July 29, 2016 / 7:11 AM / a year ago

Japan bank Mizuho says Q1 net profit fell 16 percent

TOKYO, July 29 (Reuters) - Mizuho Financial Group, Japan’s second-largest lender, said its first-quarter profit dropped 16 percent, as the country’s negative interest rates hit income from loans and investments while failing to stoke broader borrowing.

Mizuho said on Friday said April-June net profit fell to 132.6 billion yen ($1.28 billion) from 158 billion yen a year earlier. That was above the 108 billion yen average estimate of two analysts polled by Thomson Reuters.

Earlier this week, Japan’s No. 3 bank, Sumitomo Mitsui Financial Group, said net profit fell nearly a third in the first quarter. ($1 = 103.2900 yen) (Reporting by Taiga Uranaka; Editing By Kenneth Maxwell)

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