Japanese banks seen losing profit driver as Asian economies slow
Tokyo
JAPAN's three biggest lenders will probably report a drop in second-quarter profit after Asia's economic slowdown weakened overseas loan growth and global financial-market volatility crimped fee businesses.
Combined net income at Mitsubishi UFJ Financial Group Inc, Sumitomo Mitsui Financial Group Inc and Mizuho Financial Group Inc fell 24 per cent from a year earlier to 597 billion yen (S$6.9 billion) in the three months ended Sept 30, according to calculations based on the average of five analyst estimates compiled by Bloomberg.
A sharp tapering of credit growth abroad this year is undermining profit for Japan's largest banks, which have been expanding overseas in search of higher returns as near record-low interest rates squeeze lending income at home. T…
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