July 30, 2018 / 7:12 AM / 4 months ago

Japan's SMFG Q1 profit down 6 pct on bigger tax

TOKYO, July 30 (Reuters) - Sumitomo Mitsui Financial Group (SMFG) on Monday reported a 6 percent drop in quarterly net profit, weighed down by bigger tax bills.

Japan’s third-largest lender by assets said net profit came in at 227.1 billion yen ($2.04 billion) for the first quarter ended June, down from 241.5 billion yen a year earlier.

For the year ending in March, SMFG reiterated its forecast for a net profit of 700 billion yen, down 4.7 percent from a year ago. The compares with an average estimate of 717.8 billion yen from 14 analysts polled by Thomson Reuters I/B/E/S. ($1 = 111.1200 yen) (Reporting by Taiga Uranaka; Editing by Himani Sarkar)

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