Japan’s Sumitomo Mitsui profit rises 34 percent
(05 February 2013 – Japan) Japan’s second-largest bank, Sumitomo Mitsui Financial Group (SMFG) posted a US$6.1 billion (A$5.8 billion) profit from April to December.
The 34 percent rise in profits was largely due to operational improvements, due to its decision to make Sumitomo Mitsui Banking Corporation (SMBC) Consumer Finance a subsidiary.
Profits from SMBC Consumer Finance contributed to the positive results over the nine months.
The bank said operating revenues rose 8.5 percent to US$34.3 billion from US$31.6 billion.
SMFG's net profit in the same period has already exceeded its full-year forecast through March. The bank, however, maintained its outlook for group net profit at US$5.8 billion because it wants to watch ongoing uncertainty over financial and economic conditions domestically and globally.
SMFG also enjoyed a strong performance in overseas lending but didn't provide any numbers. It has beefed up lending abroad in areas such as corporate finance, project finance and trade finance.
In the April-December period, SMFG was hit by losses of some US$723 million on its equity holdings in Japan’s harassed electronics companies.
Profits from SMBC Consumer Finance contributed to the positive results over the nine months.
The bank said operating revenues rose 8.5 percent to US$34.3 billion from US$31.6 billion.
SMFG's net profit in the same period has already exceeded its full-year forecast through March. The bank, however, maintained its outlook for group net profit at US$5.8 billion because it wants to watch ongoing uncertainty over financial and economic conditions domestically and globally.
SMFG also enjoyed a strong performance in overseas lending but didn't provide any numbers. It has beefed up lending abroad in areas such as corporate finance, project finance and trade finance.
In the April-December period, SMFG was hit by losses of some US$723 million on its equity holdings in Japan’s harassed electronics companies.
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