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Mizuho H1 profit falls 11.5 pct on weak lending business
November 13, 2017 / 6:37 AM / 9 days ago

Mizuho H1 profit falls 11.5 pct on weak lending business

TOKYO, Nov 13 (Reuters) - Mizuho Financial Group said on Monday net profit fell 11.5 percent for the six months ended September, as it struggles to reverse declining income at its core banking business.

Japan’s third-largest lender by assets said its net profit came in at 316.7 billion yen ($2.79 billion) during the April-September period, versus 358.2 billion yen a year ago.

Mizuho and rival Japanese banks have been hit by diminishing returns from lending under the Bank of Japan’s massive monetary easing, which has pushed down interest rates on mortgages, car loans and corporate borrowing.

For the full-year through March, Mizuho kept its net profit forecast of 550 billion yen, down 8.8 percent from the previous year and above an average estimate of 547.6 billion yen from 16 analysts polled by Thomson Reuters.

$1 = 113.4300 yen Reporting by Taiga Uranaka; Editing by Stephen Coates and Himani Sarkar

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