The Fukuoka City-based Fukuoka Financial Group issued the group’s consolidated financial report for the year ended March 2008. The report showed that the group’s net profit for the year was 1.2520 billion yen, or 96% less than originally projected last November. The reasons for the sharp downturn in profits included the recording of about 30 billion yen in portfolio losses on securities and an increase in reserves for bad debts in the consumer finance sector. The group itself was created in April 2007, so a comparison with year-before figures was not possible.
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- Fukuoka Financial Group Net Profit Less than Expected
Fukuoka Financial Group Net Profit Less than Expected
- Published: May 23, 2008 / Last Updated: May 23, 2008
