Japan Megabanks Set to Forecast Hefty Profits, Avoid Bond Losses
- Net income in new fiscal year driven by pickup in business
- Absence of losses from foreign bond holdings may boost profits
The Sumitomo Mitsui Financial Group headquarters building in Tokyo, Japan.
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Japan’s top three banks are expected to forecast their highest profits in years, driven by a pickup in client activities and subdued bad loan costs.
Net income at Mitsubishi UFJ Financial Group Inc. may rise to 1.2 trillion yen ($8.8 billion) for the new fiscal year that started in April, according to an average estimate of more than 10 analysts polled by Bloomberg. That would be a record for Japan’s largest lender.