Japan's megabanks rake in record profits, forecast further gains
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Japan's three largest banking groups reported record annual profits, with Mitsubishi UFJ Financial Group's net profit rising 30% to 2.4 trillion yen, and Mizuho Financial Group's profit up 41% to 1.25 trillion yen. Despite geopolitical risks, they forecast further profit increases, driven by rising loan demand and wider lending margins from recent interest rate hikes. Mizuho and MUFG announced share buybacks of 100 billion yen each, while Sumitomo Mitsui Financial Group's profit grew 34% with a projected 7.4% rise for the current year.
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Source: CNA The copyright of this article belongs to the original author/organization.
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