SMFG doubles Q1 profit to US$2.9 billion

Equity investments and brokerage unit profit drive growth.

Sumitomo Mitsui Financial Group Inc, Japan's third-largest lender by assets, said its first quarter net profit for its April-June fiscal first quarter was a large improvement over the US$1.2 billion a year earlier.

That is already about half of its forecast for full-year net profit, which it kept at US$5.9 billion. SMFG also said its brokerage unit, SMBC Nikko Securities, enjoyed an increase in profit on sales of investment trusts amid the stock rally.

Early benefits of Prime Minister Shinzo Abe's "Abenomics" growth policies are seen in the equity portfolios of Japan’s three megabanks, whose values have risen thanks to a rally in Japanese stocks since late last year.

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