October 24, 2014 5:46 PM ET

Banks

Company Overview of The Norinchukin Bank

Company Overview

The Norinchukin Bank operates as a national-level cooperative financial institution in Japan. The company acts as the central bank that provides financial services for the agricultural, forestry, and fishery cooperatives. It offers various banking services, such as accepting deposits, making loans, and remitting funds. The company provides guidance on business and day-today matters for farmers, fishermen, and foresters; markets and supplies agricultural, fisheries, and forestry products, as well as procures production materials; and insurance coverage for various unforeseen events. It also offers trust products and services; asset investment and management products; financing and fund manage...

13-2 Yurakucho 1-chome

Chiyoda-ku

Tokyo,  100-8420

Japan

Founded in 1923

3,323 Employees

Key Executives for The Norinchukin Bank

Chief Executive Officer
Co-Chief Executive Officer
President of Ja Mitsui Leasing Ltd and Chief Executive Officer of Ja Mitsui Leasing Ltd
Chairman of Norinchukin Zenkyoren Asset Management Co Ltd and Chief Executive Officer of Norinchukin Zenkyoren Asset Management Co Ltd
Chief Executive Officer of Nochu Information System Co Ltd and President of Nochu Information System Co Ltd
Compensation as of Fiscal Year 2014.

The Norinchukin Bank Key Developments

The Norinchukin Bank Reports Consolidated and Non Consolidated Earnings Results for the First Quarter Ended June 30, 2014

The Norinchukin Bank reported consolidated and non consolidated earnings results for the first quarter ended June 30, 2014. For the quarter on consolidated basis, the company reported ordinary income of ¥357,293 million, ordinary profit of ¥141,941 million and net income of ¥109,889 million compared to ordinary income of ¥358,363 million, ordinary profit of ¥133,153 million and net income of ¥102,762 million reported a year ago. Income before income taxes and minority interests was ¥141,712 million compared to ¥133,008 million reported a year ago. For the quarter on non consolidated basis, the company reported ordinary income of ¥358,031 million, ordinary profit of ¥145,098 million and net income of ¥113,647 million compared to ordinary income of ¥353,497 million, ordinary profit of ¥131,107 million and net income of ¥101,332 million reported a year ago. Income before income taxes was ¥144,871 million compared to ¥130,962 million reported a year ago.

The Norinchukin Bank Reports Consolidated and Non-Consolidated Earnings Results for the Full Year Ended March 31, 2014

The Norinchukin Bank reported consolidated and non-consolidated earnings results for the full year ended March 31, 2014. On consolidated basis, ordinary income was ¥1,086,983 million against ¥993,463 million last year. Ordinary profit was ¥190,365 million against ¥102,702 million last year. Net income was ¥155,727 million against ¥119,866 million last year. Cash flows used in operating activities were ¥2,919,862 million against cash flows from operating activities of ¥1,900,920 million last year. Income before income taxes and minority interests was ¥187,121 million against ¥101,931 million last year. Income before minority interests was ¥156,300 million against ¥120,244 million last year. Purchases of tangible fixed assets were ¥10,055 million against ¥5,559 million last year. Purchases of intangible fixed assets were ¥7,150 million against ¥2,027 million last year. On non-consolidated basis, ordinary income was ¥1,062,315 million against ¥970,896 million last year. Ordinary profit was ¥175,161 million against ¥88,122 million last year. Net income was ¥143,197 million against ¥106,839 million last year. The company has been managing operations to secure steady accumulation of interest income, and the non-consolidated interest income of the bank totaled to ¥271.6 billion, up ¥177.3 billion from the previous fiscal year. Net operating profit stood at ¥116.5 billion. Income before income taxes was ¥171,979 million against ¥87,337 million last year.

FDIC Launches LIBOR Suit on Behalf of 38 Failed Banks

The FDIC filed a lawsuit against several of the banks and the British Banker's Association, accusing them of 'systematic' LIBOR manipulation and suppression. The agency seeks to recover the 'substantial losses' 38 failed banks sustained as a result of the defendants' alleged wrongful conduct. The list of plaintiffs in a March 14 complaint filed with the U.S. District Court for the Southern District of New York includes 38 failed banks. The FDIC as receiver for the closed banks seeks to recover the 'substantial losses' these institutions sustained as a result of the defendants' 'wrongful conduct.' The complaint states that the British Bankers' Association touted LIBOR as a simple, transparent benchmark calculated from competitive interest rates in the market for unsecured interbank loans. However, the FDIC alleges that during August 2007 to at least mid-2011, the bank defendants 'fraudulently and collusively suppressed USD LIBOR' to their own advantage. The FDIC claims that the BBA participated in the scheme to protect the revenue stream it generated from selling LIBOR licenses, and to appease the bank defendants who were on the LIBOR panel and were members of the BBA. Among the U.S.-based bank defendants named in the case is Bank of America Corp. and subsidiaries including Bank of America NA and Merrill Lynch & Co. Inc. The complaint also names Citigroup Inc. and subsidiaries Citibank NA and Citigroup Financial Products Inc., as well as JPMorgan Chase & Co. and several subsidiaries, including JPMorgan Chase Bank NA and Bear Stearns Capital Markets Inc. Europe-based defendants include Barclays Plc, Rabobank Nederland, Credit Suisse Group AG, Deutsche Bank AG, Portigon AG, WestLB AG, Royal Bank of Scotland Group Plc, Société Générale SA and UBS AG. HSBC Holdings Plc, U.S.-based unit HSBC Bank USA NA and Hong Kong-based subsidiary Hongkong & Shanghai Banking Corp. Ltd. are also on the list of defendants, as are Lloyds Banking Group Plc, Lloyds TSB Bank Plc and HBOS Plc. Canada's Royal Bank of Canada is named as a defendant. Defendants based in Asia include Norinchukin Bank and Bank of Tokyo-Mitsubishi UFJ Ltd. The FDIC is seeking full damages for all the economic, monetary, actual, consequential and compensatory damages that the closed banks suffered as a result of the defendants' wrongful conduct.

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