Major financial group 3 companies Earnings declined significantly in April-June financial results Impact of new corona August 4 19:25
The financial results of the three major financial groups from April to June have been completed, and the final profits have all decreased significantly. This is because the new coronavirus has inflated the cost of "borrowing" in which the money loaned to the company is not returned.
Of these, Mitsubishi UFJ Financial Group announced its financial results from April to June 4th, and the final profit of the entire group decreased by 52.9% compared with the same period of the previous year.
Despite the increase in loans to companies affected by the new coronavirus, the effect of recording ¥145 billion in expenses for “loans” was heard.
Two other major financial groups were also pushing down their net profits by preparing for a loan loss, with Sumitomo Mitsui Financial Group decreasing 60.1% and Mizuho Financial Group decreasing profits by 24.6%.
Regarding the current state of the economy, we believe that each company has bottomed out and is picking up again by June, but the outlook is highly uncertain, and we are paying close attention to the business conditions of lenders.