Japan’s Top Banks Break Profit Records as Interest Rates Rise

TOKYO, May 16 (News On Japan) - Japan’s three largest banking groups have all reported record net profits for the past fiscal year, with their combined earnings nearing 4 trillion yen.

Mitsubishi UFJ Financial Group, Japan’s largest bank by assets, recorded a net profit of 1.8629 trillion yen for the 12 months through March, according to its earnings report released this week. "We are seeing strong growth both in quality and quantity," said President Hironori Kamezawa, emphasizing the group’s continued momentum.

Sumitomo Mitsui Financial Group also surpassed the 1 trillion yen mark in net profit for the first time, reporting 1.1779 trillion yen. Mizuho Financial Group posted a profit of 885.4 billion yen, a 30.4% increase from the previous year.

The strong earnings were driven by a favorable environment, including higher interest rates following the Bank of Japan’s policy shift and gains from the sale of strategic shareholdings. Together, the three megabanks posted a combined profit of 3.9263 trillion yen, each achieving its highest level on record.

Source: TBS

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