Japan 5 Major Bank Groups Log 3.8 Pct Net Profit Rise

Economy

Tokyo, July 31 (Jiji Press)--Japan's five major banking groups have logged a year-on-year rise of 3.8 pct in their combined consolidated net profits for April-June, backed by solid market operations such as bond trading.

Their net profits for the first quarter of fiscal 2019 totaled 848.3 billion yen.

But the five, including industry leader Mitsubishi UFJ Financial Group Inc. <8306>, saw sluggish revenues from their domestic lending operations due to the Bank of Japan's ultralow interest rate policy.

They also struggled in sales of investment trust funds and insurance products.

Mitsubishi UFJ and Mizuho Financial Group Inc. <8411> enjoyed higher net profits.

[Copyright The Jiji Press, Ltd.]

Jiji Press