TOKYO, July 29 Sumitomo Mitsui Financial Group
Inc said on Monday that its net profit more than
doubled in the April-June quarter, as a rally in Japanese stocks
pushed up the value of the bank's massive equity portfolio.
Japan's third-biggest lender by assets said net profit came
to 288.33 billion yen ($2.9 billion) for its fiscal first
quarter, up from 117.84 billion yen a year earlier.
SMFG kept its full-year net profit forecast at 580 billion
yen, down 27 percent from the previous year and below an average
estimate of 626.5 billion yen in a poll of 17 analysts by
Expectations for Prime Minister Shinzo Abe's economic-growth
policies have driven up Japanese stocks. The benchmark Nikkei
average closed above 13,000 in June, compared with
around 9,000 a year earlier. Japanese banks' earnings are
subject to market swings because of their large equity holdings.
($1 = 98.1300 Japanese yen)
(Reporting by Junko Fujita; Editing by Chris Gallagher)