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Major Banks Post Record-Settng Profits, Criticized as Money-Seeking

5, 23. 2006

Japan’s megabanks consistently posting record-high profits, after six major banking groups unveiled their consolidated results for fiscal 2005 by May 23. According to the announcements, Sumitomo Mitsui Financial Group Inc. and Resona Holdings Inc. marked the highest net profits of 686.8 billion yen and 383.2 billion yen, respectively. Mitsubishi UFJ Financial Group Inc. posted the net profit of 1.1817 trillion yen, the first to exceed 1 trillion yen in the banking industry. The MUFG posted the loss of 216.1 billion yen for the previous year.

Some criticize that the banking groups are making too much money. They may be required to increase their services and to return their profits to the customers.

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