Mizuho posts profit, but predicts bleaker 2013
Mizuho Financial Group reported a 27% rise in consolidated net profits to ¥912.1bn ($8.96bn) for the year ending March 31 2013, crediting the performance to depreciation of the yen against other currencies and the quantitative easing measures put in place by the Japanese government. But its outlook for this year is bleak, as it is expecting more than a ¥100bn drop in profits.
Mizuho, one of Japan’s biggest banks, also said its net income rose to ¥560.5bn year-on-year, from ¥484.5bn in fiscal 2011. The performance was due to growth across the board, but the earnings at one of its subsidiaries Mizuho Securities was a particularly strong contributor. Mizuho Securities returned to
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