Suruga Bank Reexamining Annual Results

June 4, 2018

Tokyo- Suruga Bank, a Japanese regional lender, said Monday that it is closely examining annual financial results already released last month.

The bank made the comments after the Nikkei business daily reported in its Sunday edition that the lender is planning to make a large downward revision in its results for the year ended in March.

Suruga Bank said what was reported was not based on its own announcement.

The bank said that it is currently evaluating the collectability of loans related to share housing and others and examining a potential increase in loan-loss reserves.

Suruga Bank provided investors with loans to help them buy share houses from Smart Days Inc., which promised to make payments to investors as rents.

But Smart Days stopped its payments due to its financial difficulty, leaving many owners unable to paying off their loans. It went bankrupt in April. Jiji Press