Shinsei Bank Net Profit Drops 30%

Shinsei Bank Ltd

reported a 30% drop in its group net profit for the three months through September. Shinsei Bank's second quarter net profit dropped to Y2.1 billion, from Y3.0 billion, in the year-ago period. Shinsei's net profit for the April-September fiscal first half rose to Y20.35 billion, from Y16.88 billion, in the year-ago period. For the fiscal year ending March 2012, Shinsei Bank projects a group net profit of Y22.00 billion on revenue of Y400.00 billion. Shinsei Bank shares closed at $2.06 yesterday.