July 31, 2018 / 8:16 AM / 3 months ago

Mizuho first-quarter net profit up 36 percent, full-year forecast kept

TOKYO (Reuters) - Mizuho Financial Group (8411.T) said on Tuesday net profit rose 36 percent for its first quarter ended in June, boosted by a sharp recovery in banking business at home and overseas after a particularly weak year.

FILE PHOTO: Mizuho Financial Group's logo is seen next to an electronic board showing stock prices indexes at a branch of Mizuho Securities in Tokyo, Japan January 25, 2017. REUTERS/Kim Kyung-Hoon/File Photo

Japan’s second-largest lender by assets said net profit came in at 161 billion yen ($1.45 billion) for the April-June period, up from 118.3 billion a year earlier.

Mizuho, the least profitable of Japan’s three biggest banks, booked a sharp fall in profit in the last financial year, hurt by a decline in its bond trading business. That set the bar lower for year-on-year profit comparisons than its rivals.

For the full year through March, Mizuho kept its own forecast of 570 billion yen in net profit, down 1.1 percent from the previous year and above an average estimate of 537.3 billion in a poll of 13 analysts by Thomson Reuters I/B/E/S.

Reporting by Taiga Uranaka; Editing by Clarence Fernandez

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