Japanese lenders beat profit forecasts
Source: Agencies |
May 15, 2010, Saturday
|
Print Edition
Print Edition
JAPANESE mega-banks Mizuho Financial Group and Sumitomo Mitsui Financial Group yesterday said they beat their profit forecasts for the year through March, recovering from deep losses on the back of the fledgling economic recovery.
Although Japan's banks were not as directly exposed to the bad debts at the root of the financial crisis, they also suffered deep losses. The recent results show Tokyo's financial titans are gradually improving along with the global economy.
Mizuho, Japan's No. 2 bank, posted a 239.4-billion-yen (US$2.6 billion) profit for the year through March, beating its forecast.
It said it would issue new shares to raise up to 800 billion yen over the next year.
The financial group released a business plan for the next three fiscal years through March 2013. Mizuho aims to more than double its net profit during the period to 500 billion yen, reassign employees to strategic areas such as sales and Asian customer centers, and cut costs.
Separately, Sumitomo Mitsui Financial Group, Japan's No. 3 lender, said it booked a profit of 271.56 billion yen, after a 373.46 billion yen loss a year earlier.
Although Japan's banks were not as directly exposed to the bad debts at the root of the financial crisis, they also suffered deep losses. The recent results show Tokyo's financial titans are gradually improving along with the global economy.
Mizuho, Japan's No. 2 bank, posted a 239.4-billion-yen (US$2.6 billion) profit for the year through March, beating its forecast.
It said it would issue new shares to raise up to 800 billion yen over the next year.
The financial group released a business plan for the next three fiscal years through March 2013. Mizuho aims to more than double its net profit during the period to 500 billion yen, reassign employees to strategic areas such as sales and Asian customer centers, and cut costs.
Separately, Sumitomo Mitsui Financial Group, Japan's No. 3 lender, said it booked a profit of 271.56 billion yen, after a 373.46 billion yen loss a year earlier.
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