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Banks enjoy escape from debt crisis
Source: Bloomberg News |
November 15, 2011, Tuesday
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Print Edition
MIZUHO Financial maintained its full-year net profit forecast yesterday after reporting that first-half profit fell 25.4 percent, suffering from the absence of hefty bond trading gains that lifted its profits the previous year.
Japan's top three banks were announcing their first-half results yesterday, and Mizuho, the second-largest by assets, had been expected to trail rivals.
The results of the other two, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial, are expected to be on track to beat full-year forecasts.
Unlike their Western rivals, Japanese banks largely escaped the brunt of Europe's debt crisis due to limited exposure to the region, while bad-loan costs remained low at home as the number of bankruptcies in Japan continued to decline.
Mizuho said net profit was 254.67 billion yen (US$3.3 billion) for April-September, down from 341.76 billion yen in the same period last year. Second-quarter profit fell to 158.31 billion yen from 191.91 billion yen in same period a year ago, according to Reuters calculations from first-half and first-quarter figures.
For the full year to next March, the bank maintained its net profit forecast at 460 billion yen, above an estimate of a 433.9 billion yen by Thomson Reuters Starmine's SmartEstimate.
The bank also said it plans to cut 3,000 jobs, or about 5 percent of its workforce, by March 2016 through the merger of its corporate and retail banking units.
Japan's top three banks were announcing their first-half results yesterday, and Mizuho, the second-largest by assets, had been expected to trail rivals.
The results of the other two, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial, are expected to be on track to beat full-year forecasts.
Unlike their Western rivals, Japanese banks largely escaped the brunt of Europe's debt crisis due to limited exposure to the region, while bad-loan costs remained low at home as the number of bankruptcies in Japan continued to decline.
Mizuho said net profit was 254.67 billion yen (US$3.3 billion) for April-September, down from 341.76 billion yen in the same period last year. Second-quarter profit fell to 158.31 billion yen from 191.91 billion yen in same period a year ago, according to Reuters calculations from first-half and first-quarter figures.
For the full year to next March, the bank maintained its net profit forecast at 460 billion yen, above an estimate of a 433.9 billion yen by Thomson Reuters Starmine's SmartEstimate.
The bank also said it plans to cut 3,000 jobs, or about 5 percent of its workforce, by March 2016 through the merger of its corporate and retail banking units.
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