Japan’s regional banks suffer 4pc net profit drop

20 May, 2019 12:00 AM printer

TOKYO: Combined group net profits at 11 regional banks and eight regional bank groups in Japan fell 4.0 percent from the previous year to ¥590.9 billion in fiscal 2018, which ended in March, according to their earnings reports released by Friday.

Daishi Hokuetsu Financial Group Inc., launched last October through the merger of two banks in Niigata Prefecture was excluded from the tally as comparable data were unavailable, report agencies.

The drop came as the Bank of Japan’s ultraeasy monetary policy and population declines in local areas continued to pressure earnings.