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Sumitomo Mitsui Financial Group logs record net profit in April-Dec.

January 29, 2014

TOKYO , Jan. 29 -- ( Kyodo ) _ Sumitomo Mitsui Financial Group Inc. said Wednesday its consolidated net profit for the nine months ended Dec. 31 grew 28.0 percent from a year before to a record 704.71 billion yen . The financial group said Sumitomo Mitsui Banking Corp. , its main banking unit, earned 80 billion yen as part of its loan-loss reserves put up for possible corporate bankruptcies became unnecessary amid Japan's economic recovery. SMBC also saw its impairment losses on shareholdings shrink significantly thanks to a rise in Tokyo stocks. The holding company's previous record net profit for the nine-month period was 550.41 billion yen in 2012. SMFG's pretax profit for the reporting year surged 40.7 percent to 1,167.08 billion yen on operating revenue of 3,518.67 billion yen , up 10.5 percent. For the full business year through March 2014 , SMFG kept its net profit forecast unchanged at 750 billion yen and pretax profit estimate at 1.28 trillion yen , saying it needs to watch stock and interest rate movements.

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Source: Japan Economic Newswire

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