May 14, 2018 / 7:35 AM / 2 months ago

Japan's SMFG annual profit rises 3.9 pct, beats estimates

TOKYO, May 14 (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) on Monday reported a 3.9 percent rise in net profit for the year ended March, beating analyst estimates, helped by lower bad loan costs and gains from equity holdings.

Japan’s second-largest bank by market valuation said profit totalled 734.4 billion yen ($6.70 billion), versus 706.5 billion yen a year earlier. The result compared with the 725.3 billion yen average of 14 analyst estimates compiled by Thomson Reuters.

For the year ending March 2019, SMFG forecast profit of 700 billion yen, down 4.7 percent from the just-ended year. That compared with an average analyst estimate of 704.3 billion yen. ($1 = 109.5400 yen) (Reporting by Taiga Uranaka Editing by Christopher Cushing)

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