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Mizuho slashes full-year profit outlook, hit by 680b yen restructuring costs
[TOKYO] Japan's Mizuho Financial Group slashed its full-year profit outlook by 86 per cent, citing one-time restructuring costs of 680 billion yen (S$8.25 billion) at its bank and brokerage units and an overhaul of its securities portfolio.
Japan's second-largest bank by assets said it expects 80 billion yen in net income for the year to end-March, instead of 570 billion yen it had predicted earlier.
Mizuho said it would book about 500 billion yen worth of impairment losses on fixed assets, including costs from closing retail branches at home and software-related expenses.
It would also book 180 billion yen worth of losses to restructure its securities portfolio, it said.
"Amid growing uncertainty in financial markets ... the company will implement the restructuring of its securities portfolio in respect of past investment in foreign bonds," it said in a statement.