Japan’s Banks Seen Posting Profit Gains That Won’t Last
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When Japan’s three biggest banks report a jump in profit this week, investors should be warned: the gains are already disappearing with the drop in the stock market.
Combined net income at Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. probably rose 9.5 percent to 2.42 trillion yen ($23.8 billion) for the year ended in March, the highest since 2006’s record earnings, according to analyst estimates compiled by Bloomberg. That’s expected to drop 12 percent to 2.13 trillion yen in the year ending next March, estimates show.