Japan's Aozora Bank slumps to near 3-yr low as US property exposure spurs loss [Yahoo! Finance]
AOZORA BANK LTD UNSP/ADR (AOZOY)
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Source: Yahoo! Finance
Aozora Bank, Ltd. (TYO:8304) slid nearly 17% in Tokyo trade to a near three-year low, extending steep declines from the prior session after the bank flagged its first annual loss in 15 years. The drop came after Aozora said it now expected a net loss of 28 billion yen ($190 million) for the year to March 31, compared to earlier forecasts for a profit of 24 billion yen. The bank said the loss was driven chiefly by higher U.S. interest rates denting its securities portfolio, while its portfolio of U.S. office loans was hit by a shift to remote work during the COVID-19 pandemic. The bank said it will not pay dividends for the remainder of the financial year. Aozora was the second major lender to flag losses on exposure to U.S. real estate. New York Community Bancorp Inc (NYSE:NYCB) slashed its dividend and flagged a big charge on real estate-linked bad loans earlier this week. The bank's shares plummeted 38% on Wednesday, and dragged regional banking stocks lower. The slump trig
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News
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- Aozora Bank Jumps Most Since 2020 as Activist Builds Stake [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Aozora Bank Shares Jump After Activist Investor's Stake Buy [MarketWatch]MarketWatch
- Aozora Bank Jumps Most Since 2012 After Activist Reports Stake [Yahoo! Finance]Yahoo! Finance
- Aozora Bank Jumps Most Since 2012 After Activist Reports Stake [BNN Bloomberg (Canada)]BNN Bloomberg