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

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