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Japan's SMFG annual net profit up 5 pct to record, beats estimates
May 14, 2014 / 7:44 AM / 4 years ago

Japan's SMFG annual net profit up 5 pct to record, beats estimates

TOKYO, May 14 (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) beat analyst forecasts by posting a record annual profit, as the value of the bank’s equity holdings got a boost from a market rally spurred by government stimulus policies.

Japan’s third-biggest bank by assets said on Wednesday its net profit rose 5.2 percent to 835.36 billion yen ($8.2 billion) for the business year ended March 31, compared with a 799.8 billion yen mean estimate of 19 analysts polled by Thomson Reuters.

But for the year through March 2015, SMFG expects net profit to fall back 19 percent to 680 billion yen, versus a 689.7 billion yen analyst estimate.

Shares of SMFG closed 0.7 percent lower ahead of the earnings release, compared with a 0.14 percent decline in the benchmark index.

Mizuho Financial Group Inc on Wednesday also reported a record net profit for last business year and a pullback this year as the impact of a surging stock market fades. The other Japanese “megabank,” Mitsubishi UFJ Financial Group Inc (MUFG), is also expected to report higher profits for the last business year and a pullback this year. ($1 = 102.2250 Japanese Yen) (Reporting by Taiga Uranaka and William Mallard; Editing by Christopher Cushing)

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