5 Major Japan Banking Groups' April-June Net Profits Up 12 Pct

Economy

Tokyo, Aug. 2 (Jiji Press)--Combined consolidated net profits at five major Japanese banking groups in April-June rose 12.6 pct from a year before to 817.5 billion yen, according to their earnings reports released by Thursday.

The growth was partly backed by gains from sales of cross-held shares. But their profits from loan operations were sluggish due to prolonged low interest rates stemming from the Bank of Japan's massive stimulus policy.

Net profit grew at four of the five groups in the first quarter of fiscal 2018. Mitsubishi UFJ Financial Group Inc. <8306> logged a net profit of 315 billion yen, up 9.0 pct, thanks chiefly to strong earnings at affiliated U.S. financial giant Morgan Stanley.

Net profit at Mizuho Financial Group Inc. <8411> jumped 36.1 pct to 161 billion yen, partly due to an improvement in corporate loan operations.

Resona Holdings Inc.'s <8308> net profit surged 87.8 pct to 69.9 billion yen as it gained a temporary benefit from subsidiary Kansai Mirai Financial Group Inc.'s <7321> move to make Kansai Urban Banking Corp. and Minato Bank consolidated subsidiaries on April 1.

[Copyright The Jiji Press, Ltd.]

Jiji Press