The Bankwatch

Tracking the consumer evolution of financial services

Seven Bank logs solid earnings after specialising in ATM’s | Japan

Several new banks in Japan have announced results, and all but one have lost money.  What is apparent though is that the losses are not directly connected to their newness, and direct banking models, but rather poor investment choices.  Seven bank [7-11] on the other hand that specialises in ATM’s is doing well.

What is also interesting here especially to North Americans is the involvement of 7-11 in banking.

Seven Bank Is Sole New Bank To Log Solid FY08 Earnings | Nikkei.com

TOKYO (Nikkei)–Of the new banks that released earnings reports for last fiscal year as of Friday, Seven Bank (8410) was the only one to show robust profit growth.

Seven Bank’s parent-only net profit surged 22% to a record 16.9 billion yen on increased income from ATM usage fees. Operating ATMs is its main business, and it set up more machines in fiscal 2008.

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Researched by Nobuyo Henderson

Written by Colin Henderson

May 22, 2009 at 19:13

Posted in Uncategorized

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