Japan’s banks get through quake, but tough times are ahead
Japan’s three megabanks — Sumitomo Mitsui Financial Group, Mizuho Financial Group and Mitsubishi UFJ Financial Group — will release their end of year results over the next few days and are expected to confirm they came through the year strongly, despite the earthquake and tsunami that hit the country in March. But projections for the year ahead are gloomy — and only Mitsubishi UFJ is expected to increase profits in the next fiscal year.
MUFJ is widely expected to post a consolidated net profit of ¥520bn (£6.4bn) for the year ending March 2011. That appears realistic considering the banks third quarter profits stood at ¥551bn before the earthquake and the heavy stock market sell-off that followed.The megabank is also likely to ...
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