Norinchukin Bank Suffers Net Loss of 1.4 T. Yen in April-Dec.

   Tokyo, Feb. 7 (Jiji Press)--Japan's Norinchukin Bank said Friday that it suffered a consolidated net loss of 1,414.5 billion yen in April-December 2024, widening from the April-September loss of 893.9 billion yen, as it continued to sell U.S. and European government bonds with latent losses.
   The loss for the first nine months of fiscal 2024 compares with a profit of 97 billion yen a year earlier.
   For the year through March, Norinchukin Bank maintained its net loss forecast of around 1.5 trillion to 2 trillion yen, larger than its record annual loss of 572.1 billion yen, logged in the year through March 2009, when the global financial crisis occurred.
   The financial institute for agricultural, forestry and fisheries cooperatives nationwide had latent losses of 2,192.3 billion yen on foreign and other bonds as of the end of March last year, reflecting rising interest rates. It sold about 12.8 trillion yen of such bonds by the end of December 2024, reducing unrealized losses on its bond holdings to 1,570.1 billion yen.
   Norinchukin Bank plans to continue selling its low-yielding assets to return to profitability in fiscal 2025.

(2025/02/07-21:38)

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