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Half of Japan's regional banks see profit loss or incur red ink


Half of Japan s regional banks see profit loss or incur red ink
More than half of 78 listed Japanese regional banking groups and banks saw a decline in their net profits or incurred red ink in the April-December period, hit by the coronavirus pandemic, an analysis of their earnings reports showed Saturday.
Also affected by the Bank of Japan s ultraeasy monetary policy, resulting in low lending interest rates, their combined net profit fell 18.4 percent to 603.3 billion yen ($5.75 billion) in the nine months from a year earlier, the analysis showed.
The Bank of Japan building. (Kyodo)
The central bank is maintaining short-term rates at minus 0.1 percent while guiding long-term rates at around zero percent in a bid to achieve its 2 percent inflation target. The government is also supporting companies reeling from the pandemic by providing them with interest-free loans without collateral. ....

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