Shinsei Bank Ltd. (8303.TO) said Tuesday it raised its net profit outlook in the fiscal year ending March 2013 to Y51 billion from its previous forecast of Y32 billion, by accelerating cost-cutting.

The Tokyo lender, about 28.8%-owned by U.S. investment firm J.C. Flowers & Co., said expenses are expected to decrease an additional Y12 billion to Y140 billion from the earlier forecast of Y152 billion.

Shinsei expects total revenue of Y258 billion for the fiscal year ending March 2013.

-By Atsuko Fukase, Dow Jones Newswires; 813-6269-2792; atsuko.fukase@dowjones.com
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