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TOKYO : Sumitomo Mitsui Financial Group (SMFG), one of Japan's top three banks, said Monday its profit roughly tripled in the nine months to December, underlining a steady recovery from financial difficulties.
Net profit for the period rose to 247.8 billion yen (2.8 billion US dollars), from 83.4 billion yen a year earlier, although revenue fell 17.3 percent to 2.3 trillion yen, the financial giant said in a statement.
A decline in income from foreign exchange transactions pressured earnings, but was offset by contributions from group companies, including Nikko Cordial Securities, which SMFG bought from US banking giant Citigroup last year.
Bad debt-related costs dropped 20 percent to 319.5 billion yen as the government's economic stimulus measures gave breathing space to borrowers.
The group left its full-year forecast unchanged. For the year to March 31, it has forecast a net profit of 220 billion yen on revenue of 3.1 trillion yen.
SMFG didn't disclose third-quarter figures.
Last month, SMFG said it would issue new shares worth 888.97 billion yen in a series of fund-raising moves by Japanese banks, which escaped the worst of the US-born sub-prime loan crisis but were hit hard by the subsequent turmoil.
- AFP/ir
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