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Japan's Sumitomo Mitsui Financial posts 24.2% jump in Q1 net profit

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Published Fri, Jul 29, 2022 · 03:04 PM
    • Sumitomo Mitsui Financial Group, Japan’s second-largest bank, reported on Friday (Jul 29) a 24.2 per cent increase in first-quarter net profit as improved economic conditions helped boost its main lending business.
    • Sumitomo Mitsui Financial Group, Japan’s second-largest bank, reported on Friday (Jul 29) a 24.2 per cent increase in first-quarter net profit as improved economic conditions helped boost its main lending business. photo: reuters

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    SUMITOMO Mitsui Financial Group, Japan’s second-largest bank, reported on Friday (Jul 29) a 24.2 per cent increase in first-quarter net profit as improved economic conditions helped boost its main lending business.

    Sumitomo Mitsui posted a profit of 252.4 billion yen (S$2.62 billion) in the April-June period versus 203.2 billion yen. That compared with an average profit estimate of 156.33 billion yen from two analysts surveyed by Refinitiv.

    The banking group maintained its full-year net profit forecast at 730 billion yen, compared to the average of 742.33 billion yen forecast by 12 analysts. REUTERS

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