Tokyo - Mizuho Financial Group Inc cut its earnings projections for fiscal 2008 that runs through March 31 due to the impact of the global financial crisis, the group said Friday.

Japan's mega banking group lowered its net profit by more than half to 250 billion yen (2.55 billion dollars) from an initial projection of 560 billion yen.

Mizuho Financial expected revenues of 3.8 trillion yen for the full year, down from an earlier forecast of 4.3 trillion yen.

The banking group said the downward revisions were drawn mainly by devaluation of securities and increasing credit-related costs. (dpa)