Higher profits propel Mizuho’s net income to 44% rise in Q1

Credit-related costs fell 28.7% during the first three months of FY2024.

Mizuho Financial Group has reported a net income of JPY289.3b for the Q1 FY2024 ending 30 June– 44% higher than the same period in the previous fiscal year.

Higher consolidated net business profits contributed to the higher net income, the Japanese megabank said in its latest financial statement. Consolidated net business profit rose 79.9% year-on-year (YoY) to JPY328.7b.

Consolidated gross profits more than doubled, rising 144.2% to JPY776.2b. Mizuho attributed this to “strong performance in customer groups in and outside Japan,” as well as “growth in banking income, capturing market movement.”

Credit costs fell 28.7%; whilst net gains related to stocks rose 8.8% YoY to JPY14b.

Consolidated ROE for the past 12 months improved 0.5 percentage point (ppt) to 8% during the quarter.

Total assets are 3.1% YoY higher at JPY95t. Deposits are JPY170t, a 0.4% dip compared to Q1 2023.