Mizuho Financial Group made its fourth consecutive quarterly loss between April and June because of credit costs and losses on derivatives taken out to hedge against further declines in the market.
The net loss for the quarter was Y4.4bn. Mizuho's operations produced a net profit of Y160.1bn, before credit provisions of Y76bn, valuation losses on hedges on Y88bn, and losses on stock holdings of Y19.8bn.
The weak results from Japan's third largest bank are further evidence that the recession is now causing losses from their normal lending activities, as well as assets directly related to the financial crisis.
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