Japan Megabank Groups’ Net Profits Rise 14 Pct in April-Sept.

Tokyo, Nov. 14 (Jiji Press)–Japan’s three megabank groups enjoyed a combined net profit of 2,916.4 billion yen in April-September, up 14.4 pct from a year before, thanks to higher interest rates, their earnings reports showed Friday. Net profit rose 2.8 pct at Mitsubishi UFJ Financial Group Inc., 28.7 pct at Sumitomo Mitsui Financial Group Inc. and 21.8 pct at Mizuho Financial Group Inc. Their first-half net profits all hit record highs. The three groups also raised their full-year net profit forecasts, expecting to reach record figures for the third consecutive year. Mitsubishi UFJ projected 2.1 trillion yen. Regarding the impact of higher U.S. tariffs, Sumitomo Mitsui President Toru Nakashima said at a press conference that the possibility of a global recession has “diminished more than expected.” Meanwhile, Mitsubishi UFJ President Hironori Kamezawa cited “signs of a slowdown in exports.” For April-September, two other major Japanese banking groups–Sumitomo Mitsui Trust Group Inc. and Resona Holdings Inc.–reported net profit increases of 29.0 pct and 25.1 pct, respectively. The five groups’ combined net profits expanded 15.5 pct to 3,230.5 billion yen. END [Copyright The Jiji Press, Ltd.]