Mizuho Financial Group Inc. ended its latest fiscal year with the battle scars from years of ultralow interest rates and other local challenges. While Japan's other megabanks — Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. — reported gains for the year to March 31, Mizuho posted a second consecutive year-over-year decline in profit.
Mizuho, Asia's eighth-largest bank by assets in 2017, posted a 4.5% year-over-year drop in net profit to ¥576.55 billion, its lowest profit in five years. During its May 15 earnings announcement, the group acknowledged a variety of challenges, including weak loan and noninterest income growth.
Like the other megabanks, it is pivoting overseas to bolster its bottom line. Citing an executive officer of the company, The Nikkei reported earlier in May that the company is considering expanding its operations in China by seeking a brokerage license under new foreign ownership rules.
But challenges remain. All three banks recorded net interest margins of below 1%. Mizuho's net interest margin stood at 0.46% in the year to March 31, down from 0.52% a year earlier.

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