60 Pct of Japan Regional Banks Log April-June Profit Growth

Economy

Tokyo, Aug. 12 (Jiji Press)--About 60 pct of 72 listed Japanese regional banks and banking groups that have reported April-June financial results logged consolidated net profit growth.

As of Friday, 76 banks and groups had disclosed financial results for the quarter. Four were excluded from the total tally, however, because their results cannot be directly compared with their year-before performance because of their shift to holding company structures.

Of the 72 banks and groups, 43, or about 60 pct, marked profit growth. The combined net profits at the 72 companies totaled 305.5 billion yen, up 5.2 pct from a year before.

Bank lending increased steadily thanks to government measures for financing aid to small companies hurt by the novel coronavirus crisis.

One worrying factor is the deteriorating profitability at many borrower companies due to unabated price increases for basic materials.

[Copyright The Jiji Press, Ltd.]

Jiji Press