Subprime losses at Mizuho Financial Group reached Y645bn ($6.14bn) last fiscal year, Y80bn more than Japan’s second-largest bank estimated about a month ago, when it revised down its forecast for the third time since November.

But the bank provided some cheer for investors by forecasting that annual profit for the year just started would rise 80 per cent to Y560bn, and announced a share buyback worth up to Y150bn.