|Bid||2.6000 x 3100|
|Ask||0.0000 x 1400|
|Day's Range||2.7500 - 2.8097|
|52 Week Range||1.9600 - 3.1900|
|Beta (5Y Monthly)||0.98|
|PE Ratio (TTM)||6.31|
|Forward Dividend & Yield||0.14 (4.93%)|
|Ex-Dividend Date||Mar 30, 2020|
|1y Target Est||3.04|
(Bloomberg) -- Mizuho Financial Group Inc. is set to trim its Singapore office space, as the Japanese bank looks to revamp the workplace in global financial centers in the wake of the pandemic.Japan’s third-largest lender is looking to cut about 16% of space -- equivalent to less than one floor -- at Asia Square Tower 2 in the financial district, according to people with knowledge of the matter. Mizuho is an anchor tenant in the building owned by CapitaLand Commercial Trust, occupying four floors measuring about 105,000 square feet (9,755 square meters).The bank is also looking how to make better use of its backup office at Changi Business Park, the people added. Mizuho occupies 200,000 square feet there as part of its business continuity plan.Banks around the world are grappling with how to utilize offices as they consider making flexible work arrangements permanent once the pandemic subsides. Mizuho has already flagged plans to trim space in New York and London after determining that employees there remained productive while working from home.In Singapore, the Japanese bank joins Citigroup Inc. in paring its footprint during the health crisis. Amazon.com Inc. is set to take over space left by Citigroup, part of a trend of tech behemoths expanding their presence in the city-state as online shopping soars.Mizuho had already been considering an office revamp in Singapore but the plans were exacerbated by the onset of the virus and ensuing government lockdown, the people said.After the social distancing rules were relaxed in June, only 35% of its local staff returned to the office. And even after the government allowed more people to go back to workplaces in September, the bank didn’t rush to do so, raising the figure to about 40%, the people said.While trimming office space will reduce costs, that wasn’t the objective and it doesn’t signal that the bank its cutting manpower, they added.Masako Shiono, a spokeswoman for Tokyo-based Mizuho, declined to comment.Mizuho is also planning to redesign its Singapore office, creating a more open, communal workplace to suit the needs of its younger workforce, the people said. But in light of the pandemic, safe management measures will be imposed to avoid crowding, they said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
<!DOCTYPE html> <html lang="" xml:lang=""> <head> <title>/nwsys/www/images/PBM_1254006</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"/> <meta name="generator" content="pdftohtml 0.
(Bloomberg) -- Japan’s three biggest banks are likely to stay on course toward achieving their annual profit goals as bad-loan costs remain in check, analysts said ahead of fiscal second-quarter results due this week.Massive government and central bank aid has spurred lending and kept companies afloat during the pandemic-fueled recession, reducing the need to ramp up provisions. Investment banking has been picking up, helping to alleviate the impact of rock-bottom interest rates that are squeezing lending profitability at home and abroad.“I expect their second-quarter results won’t be bad,” said Toyoki Sameshima, an analyst at SBI Securities Co. Thanks to the stimulus measures, “the emergence of bad-loan costs is being pushed down the road, and could even be delayed into the next fiscal year,” he said.Since the coronavirus emerged, the Bank of Japan introduced lending facilities for small businesses to cope with the crisis, while the government expanded loan guarantee and interest subsidy programs. That fueled a record rush to obtain cheap loans.Any moderation of bad-loan charges would mirror a trend seen around the world this earnings season, after banks from Singapore to the U.S. kept defaults at bay. Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. Mizuho Financial Group Inc. are expecting credit costs -- which include provisions as well as actual losses on soured loans -- to almost double to 1.1 trillion yen ($10.5 billion) in the year ending March, the highest combined amount in 11 years.Bankruptcies fell 9.4% in the six months through September to 3,858 cases, the fewest since 1990, according to Tokyo Shoko Research. Still, there is a risk that more businesses will fail once virus-related support measures expire.“It’s too early for domestic credit costs to materialize,” said Rie Nishihara, an analyst at JPMorgan Chase & Co.Mizuho’s credit costs are likely to be lower than MUFG’s and Sumitomo Mitsui’s because of its smaller overseas exposure, according to Bloomberg Intelligence analysts Shin Tamura and Francis Chan.Mizuho is set to post earnings for the three months ended Sept. 30 on Thursday, followed by larger rivals MUFG and Sumitomo Mitsui on Friday.The banking groups were also helped last quarter by a strong performance at their brokerage arms. Each of their securities units reported sharp year-on-year profit growth, thanks to a pickup in activity by corporate and retail customers.Another likely bright spot is profits from unloading stocks and bonds. Nishihara said the banks’ selling of strategic equity holdings probably picked up last quarter, as Japanese stocks advanced. MUFG and Sumitomo Mitsui probably booked large gains on sales of bonds in their investment portfolios, Tamura and Chan wrote.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.