Mizuho Financial Group reported a 45% surge in fiscal first-quarter net profit to 422.9 billion yen ($2.65 billion).
Bank of Japan interest rate hikes drove higher lending margins and strong loan demand. Investment banking fee revenues also contributed to the quarterly growth.
Japan’s third-largest bank raised its full-year profit forecast to a record 1.4 trillion yen for the year ending March 2027. The company doubled its share buyback program to 200 billion yen following the results.