TOKYO May 15 Sumitomo Mitsui Financial Group
(SMFG) reported on Monday a 9.3 percent rise in net
profit for the year ended in March, thanks mostly to the absence
of hefty provisions booked in the previous year.
Japan's third-largest lender by assets said net profit came
in at 706.5 billion yen ($6.22 billion) for the year ended in
March, up from 646.7 billion yen a year earlier, when it booked
120 billion yen in provisions for its consumer finance unit.
The results compare with the 704.1 billion yen average
estimate of 15 analysts polled by Thomson Reuters and SMFG's own
forecast for a 700 billion profit.
SMFG and rival Japanese banks are struggling to reverse a
weak domestic lending business, which was dealt a further blow
when the Bank of Japan introduced a negative interest rate
policy last year.
For the year ending in March 2018, the bank forecast net
profit of 630 billion yen, below an average estimate of 688.8
billion yen by 15 analysts.
($1 = 113.5600 yen)
(Reporting by Taiga Uranaka; Editing by Muralikumar