Fiscal Q1 profit of Japan's big three megabanks fell 20.95% YoY

Mizuho Financial led the group.

The aggregate net profit of Japan's three megabanks — Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. — fell 20.9% year over year in the first quarter of the fiscal year ending March 31, 2015.

According to an analysis report from SNL Financial, all three banks reported declines in net income attributable to parents for the three months ended June 30.

The figure fell to ¥626.03 billion for the quarter from ¥791.57 billion in the year-ago quarter.

According to the analysis, Mizuho Financial led the pack, as its profit dropped by 37.5% to ¥154.72 billion in the first quarter from ¥247.95 billion a year earlier.

Most of the decline was attributable to fall in other ordinary income, which sunk to ¥66.94 billion from ¥104.98 billion.