Banks should be beneficiaries Nippon April-June
Posted by adminMizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group can view each more than 100 billion yen (885 million) profit for April-June period, reports the Nikkei newspaper.
The newspaper claims that large Japanese banks have grown their results for their fiscal first quarter thanks to their trading operations, while recording lower losses on bad loans through a smaller number of large bankruptcies.
Mizuho, which posted a loss of 4.4 billion yen for the period April to June 2009 due to losses on the CDS (credit default swaps) should post a profit of around 150 billion yen for the same period this year with its trading, the Nikkei wrote.
Sumitomo Mitsui Financial Group should in turn generate between 150 and 200 billion yen profit, against a profit of 72.7 billion last year, the newspaper said without citing sources.
Mitsubishi UFJ Financial Group for its part should record a profit of more than 100 billion yen, against 75.9 billion a year earlier, writes the Nikkei.
Banks are under pressure to improve their credit operations, while long term rates are at their lowest level in five years, also highlighted the daily.