In its first year of offering 24-hour ATM banking at convenience stores, Ito-Yokado Co.'s fledgling IY Bank reported a 12.18 billion yen after-tax loss in fiscal 2001.
Customer use of its ATMs did not reach its expectations. But smaller-than-planned capital investments, due to delays in software development and slow tieups with major banks, helped reduce the loss from the 13.2 billion yen it projected in November, according to President Takashi Anzai.
The bank expects to reach into the black in fiscal 2003, after bringing its losses to 6 billion yen for the current fiscal year, he said.