Industry Report Card: Profits At Japan?s Major Banks Slashed In 1H FY2008 On Sluggish Economy Dec 08
Standard & Poors, December 2008
Abstract
Japan's six major banking groups recorded a total net profit of ¥398.4 billion for the first half of fiscal 2008 (April 1 to Sept. 30, 2008), down 57% from the ¥947.9 billion recorded in the previous fiscal year. The decrease in net profit was mainly attributed to an increase in credit costs and a decline in core operating profit stemming from lower fee income, as a result of the sluggish domestic economy. Losses from sales and depreciation of equity holdings increased due to lower stock prices, which also affected net profit. Losses on sales and write-offs of high-risk assets including overseas securitization products remained at the same high level as the previous year. Standard & Poor's observes that the main...
Companies mentioned in this report are:
- Sumitomo Mitsui Trust Bank Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Chuo Mitsui Trust & Banking Co. Ltd.
- Mizuho Trust & Banking Co. Ltd.
- Sumitomo Mitsui Banking Corp.
- Mizuho Bank Ltd.
- Mizuho Corporate Bank Ltd.
- Mitsubishi UFJ Financial Group Inc.
- Resona Bank Ltd.
- Mizuho Financial Group Inc.
- Sumitomo Mitsui Financial Group Inc.
- Bank of Tokyo-Mitsubishi UFJ Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Sumitomo Mitsui Trust Bank Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Chuo Mitsui Trust & Banking Co. Ltd.
- Mizuho Trust & Banking Co. Ltd.
- Sumitomo Mitsui Banking Corp.
- Mizuho Bank Ltd.
- Mizuho Corporate Bank Ltd.
- Mitsubishi UFJ Financial Group Inc.
- Resona Bank Ltd.
- Mizuho Financial Group Inc.
- Sumitomo Mitsui Financial Group Inc.
- Bank of Tokyo-Mitsubishi UFJ Ltd.
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