Citigroup Inc. said its Japan unit will incur a one-time loss of ¥139.9 billion for the six months that ended Sept. 30 as it increased funds set aside as reserves for its consumer finance unit.
Citigroup Japan Holdings Corp. will deduct ¥95.6 billion from its deferred tax assets, which will reduce earnings for its fiscal first half, the company said in a financial report filed Thursday with the Finance Ministry.
This is due to “the recent harsh business environment in the consumer finance industry,” the bank said.
Citigroup Japan Holdings, which owns a consumer finance unit and a brokerage, will disclose the earnings “soon,” said spokeswoman Chikako Oki.
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