Mizuho Revises Earnings Estimates For 2004 In An Upward Direction

Mizuho Financial Group has revised its consolidated earnings estimates for the 2004 fiscal year in an upward direction. The bank now expects to make net profits of Yen 610 billion in 2004, against a previous estimate of Yen 440 billion.

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Mizuho Financial Group has revised its consolidated earnings estimates for the 2004 fiscal year – in an upward direction. The bank now expects to make net profits of Yen 610 billion in 2004, against a previous estimate of Yen 440 billion.

Mizuho explains that the upward revision reflects a reversal of Reserve for Contingencies, the receipt of interest accrued on the refund of a provisional tax payment, and a decrease in its Valuation Allowance for Deferred Tax Assets in accordance with a Supreme Court judgement on the a case submitted by the bank, for the rescinding of a corporate tax correction related to its write-off of credits against Japan Housing Loan, Inc.

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