- TOKYO: Sumitomo Mitsui Financial Group, Japan's third-biggest bank, said quarterly profit nearly tripled on bond trading revenues and lower credit costs.
The lender said Wednesday its net profit for the April-June period was 211.81 billion yen ($2.41 billion) compared with 72.77 billion yen a year earlier.
Sumitomo Mitsui said revenues from bond trading, as well as lower credit costs at its main banking unit, Sumitomo Mitsui Banking Corp, largely contributed to the improved profit.
Strong business at Nikko Cordial Securities Inc., a Japanese brokerage that became a group subsidiary in October, also chipped in additional profit, the company said.
Sumitomo Mitsui kept its full-year earnings projections unchanged, and said it aims to book 340 billion yen ($3.87 billion) in profit.