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Japan's megabanks post higher profit for June quarter

Japan's three biggest banks saw their combined net profit for the June quarter rise to ¥648.84 billion from ¥505.85 billion in the year-ago period.

Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. saw yearly rises in first-quarter net profit, while Mizuho Financial Group Inc. reported a net profit decline.

Combined net interest income fell to ¥1.018 trillion for the fiscal first quarter in the year ending March 31, 2018, from ¥1.044 trillion a year earlier. Operating expenses were ¥1.471 trillion, up from ¥1.437 trillion, while asset write-downs were ¥15.66 billion, down from ¥60.87 billion in the year-earlier quarter.

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As of Aug. 8, US$1 was equivalent to ¥110.77.

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