Two of Japan’s largest lenders posted profits that beat analysts’ forecasts in their fiscal first quarter, marking a solid start to the year that is projected to deliver bumper results.
Sumitomo Mitsui Financial Group said net income for the quarter ending June 30 was ¥248 billion ($1.75 billion), above an average estimate of ¥236.1 billion by six analysts. This was about 1.8% lower than the same period a year ago.
Mizuho Financial Group’s net income was ¥245.2 billion in the same period, an increase of about 54% from a year earlier, according to the company’s filing. That compares with an average estimate of ¥159.5 billion by four analysts.