Sumitomo Mitsui's Q3 net grows by $1.39bln

The bank raked in the highest profit in seven quarters and topped combined profits of Japan's megabanks.

Sumitomo Mitsui, which last year bought Citigroup's Japanese brokerage and has a 2 percent stake in Barclays Plc, reported a group net profit of 124.3 billion yen ($1.4 billion) for October-December versus 154 million yen in the year-ago quarter.

The results mark the bank's highest quarterly earnings since January-March 2008.

While Mitsubishi UFJ Financial Group and Mizuho Financial Group have made a slow recovery from the global financial crisis, Sumitomo appears to be improving at a quicker pace, helped by an improvement in its stock portfolio and a decline in bad loans.

The bank's October-December earnings outstripped the combined results of Mitsubishi UFJ and Mizuho in the same period, a rare result from the smallest of Japan's three "megabanks."

However, analysts cautioned that it was still too early to declare a full-fledged recovery, given that Sumitomo Mitsui's lending business remains sluggish, due to chronic weakness in Japan's economy.

View the full report in Reuters.

Follow the link for more news on

Also Read

Citi Commercial Bank Indonesia appoints Edwin Pribadi as its head

Public Bank’s net profits down 3.5% to $351.94m in Q1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit