First-half profits of five major Japan banks expected to be down 10%

The overall first-half profits of Japan's five major banking groups is expected to be down about 10 percent from a year earlier, hurt by weaker loan demand amid slower economic growth in the country, sources close to the matter said Friday.

The combined group net profits of the banks — Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc., Sumitomo Mitsui Trust Holdings Inc., and Resona Holdings Inc. — is projected at around ¥1.5 trillion ($13 billion), the sources said.

All five banks are to release their first-half results next week.

First-half profits of five major Japan banks expected to be down 10%

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