Japan's SMFG Q1 profit falls 20 pct, overshadowed by year-prior stock boom

TOKYO, July 30 Wed Jul 30, 2014 4:04am EDT

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TOKYO, July 30 (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) on Wednesday said first-quarter profit fell 20 percent as gains in the value of stock holdings paled in comparison with the year prior when prices rose after government promises of economic growth.

Japan's third-biggest bank by assets said in a statement that net profit totalled 230.8 billion yen ($2.3 billion) for the three months ended June 30, from 288.3 billion yen in the same period a year earlier.

The bank kept its forecast for the year ending March at 680 billion yen, 18.6 percent less than a year earlier and below a 695.5 billion yen mean estimate of 18 analysts polled by Thomson Reuters. ($1 = 102.1600 Japanese Yen) (Reporting by Taiga Uranaka; Editing by Christopher Cushing)