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Shinsei Bank posts profits increase

Japan's Shinsei Bank has announced increased annual net profits totalling $753 million, predicting further growth in the coming year thanks to an expansion of both its corporate and retail banking services.

Shinsei's profits were up 12.8 per cent from a year earlier, and follows the successful year had by its bigger Japanese financial rivals, Mitsubishi UFJ Financial and Mizuho Financial, who both posted record profits for the last 12 months.

As well as a growth in its own banking business, recent acquisitions of consumer lending units have helped push up profits, with revenue for the year more than doubling.

Speaking at a press conference in Tokyo, Shinsei president Thierry Porte said that he expected the banks strong performance to continue into the next year, predicting a further increase in net profits of 11 per cent over the next 12 months, due to expanding institutional banking services.

Shinsei became the first Japanese bank to be bought out by foreign investors at the height of the bad-loans crisis in 2000, when a group of investors led by US-based Ripplewood Holdings rebuilt the bank after buying its predecessor, Long Term Credit Bank.