On May 13 Fukuoka Financial Group released its consolidated financial statement for the fiscal year ended March 2013 which reveals the company recorded its highest net profit on record. At ¥32.59 billion, net gains increased for the second consecutive year and outpaced last year’s figure by 13.8%. Increased competition and low interest rates led to a smaller profit margin and capital profit ratio, but the massively reduced cost of credit led to an increased net profit. Total net profits from the three banks that constitute FFG’s core business (Fukuoka Bank, Shinwa Bank and Kumamoto Bank) rose 1.8% to ¥76.89 billion. Meanwhile, ordinary profits soared 82.3% to ¥68.77 billion—the highest on record. President Tani remarked that “this level is consistent with the final year of our mid-term management plan.” The company’s projections call for ¥48 billion in ordinary profit and ¥27 billion in net gains next year. Source: Nishinippon Shimbun, May 15
