Mizuho Profit Drops 33% on Stock Holding Losses, Bad Loan Costs
(Bloomberg) -- Mizuho Financial Group Inc. said profit in the third quarter fell 33% after Japan's third-largest lender posted losses on its stock holdings and higher bad loan costs.
Net income totaled 93 billion yen ($811 million) for the three months ended Dec. 31, compared with 138.88 billion yen a year earlier, according to Bloomberg calculations based on nine-month results released Wednesday. That missed the 112.8 billion yen average estimate from three analysts in a Bloomberg survey.Â
The bank said it still expects a full year net income of 530 billion yen and a dividend of 80 yen.
Mizuho recently named Masahiro Kihara as its new chief executive officer, replacing Tatsufumi Sakai, following a series of technical problems that led to business-improvement orders from the Financial Services Agency.Â
©2022 Bloomberg L.P.
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