3 Japanese Banking Groups Post Lower Profits in April-Dec.

Economy

Tokyo, Feb. 4 (Jiji Press)--Three of five major Japanese banking groups posted lower consolidated net profits for April-December than a year before as trading operations were battered by falling stock prices and surging U.S. interest rates.

Sumitomo Mitsui Financial Group Inc. <8316> saw its net profit decline 1.6 pct to 637,882 million yen, with profit from core banking operations decreasing 7.7 pct to 420,874 million yen.

The dismal results reflected poor performances of trading and asset management operations as well as increased loan loss reserves.

Mizuho Financial Group Inc.'s <8411> net profit tumbled 13.8 pct to 409,929 million yen, after the company's year-before results were boosted by profits linked to improved client earnings.

But Mizuho's profit from core banking business grew 10.5 pct to 286.5 billion yen, supported by brisk corporate payments operations.

[Copyright The Jiji Press, Ltd.]

Jiji Press