5 Major Japanese Banking Groups' Net Profits Jump in 1st Half

Tokyo, Nov. 14 (Jiji Press)--Five major Japanese banking groups saw their combined consolidated net profits soar 40.1 pct from a year before to 2,796.5 billion yen in the fiscal first half ended in September as the Bank of Japan's interest rate increase helped improve lending margins.

Their profitability was also boosted by growing fee revenues from asset management and other financial services and gains from the sale of cross-held shares.

Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Trust Group Inc. posted record net profits.

Mitsubishi's net profit rose 35.7 pct to 1,258.1 billion yen, topping 1 trillion yen for the first time on a fiscal first-half basis.

Sumitomo Mitsui Financial's net profit climbed 37.7 pct to 725.1 billion yen. Mizuho's net profit rose 36.1 pct to 566.1 billion yen.

[Copyright The Jiji Press, Ltd.]