Resona Holdings Inc. said Wednesday that it expects to post a group net loss of 185 billion yen for the current fiscal year, as it writes off more of its loans as losses.
The projected loss marks a huge turnaround from the 3 billion yen profit Resona forecast in November. The group comprises Daiwa Bank, Asahi Bank and two regionals.
Like its larger counterparts, the nation's fifth largest banking group also announced plans to raise funds to bolster its weak finances by March 31. It expects to bring in 100 billion yen by selling preferred securities to Hong Kong's Bank of East Asia, France's Credit Agricole S.A. and several domestic firms.