{"id":1578710,"date":"2022-07-29T12:24:20","date_gmt":"2022-07-29T16:24:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1578710"},"modified":"2022-07-29T12:24:30","modified_gmt":"2022-07-29T16:24:30","slug":"japans-sumitomo-mitsui-reports-q1-profit-jump-mizuho-suffers-drop","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/japans-sumitomo-mitsui-reports-q1-profit-jump-mizuho-suffers-drop\/","title":{"rendered":"Japan\u2019s Sumitomo Mitsui reports Q1 profit jump, Mizuho suffers drop"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjapans-sumitomo-mitsui-reports-q1-profit-jump-mizuho-suffers-drop%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1578710&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Makiko Yamazaki<\/p>\n<p>TOKYO (Reuters) \u2013     Japan\u2019s Sumitomo Mitsui Financial Group Inc reported a bigger-than-expected increase in first-quarter net profit thanks to improved economic conditions, while higher credit costs weighed on rival Mizuho Financial Group Inc.<\/p>\n<p>Sumitomo Mitsui, Japan\u2019s second-largest lender, said demand for loans is coming back in commercial and industrial lending, as well as at the bank\u2019s credit card and consumer finance business units.<\/p>\n<p>Eased pandemic curbs have helped revive commercial activities, boosting the need for funds and investments in Japan and abroad, it said.<\/p>\n<p>Net profit for the April-June period rose 24.2% from a year ago to 252.4 billion yen ($1.90 billion), far exceeding an average estimate of 156.33 billion yen from two analysts surveyed by Refinitiv.<\/p>\n<p>In contrast, Mizuho Financial Group Inc, Japan\u2019s third-largest lender by assets, reported a drop of 36% in first-quarter net profit from a year ago, when earnings were boosted by tax-related gains.<\/p>\n<p>Mizuho also took additional loan loss provisions for its $3- billion exposure to auto parts supplier Marelli Holdings Co, which entered a court-led restructuring process after a voluntary debt workout failed to gain full support.<\/p>\n<p>But Mizuho said it saw brisk demand for loans overseas, as businesses were attracted to lower costs for loans in relation to fund raising in capital markets.<\/p>\n<p>Mizuho\u2019s profit for the April-June quarter came in at 159.29 billion yen ($1.20 billion), beating the average of 115.25 billion yen estimate.<\/p>\n<p>Both Sumitomo Mitsui and Mizuho maintained their full-year net profit forecast at 730 billion yen and at 540 billion yen, respectively, citing various uncertainties including the war in Ukraine.<\/p>\n<p>Japan\u2019s largest lender Mitsubishi UFJ Financial Group Inc will report its quarterly results on Tuesday. <\/p>\n<p>Corporate bankruptcies in Japan have remained at historical lows, falling 1.2% from a year earlier to 3,045 cases in the first half of this calendar year, according to research firm Teikoku Databank.<\/p>\n<p>But with zero-interest loans for pandemic-hit small businesses ending and materials costs rising, Teikoku now predicts a gradual upturn in bankruptcies in the second half.<\/p>\n<p>($1=132.6800 yen)<\/p>\n<p> (Reporting by Makiko Yamazaki and Rocky Swift; Editing by Jacqueline Wong, Clarence Fernandez and David Evans)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2731833\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6S08L-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6S08L-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2731836\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6S0CK-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6S0CK-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Makiko Yamazaki TOKYO (Reuters) \u2013 Japan\u2019s Sumitomo Mitsui Financial Group Inc reported a bigger-than-expected increase in first-quarter net profit thanks to improved economic conditions, while higher credit costs weighed<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1578710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1578710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1578710"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1578710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1578710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1578710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1578710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}