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Mizuho Financial 9-month profit drops 2.8% YOY on lower interest income

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Mizuho Financial 9-month profit drops 2.8% YOY on lower interest income

Mizuho Financial Group Inc. reported a 2.8% year-over-year decline in net income for the nine months ended Dec. 31, 2016, as net interest income dropped while expenses surged.

Net profit attributable to owners of the parent dropped to ¥504.66 billion, or ¥19.88 per share, from ¥519.49 billion, or ¥20.46 per share, in the year-ago period.

The company said net interest income fell year over year to ¥643 billion from ¥761.3 billion, while general and administrative expenses surged to ¥1.079 trillion from ¥1.008 trillion. Net fee and commission income dropped to ¥422.7 billion from ¥431 billion.

Ordinary income for period edged up to ¥2.396 trillion from ¥2.386 trillion, while ordinary profits fell 25.2% to ¥575.78 billion from ¥769.91 billion.

The group's banking units, Mizuho Bank Ltd. and Mizuho Trust & Banking Co. Ltd., reported aggregate net income of ¥310 billion for the nine-month period, down from ¥411.2 billion in the prior-year period.

The banking units' aggregate net interest income fell to ¥556.9 billion from ¥655.2 billion in the prior-year period.

The two banks' combined nonperforming loan ratio was 0.96% as of Dec. 31, 2016, down from 0.98% as of Sept. 30, 2016, and 1.00% as of March 31, 2016.

As of Jan. 30, US$1 was equivalent to ¥113.84.