Japan's Mizuho Financial Group Inc. plans to achieve about ¥900 billion in consolidated net business profits by the fiscal year ending March 31, 2024, and reduce its domestic branch count by 130 by the fiscal year ending March 31, 2025, as it seeks to transition itself to the next generation of financial services.
The group on May 15 unveiled a five-year plan aimed at helping the group respond to changes such as digitalization and globalization in the light of increasing uncertainty due to concerns over a global economic slowdown and other factors. The plan starts from the current fiscal year ending March 2020.
By the fiscal year ending March 31, 2024, Mizuho is looking to achieve consolidated net business profits of ¥900 billion and a consolidated return on equity of about 7% to 8%. Comparatively, the group sought to achieve a consolidated ROE of about 8% as part of its previous three-year plan.
Meanwhile, the group said it is looking to reduce its branch count in Japan by 130 by fiscal the fiscal year ending March 31, 2025, up from its previous target of cutting 100 branches. The group operated 500 branches in the domestic market as of the fiscal year ended March 31, 2018. Further, on the cost-reduction side, it is seeking to cut costs by ¥120 billion by the fiscal year ending March 31, 2022, compared to its previous plan to cut ¥100 billion in costs in that time frame.
As of May 15, US$1 was equivalent to ¥109.57.