Sony Bank said Wednesday it posted net losses of 4.1 billion yen in the 2001 business year on revenues of 3.8 billion yen.
The Internet-based bank, launched in June by Sony Corp., was operational for only 10 months of the business year.
The bank attributed the losses to heavy startup costs and 350 million yen in capital losses arising from the sale of bonds issued by failed U.S. firm Enron Corp.
As of March 31, Sony Bank had 87,000 deposits worth 106.4 billion yen. The bank was aiming for 200,000 accounts and a balance of 300 billion yen.
Sony Bank said it still hopes to boost the balance to 300 billion yen this year and cut its losses by more than 1 billion yen. The bank said it hopes to be in the black in its third year.