Sumitomo Mitsui profits up 34%

Japan's second-largest bank posts a US$6.1 billion profit from to April-December.

SMFG also said operating revenues rose 8.5% to US$34.3 billion from US$31.6 billion. It noted that its operational improvements were also due to its decision to make SMBC Consumer Finance a subsidiary. The bank said profits from SMBC Consumer Finance contributed to the positive results over the nine months.

SMFG's net profit in the same period has already exceeded its full-year forecast through March. The bank, however, maintained its outlook for group net profit at US$5.8 billion because it wants to watch ongoing uncertainty over financial and economic conditions domestically and globally.

SMFG also enjoyed a strong performance in overseas lending but didn't provide any numbers. It has beefed up lending abroad in areas such as corporate finance, project finance and trade finance.

In the April-December period, SMFG was hit by losses of some US$723 million on its equity holdings in Japan’s harassed electronics companies.