TOKYO, Jan 31 (Reuters) - Mizuho Financial Group reported on Wednesday that net profit fell 5.7 percent for the nine months ended in December, as weak banking revenue outweighed hefty gains from its stock portfolio and diminished provisions for bad loans.
Japan’s third-largest lender by market valuation said net profit came in at 475.7 billion yen ($4.38 billion) for the April-December period, down from 504.7 billion yen a year earlier.
Mizuho and rival Japanese banks have been hit by persistently low interest rates amid the Bank of Japan’s massive stimulus measures to encourage spending and investment by households and businesses.
For the full year through March, Mizuho kept its net profit forecast of 550 billion yen, down 8.8 percent from the previous year, but above an average estimate of 544.2 billion yen in a poll of 14 analysts by Thomson Reuters.
$1 = 108.6500 yen Reporting by Taiga Uranaka; Editing by Jacqueline Wong