Shinsei set to post $1 billion loss: sources

14/04/2010 - 1:03

TOKYO (Reuters) - Japan's Shinsei Bank , one-third owned by buyout firm JC Flowers, is likely to post a net loss of about 100 billion yen ($1.1 billion) for the year ended in March and its president plans to resign, sources familiar with the matter said on Wednesday.

Shinsei has officially forecast a return to a net profit of 10 billion yen for the year just ended, after booking a loss of 143.1 billion yen a year earlier.

But the bank is likely to suffer losses due to higher loss provisions for property-related loans and its consumer lender business, a source said, who declined to be named as the source was not authorized to speak publicly about the matter.

($1=93.19 Yen)

(Reporting by Taro Fuse and Taiga Uranaka)