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Mizuho Financial Group Inc ADR MFG

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Japan’s Major Banks Start Fiscal Year With Stronger-Than-Expected Quarter on Absent Credit Costs

Michael Makdad Senior Equity Analyst

Analyst Note

| Michael Makdad |

One quarter into the fiscal year ending March 2022, Japan's seven major banks achieved 41% of their full-year earnings guidance in April-June, making it likely that some banks will lift guidance when reporting interim earnings in late October or early November. We also expect share buybacks to recommence then, assuming the coronavirus pandemic gradually comes under control.

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Company Profile

Business Description

Mizuho Financial Group is roughly tied with megabank peer Sumitomo Mitsui Financial Group for the status as Japan's second- largest bank after Mitsubishi UFJ Financial Group. As of December 2020, Mizuho's market share of domestic loans was 7.5%, compared with 7.1% for SMFG and 8.5% for MUFG. In Japan, Mizuho has more of a corporate focus than SMFG, which has a larger retail business. Its overseas weighting is slightly smaller than that of MUFG. Unlike its two Japanese megabank peers that own foreign banks outright or hold noncontrolling stakes in local banks overseas, Mizuho expanded in recent years beyond its traditional Japanese borrowers, mainly through its core banking and securities units, focusing on the financing needs of global multinational corporations.

1-5-5, Otemachi, Otemachi Tower, Chiyoda-ku
Tokyo, 100-8176, Japan
T +81 352241111
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Mar 31, 2022
Stock Type
Employees 69,801