Japan’s 3 Megabanks Hit ¥3 Trillion in Combined Annual Net Profits
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2023/04/bank.jpg)
Mega Banks in Tokyo
11:24 JST, May 17, 2024
TOKYO (Jiji Press) — The combined consolidated net profits of Japan’s three megabanks in fiscal 2023 exceeded ¥3 trillion for the first time since the birth of the current structure of Japan’s financial industry led by the three groups in 2005.
In the year that ended in March 2024, the combined net profits of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. surged 26.4% from the previous year to ¥3,132.7 billion.
Profits were boosted by strong demand for funding both within and outside of Japan and a rise in loan margins in overseas operations aided by rising U.S. interest rates.
Mitsubishi UFJ and Sumitomo Mitsui posted record net profits, while Mizuho’s net profit was the second highest in its history.
Mitsubishi UFJ Group CEO Hironori Kamezawa told a press conference on Wednesday that the group’s core business profits were boosted significantly by an increase in its earning capacity, especially in client services. In fiscal 2023, the combined net profits of the three megabanks plus two other banking groups — Sumitomo Mitsui Trust Holdings Inc. and Resona Holdings Inc. — climbed 19.1% to ¥3,370.8 billion.
"Business" POPULAR ARTICLE
-
Aviation Fuel Shortage Causes Problems at Regional Airports; Growing Demand, Lack of Workers to Transport
-
Prices of over 10,000 Food and Beverage Items to Rise This Year; Figure is down from over 30,000 Last Year
-
Sony Group to End Production of Blu-ray Discs; Market Has Shrunk Due To Growth Of Hard Disk Drives, Streaming
-
AI-Equipped Energy Efficient Air Conditioners Grow In Popularity; Some Can Guess Users’ Moods, Automatically Adjust Temperature
-
Toyota to Introduce 4-Day Workweek for Some Employees; Company Hopes More Flexible Schedules Will Boost Worker Motivation
JN ACCESS RANKING