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Profits dip for Japan's second, third largest lenders

Japan's second and third-largest lenders, Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group (MFG), have reported a decline in fourth-quarter net profit. SMFG recorded a profit of JPY39.82bn (USD391.4m) in the three months through March, representing a 51.3% year-on-year drop. On the other hand, MFG reported a 76.4% fall in fourth-quarter net profit, amounting to JPY12.25bn. The decline in profits can be attributed to various factors, including increased provisions for potential loan losses and changing borrowing patterns. Despite the decline, both banking groups have optimistic outlooks for the current business year, with SMFG expecting a 1.8% rise in net profit to JPY820bn, and MFG anticipating JPY610bn in net income.


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