Resona Posts 1H Results we Expected; Maintaining FVE at JPY 590 per Share
Resona Holdings report first-half results in line with our neutral expectations. For the six months ended September 2017, higher operating expenses on lower revenue resulted in net profits decreasing 2.9% year on year to JPY 94 billion. The underlying banking performance remains weak with core business profits dipping 13.6% year over year to JPY 108.6 billion and the group’s cost/income ratio edging up to 61%. Net interest income less credit charges were down slightly as domestic net interest ma...Resona Holdings is a holding company engaged in the management and supervision of banking and other subsidiaries as well as other ancillary activities. As of Mar 31 2017, Co. has total assets of 48,456,133 million. The Resona Group is a financial group comprising three banks (Resona Bank, Ltd., Saitama Resona Bank, Ltd. and The Kinki Osaka Bank, Ltd.) controlled by Co. Co., through its subsidiaries and associated companies, is engaged in the provision of financial services, including banking, trust operation, credit card services, venture capital business, factoring service and investment trust entrusted business.
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