Sumitomo Mitsui, Mizuho raises annual profit forecast and announces share buyback

What happened: Sumitomo Mitsui Financial Group and Mizuho Financial Group raised their annual profit forecasts and announced share buybacks, citing rising interest rates and robust loan demand. Key numbers: Sumitomo Mitsui net income forecast ¥1.9 trillion ($12 billion) for year ending March 31, up from ¥1.7 trillion. Why it matters: Japanese lenders are on a record earnings streak driven by the central bank's interest-rate hikes, with corporate borrowing showing few signs of slowing. Economic risks are mounting over the AI boom and geopolitical conflicts.

Sumitomo Mitsui Financial Group and Mizuho Financial Group raised their annual profit forecasts and announced share buybacks, citing rising interest rates and robust loan demand.

Japanese lenders are on a record earnings streak driven by the central bank's interest-rate hikes, with corporate borrowing showing few signs of slowing. Economic risks are mounting over the AI boom and geopolitical conflicts.