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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Mixed fortunes for Japan's top banks AFP - Saturday, August 1 TOKYO (AFP) - - Japan's top two banks saw mixed fortunes in the first quarter as Mitsubishi UFJ Financial's profits soared thanks to stronger global markets, but rival Mizuho suffered a loss, their results showed on Friday. ADVERTISEMENT Mitsubishi UFJ Financial Group Inc. (MUFG) said net profit jumped 48 percent in the fiscal first quarter through June from a year earlier to 75.94 billion yen (800 million dollars). The company, which owns a chunk of troubled Wall Street titan Morgan Stanley, returned to profit after ending the last financial year to March in the red to the tune of 256.95 billion yen. Revenue rose 7.1 percent 1.34 trillion yen, helped by increased income from overseas lending and a boost from making consumer lender Acom Co. a subsidiary. Trading income rose to 84.3 billion yen in the quarter from 47.0 billion a year earlier. For this year MUFG maintained its forecast for a net profit of 300 billion yen. Number two bank Mizuho Financial Group Inc. announced a net loss of 4.49 billion yen for the fiscal first quarter, swinging from a year-earlier profit of 132.99 billion yen. Revenue fell 26.5 percent to 703.47 billion yen. The group said it had suffered losses on credit and equity derivatives that had aimed to reduce risks at its banking subsidiaries. Mizuho expects to return to the black in the full business year to March 2010 with a net profit of 200 billion yen, after a loss of 588.8 billion yen last year, its first such shortfall in six years. The group, which last year invested 1.2 billion dollars in Merrill Lynch, announced plans in May to sell new shares worth about eight billion dollars to help it through the financial turmoil and boost its overseas businesses. Japan's top banks were initially seen as relatively immune to the credit crunch, seizing the opportunity to take stakes in troubled Western rivals, but they suffered heavy losses last year on their extensive stock portfolios. MUFG last year bought a 21 percent stake in Morgan Stanley, throwing the Wall Street giant a nine-billion-dollar lifeline last year in the midst of the global financial crisis. On top of the financial crisis, Japan's banks are being pressured by the country's shrinking population and low interest rates, which are making it harder for them to grow their revenues. Japan's third biggest bank Sumitomo Mitsui Financial Group Inc. had announced on Thursday its net profit rose 25 percent in the April-June quarter to 72.77 billion yen. The profitable first quarter followed a net loss of 373.46 billion yen in the fiscal year ended March 2009. Sumitomo Mitsui left unchanged its forecast for a net profit of 220 billion yen for the current business year. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business GLOBAL MARKETS-World stocks hit 9-1/2 month highs; oil slipsReuters - Saturday, August 1 US STOCKS-Wall St gains on recovery bets, but cautiousReuters - Saturday, August 1 Euro pares gains vs yen after Treasury auctionReuters - Friday, July 31 Russia starts new pipeline, Exxon under pressureReuters - Friday, July 31 US STOCKS SNAPSHOT-Wall St extends gains after Treasury auctionReuters - Friday, July 31 Enlarge Photo Mixed fortunes for Japan's top banks Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Custody deal agreed for Jackson's children Sunbeds elevated to top cancer risk level: WHO Beer flows as Obama tries to cool down a hot furor Comets probably won't cause the end of life as we know it: study Organic food not healthier, says British study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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