3 banking groups post lower net profits

Jiji Press TOKYO (Jiji Press) — Three of five major banking groups posted lower consolidated net profits for April-December than a year before as trading operations were battered by falling stock prices and surging U.S. interest rates.

Sumitomo Mitsui Financial Group Inc. saw its net profit decline 1.6 percent to ¥637,882 million, with profit from core banking operations decreasing 7.7 percent to ¥420,874 million.

The dismal results reflected poor performances of trading and asset management operations as well as increased loan loss reserves.

Mizuho Financial Group Inc.’s net profit tumbled 13.8 percent to ¥409,929 million, after the company’s year-before results were boosted by profits linked to improved client earnings.

But Mizuho’s profit from core banking business grew 10.5 percent to ¥286.5 billion, supported by brisk corporate payments operations.

Net profit at Resona Holdings Inc. plunged 30.4 percent to ¥141,125 million, with net profit from core banking operations falling 5.5 percent to ¥130.8 billion.Speech

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