Mizuho Sharply Cuts Net Profit Estimate on Reform Costs

Economy

Tokyo, March 6 (Jiji Press)--Mizuho Financial Group Inc. <8411> said Wednesday that it has substantially lowered its group net profit projection for fiscal 2018 ending this month, to 80 billion yen from 570 billion yen, due to 680 billion yen of losses such as structural reform costs.

The losses include 500 billion yen in structural reform costs and 180 billion yen from investment in securities including foreign bonds.

Mizuho, one of the top three banking groups in Japan, is currently working to draw up a new medium-term business plan, beginning in fiscal 2019.

Under the plan, to be released in May, the group will aim to accelerate its efforts for earnings recovery.

In its structural reform program announced in November 2017, Mizuho said it would cut 19,000 jobs by fiscal 2026 and reduce the number of its group business footholds in Japan from some 500 to 400 by fiscal 2024.

[Copyright The Jiji Press, Ltd.]

Jiji Press