Norinchukin Bank reports JPY893.9b in losses for H1 FY2024

Its capital ratios have increased.

Norinchukin Bank reported a loss attributable to shareholders of $5.75b (JPY893.9b) in the first half of fiscal year 2024 which ended on 30 September.

In contrast, the Japanese cooperative bank logged a $929.37m (JPY144.3b) profit in H1 FY2023.

Norinchukin Bank said that it is engaging in the sale of low-yielding assets as part of its bid to improve its investment portfolio.

Its capital ratios under Basel III standards increased in H1, which it attributed to “reduced unrealized losses on securities and common equity tier 1 (CET1) capital enhancement.” CET1 ratio was 20.17% as of September 2024, versus 16.43% in March 2024. 

(US$1 = JPY 155.27. As of 21 November 2024, 2:10 PM)