2016 profits fall for four of Japan's biggest banks

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 UFJ, Sumitomo Mitsui, Mizuho, Resona and Sumitomo Mitsui Trust - recorded a combined 2.52 trillion yen (S$31 billion) in net profit for the year, down 3.8 per cent from the previous year. Only Sumitomo Mitsui saw an increase is profit.