Thursday April 23, 05:42 AM
Japan's Mizuho Financial to post five-bln-dlr loss
TOKYO (AFP) - Japan's second-largest bank Mizuho Financial Group is expected to post an annual net loss of more than five billion dollars because of the global financial crisis, a report said Thursday.
The megabank is likely to report a net loss of more than 500 billion yen (5.1 billion dollars) for the business year which ended last month due to a surge in bad loan costs, Kyodo News said, citing anonymous sources.
A spokeswoman for the bank declined to comment.
Mizuho reported a net profit of 311.22 billion yen in the preceding year to March 2008 but incurred a net loss of 50.55 billion yen in the nine months to last December.
The bank has been badly hit by financial market turmoil and losses on toxic mortgage-backed securities.
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