Sumitomo Mitsui Financial Group 9M10 profits soar 107%

Sumitomo Mitsui Financial Group’s
(SMFG),Japan’s second largest bank by market value, has posted net
income of ¥515.1bn ($6.3bn) for the nine months to December, a
107.9% increase from the corresponding period a year ago.

SMFG’s total assets as of 31 December were
¥132.12tr, an increase of 10% from the prior year.

Net interest income fell by 3.5% in the nine
months to 31 December to ¥991bn. income from fees and commission
rose by 26% to ¥657.7bn

Deposits at the end of December were ¥78.5tr,
an increase of 1.6% year on year.

The bank said on 28 January that Teisuke
Kitayama, the group’s president, and Masayuki Oku, president of
SMFG’s core banking unit, would resign as part of the bank’s
reorganisation of its management.

Analysts said that the shift in management was
a result a stagnating economy in the bank’s domestic market.

Banks in Japan have been struggling with weak
loan demand and are looking to expand into other Asian
countries.

SMFG said at the beginning of January that it
was expanding its businesses to China, Indonesia and
Thailand where it will focus on retail banking.

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