Japan’s biggest banks have announced plans to boost shareholder returns, including buybacks of as much as ¥350 billion ($2.5 billion) as global rate hikes spurred an increase in income from loans that helped earnings beat analyst estimates.

Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group both said they will buy back shares while Mizuho Financial Group upped a dividend forecast.

The actions underscore how a push to expand overseas is paying off as interest rates rise, helping to offset ballooning paper losses on foreign bond holdings that widened to almost ¥4 trillion.