Japanese megabanks' net profits better than expected

The net profits of Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. from April to September came in better than initial estimates.

This raised their full-year profit forecasts.

On the other hand, but Mizuho Financial Group Inc. said that its first half profit declined as per its expectations.

Sumitomo Mitsui Financial Group's net profit declined less than expected in the April-September first half, from 417.49 billion yen logged a year earlier to 313. 76 billion yen or US$4.07 billion U.S. dollars, beating its own estimates.

Sumitomo also raised its net profit forecast for the next full year to 500 billion yen, from an initial estimate of 465 billion yen.

On the other hand, Mitsubishi UFJ Financial Group, Japan's largest bank by assets, announced that its net profit was 696.09 billion yen or US$9.03 billion U.S. dollars in the April-September first half, climbing 356.78 billion yen from a year earlier on robust bond trading and minimal exposure to eurozone debt.

Japan's top bank subsequently raised its net profit forecast for the full year to next March from 600 billion yen to 900 billion yen.

Mizuho, for its part, said net profit in the April-September first half totaled 254.67 billion yen or US$3.3 billion from 341.76 billion yen booked in the same period a year earlier.

The bank said however that the decline was inline with its own estimates. Mizuho kept its net profit forecast at 460 billion yen.

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