Aozora Bank's earnings forecast for this fiscal year has changed to a deficit of 28 billion yen. This would be the first time in 15 years that the company was in the red, and the main reason was that it had increased reserves to protect against losses in the commercial real estate loan business in the United States.
The company has also announced personnel changes to the president this April, with current president Kei Tanigawa retiring and vice president Hideto Omi being promoted. Under the new management structure, the company aims to achieve a final profit next fiscal year, 2024.