5 Big Banks In The Black In April-June Quarter

Five of Japan's six biggest banks logged consolidated net profits for the April-June quarter as a rally in stocks limited write-downs and helped them recover form a poor fiscal 2008. The five banking entities are Mitsubishi UFJ financial Group Inc., Sumitomo Mitsui Financial Group Inc., Resona Holding Inc., Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holding Inc. Only Mizuho Financial Group Inc. reported a consolidated net loss of $44 million due to a $600 million valuation loss of CDS. Both Mitsubishi and Mitsui-Sumitomo logged a $100~300 million valuation loss of CDS but managed to be stay above water in the consolidated basis.