Norinchukin reports $12.6b loss for FY2024

It aims for a JPY30b to JPY70b net income for FY2025.

Japan’s Norinchukin Bank reported a loss of about $12.6b (over JPY1.8t) for FY2024.

The Japanese bank has been undergoing a “large-scale portfolio improvement” with the goal of financial recovery from FY2025 and onwards, it said.

In FY2024, it completed the sales of low-yielding assets totalling JPY17.3t approximately.

Common Equity Tier 1 (CET1) ratio is 17.7% as of March 2025.

Ordinary losses for the fiscal year were JPY1.81t, whilst net loss was JPY1.84t.

Ordinary income was JPY1.98t, with a JPY1.6t interest income.

Expenses were JPY3.75t for FY2024, higher than the JPY2.88t recorded in FY2023.

The bank aims for a net income of between JPY30b to JPY70b for FY2025.

(US$1 = JPY 142.50; as of 26 May 2025, Google)