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2016 profits fall for four of Japan's biggest banks

Only Sumitomo Mitsui sees profit increase; Mitsubishi UFJ, Mizuho, Resona and Sumitomo Mitsui Trust report falls

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Nobuyuki Hirano, president of Mitsubishi UFJ. Mitsubishi UFJ and its megabank peers forecast a further drop in combined net profits to 2.43 trillion yen for the financial year to April 1, 2018.

Tokyo

ALL but one of Japan's five major banking groups have reported reduced profits for the financial year to March 31 as Japanese businesses remain reluctant to borrow despite record low interest rates and banks are left holding huge surplus deposits.

The five banks - Mitsubishi

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