(Update) Norinchukin Bank Suffers Record Annual Net Loss
Tokyo, May 22 (Jiji Press)--Norinchukin Bank, one of Japan's largest institutional investors, on Thursday reported a record annual net loss for fiscal 2024, citing hefty losses from foreign bond investments amid rising bond yields.
The bank's consolidated net loss reached 1,807.8 billion yen, far exceeding the previous record of 572.1 billion yen set in fiscal 2008 following the global financial crisis triggered by the collapse of U.S. investment bank Lehman Brothers.
For fiscal 2025, the central banking body for agricultural, forestry and fisheries cooperatives across Japan projected a net profit of around 30 billion to 70 billion yen.
"Based on the lessons learned this time, we'll rebuild our earning power and make all-out efforts for the sustainable development of the agriculture, forestry and fisheries industries," Norinchukin Bank President and CEO Taro Kitabayashi said at a news conference.
The bank is working to correct its heavy reliance on foreign bond investments and diversify its revenue sources, including stock and other investments and corporate lending, in order to achieve stable profits.
(2025/05/22-21:20)
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