Japan banks Mizuho and Sumitomo Mitsui forecast record profits after bumper Q4 results

CNA05-15

TOKYO :Two of Japan's biggest banks reported hefty increases in fourth-quarter profit on Wednesday and forecast record income in the coming year, signalling increased optimism about an economy that ...

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The Bank of Japan in March raised interest rates for the first time in more than a decade and a half, heightening expectations that banks will be able to make more money from lending.\"We are extremely positive on the Japanese economy,\" SMFG CEO Toru Nakashima told reporters. For the first time, Japan's second-largest bank is forecasting full-year net profit in excess of 1 trillion yen ($6.4 billion) he said.\"The mindset of Japanese managers is much more optimistic than in the past,\" he said.SMFG also said it would buy back up to 1.1 per cent of its own shares, worth 100 billion yen and cancel them, and that it would carry out a 3-for-1 stock split for shareholders as of Sept. 30.Its group net profit grew more than four times to 170 billion yen ($1.09 billion), compared to the 150 billion yen implied by the LSEG consensus estimate for the full year.Smaller rival Mizuho, meanwhile, reported group net profit tripled to 36.7 billion yen ($235 million). That number too beat expectations.For the current financial year, both SMFG and Mizuho forecast a net profit increases of 10 per cent from the year just ended. SMFG expects 1.06 trillion yen and Mizuho sees 750 billion yen.Market leader Mitsubishi UFJ Financial Group is also due to report earnings on Wednesday. Together, the massive lenders are expected to deliver combined full-year profits of around 3 trillion yen  ($19.2 billion) in total, the Nikkei newspaper has reported, citing the strength of the business environment both at home and abroad.The banks are all seen benefitting from higher interest rates overseas, as well as more mergers and acquisitions and other deals in Japan. 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