Thursday April 23, 08:48 AM
Japan's Mizuho Financial sees 5.9 bln dlr loss
TOKYO (AFP) - Japan's second-largest bank Mizuho Financial Group Inc. said Thursday it suffered an estimated net loss of 580 billion yen (5.9 billion dollars) in the past financial year to March.
Mizuho, which made a net profit of 311.2 billion yen in the previous year, has been badly hit by the global financial crisis and losses on toxic mortgage-backed securities.
The group missed its forecast for a 100-billion-yen profit last year, blaming increased losses related to weak financial markets as well as the impact of low interest rates and rising bad loan costs.
The bank said it would book a loss of 618.8 billion yen on securities, including stocks and bonds. Mizuho is due to release its final results in May.
Japan's banks were initially seen as relatively immune to a US-born credit crunch, but they have not escaped unscathed from a financial crisis that quickly spread around the world, sending share prices plunging.
Sumitomo Mitsui Financial Group, earlier this month forecast a net loss of 390 billion yen for the past year to March due to the economic crisis.
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