Mizuho H1 profit jumps 47%; hikes annual outlook

Résumé détaillé

Investing.com-- Mizuho Financial Group Inc (TYO:8411) clocked a sharp jump in its half-year profit on Friday, as the Japanese banking giant benefited from strength in its core…

Investing.com-- Mizuho Financial Group Inc (TYO:8411) clocked a sharp jump in its half-year profit on Friday, as the Japanese banking giant benefited from strength in its core banking operations and trading desk.

The bank, which is part of Japan's big three "megabanks," also hiked its outlook for the year to March 2027.

Ordinary profit in the six months to September 30 rose 47.3% year-on-year to 1.25 trillion yen ($7.8 billion), Mizuho said in a filing.

This was driven by a 15.1% jump in ordinary income to 4.99 trillion yen, while profit attributable rose 29.9% to 896.5 million yen.

Net interest income surged to 771.28 billion yen from 652.68 billion yen, while net income from fee and commission, plus trading income, also rose sharply in the six months.

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This helped offset a small increase in general and administrative expenses, while the bank also clocked strong returns on sales of some of its massive equity holdings.

Mizuho and its peers have benefited greatly from Japan's shift away from near-zero interest rates over the past two years. Higher benchmark rates give banks much healthier returns on loans than deposits.

The bank's relatively larger exposure to equities and trading also bolstered its earnings.

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