Mizuho FG’s underlying earnings remain weak with outlook still dependent on capital market cycle.
No-moat-rated Mizuho Financial Group managed to report fiscal 2016 results in line with our low expectations. For the year ended March 2017, higher operating expenses on lower revenue exceeded a one-off gain from the group's company restructuring and equity market upswings. Net profits decreased 10% to JPY 603 billion with net business revenue falling 6% year on year. While operating profits dropped 26% year on year to JPY 575 billion on a higher cost base, a larger-than-expected ETF-related gai...
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