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Japan's Mizuho annual net profit up 23 pct to record, beats estimates
May 14, 2014 / 7:00 AM / 4 years ago

Japan's Mizuho annual net profit up 23 pct to record, beats estimates

TOKYO, May 14 (Reuters) - Mizuho Financial Group Inc beat analyst estimates by posting record annual net profit, as the value of the bank’s equity holdings got a boost from a market rally spurred by government stimulus policies.

Japan’s second-biggest bank by assets on Wednesday said net profit rose 23 percent to 688.42 billion yen ($6.7 billion) for the business year ended March 31, compared with a 664 billion yen mean estimate of 17 analysts polled by Thomson Reuters.

For year through March 2015, however, Mizuho expects net profit to fall back 20 percent to 550 billion yen, versus a 558.2 billion yen analyst estimate.

Shares of Mizuho closed 0.5 percent higher ahead of the earnings release, compared with a 0.14 percent decline in the benchmark index.

The other two “megabanks” - Mitsubishi UFJ Financial Group Inc (MUFG) - are also expected to report on Wednesday higher profits for last business year but a pullback this year as the impact of a surging stock market fades. ($1 = 102.2250 Japanese Yen) (Reporting by Taiga Uranaka and William Mallard; Editing by Christopher Cushing)

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