4 Japanese Bank Groups Suffer Net Profit Falls in April-Dec.

Economy

Tokyo, Feb. 4 (Jiji Press)--Four of Japan's five major banking groups suffered consolidated net profit falls for April-December last year, dampened by prolonged superlow interest rates, according to their earnings reports.

Their combined net profits for the first three quarters of fiscal 2019 totaled 1,859.2 billion yen, down 15.3 pct from a year before.

Industry leader Mitsubishi UFJ Financial Group Inc. <8306> saw its net profit plunge 33.0 pct to 584.2 billion yen, hurt mainly by reduced interest margins.

Still, three groups including Sumitomo Mitsui Financial Group Inc. <8316> logged growth in their profits from core banking operations thanks to gains from the sale of Japanese government bonds.

The five groups' combined core banking business profits stood at 1,555.1 billion yen, up 6.4 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press