Business

Japan’s three megabanks give mixed results, cautious outlook amid COVID uncertainty According to Reuters



© Reuters. FILE PHOTO: People walk past a branch of the bank Mitsubishi UFJ Financial Group of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS / Thomas Peter

By Makiko Yamazaki

TOKYO (Reuters) – Japan’s top banking groups offered a cautious outlook on Wednesday for the coming months as they face risks related to the COVID-19 Omicron variant outbreak. and turmoil in the global market.

Leading lender Mitsubishi UFJ (NYSE: Financial Group Inc) kept its net profit outlook for the year to March at 1.05 trillion yen ($9.16 billion), despite third-quarter profit. of the company increased 40% from a year earlier, bringing 9 months to a total of 1.07 trillion yen.

The annual forecast compares with an average of 1.08 trillion yen out of 11 analyst estimates compiled by Refinitiv.

“Overall credit costs are likely to be within our expectations” for the full year, said a MUFG spokesperson.

“But given the chip shortages affecting the supply chain and the Omicron outbreak affecting the economic outlook, we will need to look at the possibilities of booking terms into the future,” he said. .

Banks’ earnings have surged over the past few quarters as they freed up cash from provisions made in response to a potential flood of pandemic-related bad loans as subsidies government grants keep many businesses afloat.

But the upside from such moves waned in the third quarter.

Sumitomo Mitsui (NYSE 🙂 Financial Group Inc, the country’s second-largest bank, reported third-quarter net profit of 168.7 billion yen, up 3% from a year earlier, driven by rising credit costs. up with provisions for some large borrowers.

Net profit at Mizuho Financial Group Inc, the country’s No. 3 lender, fell 33% to 93.0 billion yen in the three months to December.

Sumitomo Mitsui and Mizuho both kept their full-year profit forecasts unchanged.

(1 dollar = 114,6000 yen)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor is it accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but by market makers, so prices may be inaccurate and subject to change. differs from the actual market price, which means that the price is indicative only and is not suitable for trading purposes. Therefore, Fusion Media does not accept any responsibility for any trading losses you may suffer as a result of using this data.

Fusion Media or anyone associated with Fusion Media shall not bear any liability for loss or damage resulting from reliance on information including data, quotes, charts and buy/sell signals contained in this site. Please be fully informed of the risks and costs associated with trading in financial markets, which are among the riskiest forms of investment possible.



Source link

news7d

News of max: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button