Rakuten Bank Shares Surge 13% After Raising Profit Forecast [Yahoo! Finance]
RAKUTEN GROUP INC S/ADR (RKUNY)
NASDAQ:AMEX Investor Relations:
global.rakuten.com/corp/investors
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Source: Yahoo! Finance
Most Read from Bloomberg Musk Says Putin Can't Lose in Ukraine, Opposes Senate Bill Wall Street Caught Off Guard by ‘Sticky' CPI Signs: Markets Wrap Putin Seeks Revenge on a World Order He Once Wanted to Join StanChart Weighs Break Up of Corporate, Investment Bank Lyft Corrects Earnings Margin Gain to 50 Basis Points From 500 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
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