Last year's financial results of three major financial groups under the umbrella of Mega Bank were doubled from the previous year due to the prolonged impact of the new coronavirus.
Of these, Mitsubishi UFJ Financial Group, which announced its financial results on the 17th, posted 515.5 billion yen in preparation for bad debt last year.
This is 2.3 times that of the previous year.
In addition, Sumitomo Mitsui Financial Group's expenses for bad debts increased 2.1 times from the previous year, and Mizuho Financial Group increased by 19.3%.
These costs are called "credit-related costs," and companies explain that they recorded them proactively in anticipation of future losses as the effects of the new coronavirus prolong.
On the other hand, the final profits of each company were 77.7 billion yen for Mitsubishi UFJ, 47% higher than the previous year, and 471 billion yen for Mizuho, 5% higher than the previous year.
Sumitomo Mitsui's final profit was 512.8 billion yen, a 27% decrease, but all three companies are expected to secure an increase in profit this year.