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Shinsei Bank H1 net income decreases

Shinsei Bank's net income has decreased to JPY23.1 billion in the first half of fiscal 2007, from JPY38.8 billion in the same period in 2006.

Total revenue for the six months was JPY138.7 billion, or 0.2% higher than in the first half of the previous fiscal year. Total assets increased from JPY10,837 billion at March 31, 2007, to JPY12,423.4 billion at September 30, 2007.

Thierry Porte, president and CEO of Shinsei Bank, said: Shinsei Bank’s core business remained steady in the first half of fiscal year 2007. We maintained steady revenues despite mark-downs of our US residential mortgages and the recognition of losses related to our consumer finance affiliate. Going forward, we have a clear strategy that will allow us to turn the current challenges into opportunities.