Three major banking groups announced their business results Friday for the year to March, with Mizuho Financial Group Inc. and Sumitomo Mitsui Banking Corp. falling into the red, while Resona Holdings Inc. managed to stay in the black.
Mizuho booked a group net loss of ¥588.8 billion in business 2008 due to the deteriorating economy and financial market turmoil. The loss compares with a net profit of ¥311.2 billion in business 2007.
To shore up its capital base, Mizuho said it will raise up to ¥600 billion by selling new shares. Combined with another ¥200 billion it plans to raise in preferred securities, the total worth of the capital boost may reach ¥800 billion.