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SMFG yearly profit jumps 53 pct, sees poorer year ahead
May 15, 2013 / 7:31 AM / 4 years ago

SMFG yearly profit jumps 53 pct, sees poorer year ahead

TOKYO, May 15 (Reuters) - Net profit at Sumitomo Mitsui Financial Group Inc, Japan’s third-largest lender by assets, jumped 53.1 percent in the year ended in March, as a result of gains from Japanese government bond trading.

The bank, which this month announced it would buy up to 40 percent of Indonesian lender BTPN, had already flagged it was likely to report a record profit for the year just ended, beating its own profit goal.

SMFG said on Wednesday net profit came in at 794.06 billion Japanese yen ($7.78 billion) for the year ended in March, up from 518.54 billion yen a year earlier.

For the current financial year that ends in March 2014, the bank expects net profit to fall to 580 billion yen, marginally above an average estimate of 574.4 billion yen in a Thomson Reuters poll of 13 analysts. ($1 = 102.0350 Japanese yen) (Reporting by Taiga Uranaka; Editing by Daniel Magnowski)

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