3 of 5 major banks see net profit falls in FY 2020 over pandemic

Economy

Three of five major Japanese banking groups saw their net profits decline in fiscal 2020 due to rising credit costs amid the prolonged coronavirus pandemic, according to earnings results released by Monday. The costs including provisions for loan losses totaled 1.15 trillion yen ($10.5 billion) at the five lenders for the year that ended in March, up about 80 percent from the previous year. But the combined net profits of the five climbed 1.6 percent to 2.03 trillion yen. Sumitomo Mitsui Financial Group Inc. and Sumitomo Mitsui Trust Holdings Inc. said their net profits fell 27.1 percent and 1...

Kyodo News

Kyodo News