Norinchukin Bank’s profits up 24% to $405.7m for FY2023

Net gains from sales of securities jumped over 800% over the period.

Japan’s Norinchukin Bank saw its profits rise to JPY63.6b (approximately $405.77m) for the fiscal year of 2023, JPY12.6b ($80.38m) higher than a year earlier, its latest financial results showed.

Ordinary profits tripled to JPY134.2b for the whole year, which is a JPY93.7b ($597.8m) rise from FY2022’s ordinary profits of JPY40.4b ($257.7m).

The jump can be attributed to higher net income and higher gains from sales of securities. Net income was JPY59.9b ($382.16m) for FY2023, a JPY16.6b ($105.9m) increase from a year ago. 

Net gains on sales of securities jumped to JPY655.1b (almost $4.18b) for FY2023, versus just JPY72.7b ($463.82m) a year ago.

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Consolidated Total Assets at the end of the fiscal year rose to JPY99.8t (636.72b) from a year ago, and total assets of the bank rose to JPY96.42t ($615.16b). However, total net assets fell by over a trillion yen to JPY4.44t ($28.32b) as of March 2024. 

Deposits dipped to JPY64.41b ($410.8m), a decrease of JPY199.3b from FY2022.

Tier 1 Capital fell to JPY5.607t as of March 2024, over 1 trillion yen lower than the JPY6.65t as of end March 2023. Common Equity Tier 1 Capital (CET1) is also lower by over a trillion yen, at KPY4.35t as of March 2024. Tier 1 capital ratio and total capital ratio fell to 21.18% and 21.23%, respectively, over the same period of comparison.

(US$1 = JPY156.74; as of 23 May 2024, 12:22 PM)