SBI Sumishin Net Bank is considering going public and becoming Japan’s first listed internet-only bank without any physical branches, according to sources with knowledge of the matter.

The bank hopes the stock listing will help bolster its name recognition and boost its earnings, the sources said.

SBI Sumishin Net Bank, which started operations in 2007, reported a consolidated net profit of ¥11.9 billion for the fiscal year to March 2019 — up 14.6 percent from the previous year.

Currently, the bank is owned on a fifty-fifty basis by SBI Holdings Inc. and Sumitomo Mitsui Trust Bank. It is the No. 1 internet-only bank in Japan in terms of deposit balances, which topped ¥5 trillion as of April 2019.

In its mainstay mortgage business, the balance of loans offered by SBI Sumishin Net Bank exceeded ¥5.5 trillion in November last year.

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