The lender's securities portfolio overhaul is gaining traction two years after bond losses badly hit the bank, pointing to an early improvement in its turnaround effort.
Norinchukin Bank reported nearly 40% profit growth in fiscal Q1, a sign that the lender's securities portfolio overhaul is starting to deliver results. The update comes two years after the bank was gutted by bond losses, underscoring a recovery effort centered on repositioning its investment holdings.