Reuters logo
SMFG Q1 net profit more than doubles as Japan stocks rally
July 29, 2013 / 7:11 AM / 4 years ago

SMFG Q1 net profit more than doubles as Japan stocks rally

TOKYO, July 29 (Reuters) - 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 Thomson Reuters.

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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below