Shinsei Bank said Friday its group net profit rose 28.6 percent in the fiscal first half of 2003 from a year earlier to 34 billion yen.
The bank attributed the profit increase to lower bad-loan write-off costs and a tax rebate as a result of an out-of-court settlement over a controversial bank tax imposed by the Tokyo Metropolitan Government.
The balance of nonperforming loans stood at 154.2 billion yen, down 79 billion yen from the end of March.
This brought the ratio of nonperforming loans to outstanding loans down to 4.1 percent from 5.7 percent.
The bank said its capital-adequacy ratio stood at 20.58 percent on a consolidated basis, up from 20.1 percent at the end of March.
Shinsei Bank said it expects a group net profit of 65 billion yen for the full fiscal year.