May 7, 2020 / 8:54 AM / 2 months ago

Japan's Mizuho cuts profit estimate by 5% amid coronavirus outbreak

TOKYO (Reuters) - Mizuho Financial Group Inc (8411.T), Japan’s third-largest lender by assets, on Thursday cut its full-year estimate for group net profit by 5.3% as it books credit-related costs amid the coronavirus outbreak.

The lender lowered its forecast to 445 billion yen ($4.2 billion) from 470 billion, it said in a statement.

Mizuho will release its results on May 15.

While the bank books approximately 80 billion yen of additional reserves for possible losses on loans regarding the coronavirus, solid operation in fixed income, mainly in foreign bonds, supported the bottom line, a spokesman said.

Peer Mitsubishi UFJ Financial Group Inc (8306.T) last month cut its annual net profit estimate by 30%, partly due to increasing credit-related costs on the virus.

Reporting by Takashi Umekawa; editing by Jason Neely

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