yen in the first nine months of the previous fiscal year.
“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 U.S. residential mortgages and an increase in net credit costs related to the same portfolio,” said Thierry Port?, President and CEO of Shinsei Bank. “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.” — www.theasianbanker.com (January 31 2008)–