Daiwa Overseas Fin - Daiwa Bank Earnings Forecast
October 07 1997 - 4:53AM
UK Regulatory
RNS No 8347h
DAIWA OVERSEAS FINANCE LIMITED
7th October 1997
Valuation Losses on Securities Portfolio as of September 30, 1997 and Revision
of Interim Earnings Forecast for Fiscal Year 1997.
The Daiwa Bank Limited ("the Bank") has announced the revision of the earings
forecast for the first half of fiscal year 1997 (April 1, 1997 - September 30,
1997) originally announced in May 1997.
This revision is due primarily to the increase of valuation losses on the Bank's
stock portfolio incurred from the decline of stock market.
1. Revision of interim earnings forecast for fiscal year 1997.
(Billion Yen)
Operating Income Ordinary Profits Net Income
Announcement in 5/97 (A) 330 11 10
Current Revision (B) 380 6 5
Difference (B)-(A) 50 -5 -5
Percentage Difference (%) 15.1 -45.4 -50.0
Full year earnings forecast for fiscal year 1997 (April 1, 1997 - March 31,
1998) will be announced together with the interim financial results.
2. Valuation losses on securities portfolio as of September 30, 1997
(Million Yen)
Amount Ratio
Valuation Losses of Securities
Portfolio
as of September 30, 1997 118,800
Total Assets 16,303,592 0.7%
Year Ended March 31,
1997 Ordinary Profit 4,158 2,857.1%
Net Income 13,535 877.7%
Note:
Corporate bonds and financial debentures, stocks and other securities listed on
stock exchange are carried at the lower of cost or market value.
Other securities are carried at cost.
The cost of securities sold is determined by the moving average method.
END
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