Sumitomo Mitsui, Mizuho raises annual profit forecast and announces share buyback
Japanese lenders are on a record earnings streak thanks to the BOJ's interest-rate hikes, with corporate borrowing showing few signs of slowing down.
Sumitomo Mitsui Financial Group and Mizuho Financial Group have both raised their annual profit forecasts and announced plans to buy back shares, buoyed by rising interest rates and strong demand for loans. Sumitomo Mitsui now anticipates a net income of ¥1.9 trillion for the fiscal year ending March 31, up from its previous estimate of ¥1.7 trillion.
Mizuho has lifted its annual target to ¥1.6 trillion from ¥1.4 trillion. Japanese lenders are on a record earnings streak due to the central bank's interest-rate hikes, with corporate borrowing showing no signs of slowing down. However, economic risks are growing as global investors become more cautious about the sustainability of the AI boom and as geopolitical conflicts continue to drive up energy prices.
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