Mizuho Sees Loan Charges Of 600-bn Yen In 2002-03

Tokyo, May 24: | Updated: May 25 2002, 05:30am hrs
Japan’s Mizuho Holdings Inc, the world’s largest bank by assets, said on Friday it expected loan-loss charges to clean up bad debts to a total 600 billion yen in the year to March 31, 2003. That compared with 2.19 trillion yen in such charges for 2001/02 and 693.8 billion yen a year earlier.

The bank said it had a total of 5.02 trillion yen of problem loans at the end of March, based on disclosure standards set under Japanese banking laws.

That compared with 5.58 trillion yen six months ago and 4.20 trillion yen a year ago. Mizuho reported a full-year group net loss of 976.04 billion yen but it forecast 210 billion yen in profit in the current year started in April.

The numbers for both loan-loss charges and bad debts are a combined total of parent-only data for group member banks.

Reuters