Japan’s three megabanks achieved a combined annual net profit of ¥3 trillion

TOKYO (Jiji Press) – The combined consolidated net profits of Japan’s three megabanks in fiscal 2023 exceeded for the first time since the birth of the current structure of Japan’s financial sector led by the three groups in 2005.

In the year ended March 2024, the combined net income of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. increased. and Mizuho Financial Group Inc. by 26.4% from the previous year to ¥3,132.7 billion.

Profits were boosted by strong demand for financing both inside and outside Japan and a rise in credit margins at foreign operations, helped by rising U.S. interest rates.

Mitsubishi UFJ and Sumitomo Mitsui posted record net profits, while Mizuho’s net profit was the second highest in its history.

Hironori Kamezawa, CEO of Mitsubishi UFJ Group, told a news conference on Wednesday that the group’s core business was significantly boosted by an increase in earning capacity, especially in customer service. In fiscal 2023, the combined net profit of the three megabanks plus two other banking groups – Sumitomo Mitsui Trust Holdings Inc. – rose. and Resona Holdings Inc. – by 19.1% to ¥3,370.8 billion.