Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

SUMITOMO MITSUI FINANCIAL GROUP, INC.

(8316)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Sumitomo Mitsui Financial : Japan's SMFG first-quarter profit more than doubles as credit costs drop

07/30/2021 | 03:45am EDT

TOKYO (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) on Friday reported more than doubled net profit in the first quarter due to a sharp decline of credit-related costs as financial conditions improve at pandemic-hit corporate Japan.

Profit reached 203.2 billion yen ($1.85 billion) for the three months through June, versus 86.1 billion yen in the same period a year earlier, Japan's second-largest lender by assets said in a filing to the stock exchange.

For the full year through March, SMFG reiterated its forecast for profit of 600 billion yen. That compared with the 646.4 billion yen average of 10 analyst estimates compiled by Refinitiv.

Japanese banks have been struggling with years of ultra-low interest rates and a shrinking population, and in the last financial year, major banks including SMFG saw a surge in credit-related costs because of the pandemic.

SMFG's credit-related costs dropped to 10.3 billion yen in the first quarter of the financial year started April, compared with 114.8 billion yen a year earlier.

The lender has estimated such costs will reach 300 billion yen in the current financial year.

While credit-related costs have pressured the bank's profit, its interest income has increased as corporate clients rushed to borrow to survive the pandemic slowdown. Japanese bank lending rose 1.4% in June from a year prior, Bank of Japan data showed.

SMFG's net interest income at its banking arm was 235.9 billion yen for the first quarter, a 12.5% on-year rise.

Bigger peer Mitsubishi UFJ Financial Group Inc is scheduled to announce first-quarter earnings on Monday.

($1 = 109.6000 yen)

(Reporting by Takashi Umekawa; Editing by Christopher Cushing)


© Reuters 2021
All news about SUMITOMO MITSUI FINANCIAL GROUP, INC.
09/17Citi Names New Sustainability Head for Asia Pacific
DJ
09/16Sumitomo Mitsui Trust Gets Singapore Listing Consent for $2.25 Billion Bonds
MT
09/15Nikkei slips from 3-decade high on profit-taking, SoftBank drag
RE
09/14Nikkei slips from 3-decade high on profit-taking, Topix sheds over 1%
RE
09/14CRE Logistics Cancels $5.5 Million Loan, Trims Other Borrowings
MT
09/13WEST : Japan's investors raise bets on Kono in leadership race
RE
09/1010% JAPAN FIRMS TO ADD REGULAR STAFF : survey
AQ
09/10Invincible Investment to Borrow Over $27 Million to Pay Debt
MT
09/10SUMITOMO MITSUI FINANCIAL : SMBC supports the purchase of medical equipment for ..
PU
09/10SUMITOMO MITSUI FINANCIAL : SMBC donates 100 oxygen concentrators in support of ..
PU
More news
Analyst Recommendations on SUMITOMO MITSUI FINANCIAL GROUP, INC.
More recommendations
Financials
Sales 2022 2 856 B 25 962 M 25 962 M
Net income 2022 659 B 5 992 M 5 992 M
Net Debt 2022 - - -
P/E ratio 2022 8,23x
Yield 2022 5,06%
Capitalization 5 443 B 49 535 M 49 479 M
Capi. / Sales 2022 1,91x
Capi. / Sales 2023 1,86x
Nbr of Employees 86 800
Free-Float 93,6%
Chart SUMITOMO MITSUI FINANCIAL GROUP, INC.
Duration : Period :
Sumitomo Mitsui Financial Group, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SUMITOMO MITSUI FINANCIAL GROUP, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Last Close Price 3 971,00 JPY
Average target price 5 143,33 JPY
Spread / Average Target 29,5%
EPS Revisions
Managers and Directors
Jun Ohta Executive President, CEO & Representative Director
Toru Nakashima Group CFO, Director & Head-Public Relations
Takeshi Kunibe Chairman
Shoji Masuda Group Chief Information Officer
Tetsuro Imaeda Group Chief Compliance Officer