Rakuten Bank Shares Surge 13% After Raising Profit Forecast [BNN Bloomberg (Canada)]
RAKUTEN GROUP INC S/ADR (RKUNY)
NASDAQ:AMEX Investor Relations:
global.rakuten.com/corp/investors
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Source: BNN Bloomberg
The stock climbed almost 13% in Tokyo on Wednesday morning, the biggest intraday gain since Sept. 26. The banking unit of internet retailer Rakuten Group Inc. increased the forecast for the year ending March by about 6%, citing rising interest income from loans and the expanded scale of its business. Rakuten Bank has been enjoying growth in its customer base thanks to the group's reward point system designed to lock in users. The lender is also expected to benefit from potential interest-rate increases by the Bank of Japan because most of its investment assets are tied to floating rates. The bank's fiscal third-quarter net income totaled about 9 billion yen ($60 million), in line with analysts' estimates. It now sees full-year profit of 33.5 billion yen. Shares of Rakuten Bank have jumped more than 80% since it was listed in April. The debt-laden parent company, which is heading for a fifth year of losses, reports later on Wednesday. It lowered its stake in the online bank in D
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