TOKYO -- Japan's three megabanks have become money-making machines, doubling profits from five years ago and forecasting further improvement as they reap gains from rising interest rates.
Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group collectively made a record 3.1 trillion yen ($20 billion) in net profit in the fiscal year that ended in March and expect that to rise to 3.3 trillion yen this fiscal year, according to their annual results announced on Wednesday.
