OREANDA-NEWS. August 01, 2011. Resona Holdings on a consolidated basis posted a net income of Y63.3bn for the 1Q of FY2011, an increase of Y9.6bn YoY, reported the press-centre of Resona Holdings.

Subsidiary banks on a non-consolidated combined basis posted a net income of Y61.1bn, an increase of Y8.8bn YoY.

The increase in net income is attributable to the following factors:

- Actual net operating profits of subsidiary banks on a non-consolidated combined basis increased Y5.1bn YoY, with a good progress rate of 58% against the forecast for the 1H of FY2011.

- As for net credit expenses, subsidiary banks on a non-consolidated combined basis posted a reversal gain of Y8.7bn, improvement of Y4.3bn YoY, due to decrease in new bankruptcy and downward migration of borrowers.

Resona Holdings did not revise the earnings forecasts announced in May 2011 at this point in time.

Full reports see here:
http://www.resona-gr.co.jp/holdings/english/investors/financial/results/pdf/230729.pdf