Mizuho Profit Crumbles Even With Moderate Macro Trouble in Q3, but Expense Reductions Offer Hope
After having achieved 63% of its full-year net profit guidance of JPY 570 billion in the first two quarters, Mizuho Financial Group reported a poor third fiscal quarter with annualized ROE of only 2.2% for the October-December period, bringing its guidance achievement rate to 72% with one quarter left to go. Mizuho's net interest income held up somewhat better than peers, down only 3.5% year over year, but fees slid 16% and credit costs reappeared to a modest degree (12 basis points of loans on ...
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