5 Major Japan Banking Groups' April-Sept. Profits Fall 29.6 Pct

Economy

Tokyo, Nov. 14 (Jiji Press)--The combined consolidated net profits of five major Japanese banking groups in April-September fell 29.6 pct from a year before to 1,277.1 billion yen, marking the first drop in two years, according to earnings reports they released by Monday.

Three of the five groups--Mitsubishi UFJ Financial Group Inc. <8306>, Mizuho Financial Group Inc. <8411> and Sumitomo Mitsui Trust Holdings Inc. <8309>--suffered profit falls in the first half of fiscal 2022.

Mitsubishi UFJ logged a 70 pct plunge as appraisal losses on bonds held by a U.S. subsidiary it decided to sell last year pushed down its net profit by about 560 billion yen.

Mizuho saw its net profit drop by 13.4 pct after year-before growth related to share buybacks by a subsidiary.

The two other groups--Sumitomo Mitsui Financial Group Inc. <8316> and Resona Holdings Inc. <8308>--enjoyed net profit growth.

[Copyright The Jiji Press, Ltd.]

Jiji Press