Investing.com -- Mizuho (NYSE:MFG) Financial Group Inc. aims to achieve a net income of 1 trillion yen ($6.4 billion) within the next three to four years, according to the bank's chief executive officer, Masahiro Kihara.
The CEO made the statement in an interview with Bloomberg Television on Wednesday.
The Japanese bank's growth will be driven by various sectors, including domestic corporate banking, asset and wealth management, and global corporate and investment banking. The bank had previously projected a record annual net income of 820 billion yen for the current fiscal year ending in March. This suggests that the bank's new income target would require a growth of over 20%.
Kihara expressed optimism about the changing economic landscape in Japan, stating, "The momentum in Japan is changing dramatically." He made the comment during an interview in Davos, Switzerland, where he is attending the World Economic Forum.
The CEO also reflected the confidence of other banking leaders, suggesting that US President Donald Trump's policies would benefit the banking industry. Mizuho plans to boost its revenue from the US to 30%, up from the current 25%. Kihara anticipates an increase in mergers and acquisitions. In November, the bank announced its first share buyback since 2008.
"President Trump is very friendly to business," Kihara said. "We have a sizable operation in the US. We have been adding capabilities in the investment banking areas, this will be a good opportunity for us too."
Mizuho has been making efforts to expand its overseas revenue, especially focusing on the investment banking business in the US. As part of this strategy, it acquired New York-based Greenhill (NYSE:GHL) & Co. in 2023.
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