Alexa

Mizuho earnings improve on economic recovery

Mizuho earnings improve on economic recovery

Mizuho Financial Group, Japan's No. 2 bank, posted a 126.28 billion yen ($1.4 billion) profit for the April-December period and Friday stuck to its full year forecast for earnings of 200 billion yen.
The lender had racked up a 50.5 billion yen loss over the nine months the previous year. Mizuho did not break down quarterly figures.
Japanese lenders have seen results improve, lifted by the gradual economic recovery. Although they were not exposed to the risks of the financial crisis as much as their U.S. counterparts, they also suffered.
Mizuho also credited better trading and interest income. Cost cuts offset expenses for retirement benefits, it said.
Income from its two securities operations, Mizuho Securities and Mizuho Investors Securities, were boosted by a merger of an additional brokerage Shinko Securities, according to Mizuho.
Revenue during the nine-month period totaled 2.13 trillion yen ($23.7 billion), down 23 percent on year.
Mizuho shares cost 175 yen ($1.9) in Tokyo, down 1.7 percent from the previous day.