Aozora Bank quadruples group net profit

Aozora Bank achieved an annual consolidated business profit of 37bn yen, up 10.5% or 3.5bn yen year-on-year.

Net income was 32.8bn yen, soaring by 295% or 24.5bn yen, meaning that the firm exceeded its revised profitability target and achieved an eighth consecutive quarter of profitability.

The firm enjoyed an especially strong fourth quarter, having made a net profit of 19.7bn yen in the first nine months of its financial year.

President and Chief Executive Officer Brian F. Prince extended the firm’s heartfelt sympathies to those affected by the recent Japanese earthquake and related disasters.

Prince went on to welcome the firm’s strong annual results, which bettered its targets despite them being revised upward partway through the year.

He added that the firm would continue to focus upon the disciplined management of risk, given the ongoing difficulty the Japanese economy faces.