3 Japanese trust banks revise profit forecasts downward.TOKYO, Oct. 27 Kyodo Chuo Mitsui & Banking Co., Yasuda Trust & Banking Co., and Nippon Trust Bank said Friday they have revised downward their profit forecast for the April-September first half of fiscal 2000. Chuo Mitsui said it expects midterm mid·term n. 1. The middle of an academic term or a political term of office. 2. a. An examination given at the middle of a school or college term. b. midterms A series of such examinations. pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profit of 22.5 billion yen, down 7.5 billion yen from its earlier forecast, and midterm net profit of 7.5 billion yen, down 2.5 billion yen. The downward revision is due to a boosting of loan-loss reserves on prospects that the 15 billion yen the bank extended in subordinated loans In the field of finance, a subordinated loan is a type of loan which ranks after other debts should a company fall into receivership or be closed. It is also known as subordinated debt, or as junior debt. to Chiyoda Mutual Life Insurance Co. will become irrecoverable. Chiyoda Mutual collapsed Oct. 9. Yasuda Trust said it expects net profit to come to 4 billion yen, down 3 billion yen from its earlier projection, due mainly to a new local tax it will have to pay to the Osaka prefectural pre·fec·ture n. 1. The district administered or governed by a prefect. 2. The office or authority of a prefect. 3. The residence or housing of a prefect. government. Nippon Trust said it will likely post a pretax loss pretax loss A loss reported before tax benefits are considered. of 4 billion yen, compared with the pretax profit of 1 billion yen it forecast earlier. Nippon Trust cited increased reserves against possible bad loans as contributing to the downward revision. |
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