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Ashikaga Bank reduces negative net worth.

TOKYO, Dec. 1 Kyodo

Ashikaga Bank, now under state control, said Wednesday its negative net worth at the end of September declined by 42.1 billion yen from the end of March to 636.9 billion yen.

The regional bank based in Utsunomiya, Tochigi Prefecture, has been nationalized since it posted a negative net worth one year ago.

Ashikaga said it booked 51.2 billion yen in net profit for the April-September first half of the current business year, exceeding an earlier projection of some 40 billion yen for the whole of the year.

As of Sept. 30, the bank's nonperforming loans totaled 626.8 billion yen, down 105.9 billion yen from March 31, it said. As a percentage of total loans, nonperforming loans dropped by 1.33 points to 19.29 percent.
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Publication:Japan Weekly Monitor
Date:Dec 13, 2004
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CORRECTED: Ashikaga Bank reduces negative net worth.

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