Mizuho Q2 profit jumps 62%, outlook raised as rate hikes boost margins
TOKYO -Mizuho Financial Group reported a 62% jump in second-quarter net profit and lifted its annual guidance on Thursday, helped by strong lending demand and higher margins following a July interest rate hike by the Bank of Japan.
Japan's third-largest lender by assets reported a group net profit of 277 billion yen for the July-September period, compared with 170 billion yen profit in the same quarter a year earlier. It lifted its full-year profit guidance to 820 billion yen from 750 billion yen.) said it would repurchase 50 million of its own shares worth 100 billion yen in a rare share buyback for the company. It lifted its annual dividend forecast by 15 yen from its estimate in May, to 130 yen.
The central bank raised its policy rate to 0.25% in July, pushing Mizuho's loan and deposit rate margin for its domestic lending business up for the second consecutive quarter.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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