TOKYO, May 15 (Reuters) - Mizuho Financial Group Inc reported on Friday a smaller than forecast 11 percent drop in annual profit, helped by a strong stock market and overseas expansion.
Japan’s second-largest lender by assets said net profit came in at 611.9 billion yen ($5.12 billion)for the year ended March, down from 688.4 billion yen a year earlier and slightly above an average estimate of 607.3 billion yen in a poll of 18 analysts by Thomson Reuters. The bank had forecast a 20 percent fall in net profit.
Mizuho and rival Japanese banks got a boost from a Japanese stock market rally fueled by additional stimulus by the Bank of Japan, designed to end the country’s deflationary trend.
For the current financial year through March, the bank said it expects net profit to rise 3 percent to 630 billion yen, above an average estimate of 585.5 billion yen in a poll of 18 analysts by Thomson Reuters. ($1 = 119.4600 yen) (Reporting by Taiga Uranaka; Editing by Muralikumar Anantharaman)