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.