Interim results of 3 major financial groups All profits declined Corona impact prolonged

Interim results of 3 major financial groups All profits declined Corona impact prolonged November 13, 20:18

The final profits of the three major financial groups that own Mega Bank have decreased in the interim results up to September.

As the effects of the new coronavirus continue to prolong, the cost of preparing for bad debts of lenders has increased, putting pressure on banks' profits.

The final profit in the interim settlement of accounts of the three major financial groups from April to September was

▽ Mitsubishi UFJ Financial Group was 400.8 billion yen, a decrease of 34% from the same period of the previous year,

▽ Sumitomo Mitsui Financial Group also decreased by 37.5% to 270.1 billion yen, and

Mizuho Financial Group also decreased by 25% to 215.5 billion yen.

This is because the cost of preparing for bad debts of lenders whose management has deteriorated due to the influence of the new coronavirus is swelling, and the total of the three companies is over 530 billion yen, which is squeezing the profits of banks.

Regarding the impact of the increasing number of infected people at home and abroad, Hironori Kamezawa, president of Mitsubishi UFJ Financial Group, said in a press conference, "We expect the economy to recover longer than initially expected. The magnitude of the impact varies from industry to industry, and I would like to continue to respond with a sense of tension. "