Japan’s Mizuho books 44% rise in Q2 profit, raises forecast

[TOKYO] Japan’s Mizuho Financial Group posted a 44 per cent rise in second-quarter net profit on Friday (Nov 14).

Profit for the July-to-September period reached 399 billion yen (S$3.36 billion), higher than 277 billion yen for the same period a year earlier, Japan’s third-largest banking group said.

Mizuho hiked its profit forecast to 1.13 trillion yen from 1.02 trillion yen, for the financial year ending March 2026.

The results show how Japan’s largest banks are cashing in on the end of ultra-low interest rates that have sent profits to record highs.

They also indicate Mizuho’s success in weathering uncertain global economic conditions this year, following the announcement of wide-ranging tariffs by US President Donald Trump in April.

As tariff-induced uncertainty waned, large Japanese firms, which make up the bulk of Mizuho’s corporate clients, continued corporate actions such as planned mergers, acquisitions and capital expenditure, supporting loan demand.

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Under years of rock-bottom interest rates, Japan’s banks looked to expand profit opportunities beyond their core domestic lending operations, through international expansion and capitalising on growth areas such as wealth management.

Mizuho hit a record annual net profit in the year ended March 2025, and already lifted its full-year profit forecast by 15 per cent at its first-quarter earnings in July. REUTERS