Bank of Yokohama sharply cuts net profit estimate.
The Bank of Yokohama said Wednesday it expects to book a group net profit of 5 billion yen in fiscal 2008 ended Tuesday, down sharply from its earlier projection of 42.5 billion yen.
The leading regional bank, based in Yokohama, made the downward revision as the cost of disposing bad loans has grown to 89 billion yen on a parent-only basis from an earlier estimate of 57 billion yen amid the economic slowdown.
The bank will also book 19.5 billion yen as losses related to stockholdings.
It also reduced its projection of the operating revenues for the just-ended business year to 340 billion yen from an earlier estimated 350 billion yen.
For fiscal 2007, the bank posted a net profit of 68.27 billion yen on revenues of 317.94 billion yen.
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|Comment:||Bank of Yokohama sharply cuts net profit estimate.|
|Publication:||Japan Weekly Monitor|
|Article Type:||Financial report|
|Date:||Apr 6, 2009|
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