7 days ago
Norinchukin Returns to Profit After Bond Investment Debacle
Norinchukin Bank swung back to profit last quarter as the Japanese firm began its long road to recovery from last year's massive losses on foreign bond investments.
Net income totaled ¥58.3 billion ($395 million) in the three months ended June 30, compared with a loss of ¥412.7 billion a year earlier, the agricultural bank said in a presentation on Wednesday. It's aiming for profit of about ¥30 billion to ¥70 billion in the year ending March.
