5 Major Banks’ Net Profits Fall in April-Dec.

Jiji Press

8:00 JST, February 4, 2023

TOKYO (Jiji Press) — The combined consolidated net profits of five major banking groups in April-December 2022 fell 21.3% from a year earlier to ¥1.92 trillion.

Mitsubishi UFJ Financial Group Inc. logged a 67.9% plunge in net profit as appraisal losses related to the sale of U.S. unit MUFG Union Bank pushed down the profit by nearly ¥990 billion.

Resona Holdings Inc. reported a 2.2% profit decline.

Sumitomo Mitsui Financial Group Inc. saw its net profit rise 22.6%, aided by brisk funding demand in Japan and abroad.

Mizuho Financial Group Inc. reported a net profit rise of 13.5%. Sumitomo Mitsui Trust Holdings Inc.’s net profit rose 2.7%.

The five groups’ combined profits from core banking operations rose 23.1% to ¥2.19 trillion. Mitsubishi UFJ posted a 63.6% rise in core business profit, supported by higher loan margins overseas.

Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, the three largest of the five groups, saw their appraisal losses on foreign bond holdings due to rising interest rates narrow to ¥3.08 trillion as of the end of December from ¥3.67 trillion three months earlier.