Daiwa Bank suffered pretax losses of 250 billion yen in fiscal 1998, largely due to bad loan writeoffs of 368.7 billion yen, the bank announced Tuesday.
Daiwa was the last among the nation's nine city banks to release its fiscal 1998 earnings reports.
Daiwa officials said that the bank posted 91.9 billion yen in net business profits but fell into the red after writing off and padding loan-loss reserves.
The bank removed 552.9 billion yen in sour loans from its balance sheet, including 86 billion yen through bulk sales, but still had sour loans of 794 billion yen at the end of fiscal 1998, the officials said.
It was the second year in a row for the Osaka-based bank to end in the red.