Japan’s Biggest Banks Forecast Record Profits as Rates Rise

Bloomberg05-15

(Bloomberg) -- Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. all forecast record profits for the year started in April, after the country’s ...

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How One of the World's Oldest Hedge Funds Went Bankrupt. Biden Accuses China of ‘Cheating’ on Trade, Imposes New Tariffs. Trump Vows ‘Day One’ Executive Order Targeting Offshore Wind. OpenAI Chief Scientist Ilya Sutskever Is Leaving the Company. MUFG, Japan’s largest lender, expects net income of 1.5 trillion yen , a 0.7% increase from the previous year. SMFG aims for a 10% increase to 1.06 trillion yen and Mizuho expects profit to gain 10.5% to 750 billion yen.The banks are benefiting from an earnings boost following the Bank of Japan’s shift in March. Big banks, including the three, have about 200 trillion yen at the central bank reserve and with the annual 0.1% interest on the amo","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SMFG":"三井住友金融","BK4207":"综合性银行"},"translate_title":"随着利率上升，日本最大的银行预测利润将创纪录","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SMFG":0.9},"content_text":"(Bloomberg) -- Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. all forecast record profits for the year started in April, after the country’s central bank ended its policy of negative interest rates. \nMost Read from Bloomberg\n\nFlood of China Used Cooking Oil Spurs Call to Hike US Levies\nHow One of the World's Oldest Hedge Funds Went Bankrupt\nBiden Accuses China of ‘Cheating’ on Trade, Imposes New Tariffs\nTrump Vows ‘Day One’ Executive Order Targeting Offshore Wind\nOpenAI Chief Scientist Ilya Sutskever Is Leaving the Company\n\nMUFG, Japan’s largest lender, expects net income of 1.5 trillion yen ($9.6 billion), a 0.7% increase from the previous year. SMFG aims for a 10% increase to 1.06 trillion yen and Mizuho expects profit to gain 10.5% to 750 billion yen. \nThe banks are benefiting from an earnings boost following the Bank of Japan’s shift in March. Big banks, including the three, have about 200 trillion yen at the central bank reserve and with the annual 0.1% interest on the amount beyond the minimum requirement, they earn about 200 billion yen. \nAt SMFG, net income surged more than fourfold to 170 billion yen, in the fiscal fourth quarter ended in March. Earnings were helped by strong loan demand, driven by a pickup in corporate client activity. Mizuho’s fourth-quarter net income more than tripled to 36.7 billion yen. \n“Everything worked favorably for the banking business,” SMFG Chief Executive Toru Nakashima said at a briefing.  \nThe end of the BOJ’s negative rates policy raised SMFG’s net interest income by 40 billion yen and it will gain another 40 billion yen for each increase of 10 basis points in the policy rate. Mizuho said the end of negative rates added 45 billion yen to its profit. \nBoth MUFG and SMFG plan to buy back about 100 billion yen worth of their own shares. SMFG also plans to raise its dividend by 60 yen to 330 yen per share. \nMizuho Chief Executive Masahiro Kihara said the bank would not do a share buyback until it built up sufficient capital reserves for investing in its growth strategy.\n(updates with MUFG in first paragraph)\nMost Read from Bloomberg Businessweek\n\nHow the ‘Harvard of Trading’ Ruined Thousands of Young People’s Lives\nKids Hooked on Video Games Prompt a Flurry of Lawsuits\nUS East Coast Ports Are Spending Billions to Profit From Asia’s Shifting Exports\nCheap Prison Labor Is Keeping People Locked Up Longer, Suit Alleges\nElon Musk’s Big AI Contradiction\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2435689742"}