Mizuho Posts 3Q Results on Gain From Trading and Restructuring; Maintaining FVE at JPY 190 per Share
No-moat Mizuho Financial Group reported quarterly results in line with our low expectations. For the nine-month period ended December 2016, higher operating expenses on flattish revenue were largely offset by a one-off gain on the group company restructuring, resulting in flattish net profit of JPY 504 billion. Underlying banking performance remains weak, with net interest income less credit charges down 21% year on year, as the domestic net interest margin continues to drift lower to 0.91% and ...
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