TOKYO: Japan's Mizuho Financial Group said Monday its profits for the nine months to December more than tripled thanks to gains from bond trading and the recovery of funds set aside for bad loan risks. Japan's third largest bank by market capitalization said its net profit came to 422.07 billion yen ($5.1 billion), up 234 percent from a net profit of 126.28 billion yen a year earlier.
The profit gains were helped by a decline in bad loan reserves, or money set aside to compensate for potential debt turning sour as the financial health of borrower companies improved, the bank said.
Group operating revenue however dropped 2.1 percent to 2.087 trillion yen from 2.134 trillion yen.The bank left its net profit forecast unchanged for the full fiscal year through March at 500 billion yen.
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