, Japan
Photo courtesy of Suikotei (Wikimedia Commons)

Sumitomo Mitsui Financial Group posts strong Q1 profits

Profit growth was thanks to loan growth and fee income growth.

Sumitomo Mitsui Financial Group, one of Japan’s largest financial corporations, has posted a consolidated gross profit of just over $6b (JPY796.9b) for the quarter ending 30 June,  more than double from the same period in FY2021/22, its latest financial report showed.

Consolidated net profit totalled $2.6b (JPY345.6b), which is 78.5% higher than in the same quarter in 2021. Net profits make up 28% of the bank’s full year profit target of about $9.3b (JPY1.23t), putting the bank on track to meet its goal.

ALSO READ: Profits of Japan's megabanks to rise in next 12-18 months

The growth in profits was reportedly thanks to loan growth and fee income growth, SMFG said.

The company’s banking subsidiary, the Sumitomo Mitsui Banking Corporation (SMBC), saw its net income almost double compared to a year ago, totalling $1.58b (JPY208.9b) during the period of comparison.

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