5 Major Japan Banking Groups' April-Dec. Net Profits Up 40 Pct
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Tokyo, Feb. 4 (Jiji Press)--The combined consolidated net profits of five major Japanese banking groups rose 42.8 pct from a year earlier to 4,135.4 billion yen in April-December, according to their latest earnings reports released by Tuesday.
The surge reflected an improvement in profit margins on lending following interest rate hikes by the Bank of Japan and brisk demand for funds from companies.
Four of the five banking groups, excluding Resona Holdings Inc., logged record net profits for the nine-month period.
Sumitomo Mitsui Financial Group Inc.'s net profit jumped 43.3 pct to 1,135.9 billion yen, exceeding 1 trillion yen for the first time.
Mitsubishi UFJ Financial Group Inc. saw its net profit grow 34.7 pct to 1,748.9 billion yen, while Mizuho Financial Group Inc.'s net profit rose 33.1 pct to 855.3 billion yen. The yen's weakening also pushed up their revenues from overseas operations in yen terms.
[Copyright The Jiji Press, Ltd.]