Japan 4 Large Banking Groups Report Increase in Profits in 2013

Four of Japan’s five major banking groups on Wednesday reported increased group net profits for the business year ended March on rising stocks backed by an economic recovery and a drop in bad-loan disposal expenses amid improved business conditions.

Mitsubishi UFJ Financial Group Inc. said its group net profit increased 15.5 percent from the previous year to a record 984.85 billion yen, Sumitomo Mitsui Financial Group Inc. logged a record group net profit of 835.36 billion yen, up 5.2 percent from a year earlier, and Mizuho Financial Group Inc. also reported a record net profit of 688.42 billion yen, up 22.8 percent.

Sumitomo Mitsui Trust Holdings Inc. posted a 2.9 percent rise in net profit to 137.68 billion yen. Resona Holdings Inc. saw its net profit decline.

The groups’ combined net profit increased 9.6 percent from fiscal 2012 to 2.87 trillion yen, the highest level since the business year ended March 2006.

Mitsui Sumitomo Financial Group attributed the favorable results to brisk sales of stock investment trusts and solid overseas operations, while Mitsubishi UFJ saw increased lending to overseas clients and commission fees.

via Mainichi

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza