Japan’s Biggest Agricultural Bank Posts 413 Billion Yen Loss From Rate Bets Gone Bad
- Bank posts ¥168.7 billion in losses on sales of securities
- Company is raising funds from agricultural cooperatives
Signage for Norinchukin Bank outside the Otemachi One Tower building, which houses the company's head office, in Tokyo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Norinchukin Bank posted a ¥413 billion ($2.75 billion) loss in the fiscal first quarter as the Japanese agricultural lender offloaded bonds that had turned unprofitable.
The loss in the three months ended June 30 compared with net income of ¥63.9 billion a year earlier, the unlisted company said Thursday. It said in June it expects to report a net loss of about ¥1.5 trillion for the year ending in March.