SMFG Q4 profit triples with record annual forecast
SMFG reported a 350% jump in quarterly profit and expects record annual earnings of 1.7 trillion yen. The bank also announced a 180 billion yen share buyback.
SUMITOMO MITSUI-SPONS ADR reported a 350% surge in fourth-quarter net profit to 188.20 billion yen ($1.19 billion) on Wednesday. The results drove the lender to a record annual net profit of 1.583 trillion yen for the fiscal year. This performance signals a strengthening earnings floor for Japan's banking sector as interest rates rise.
### Higher Margins Drive Record Earnings Outlook Sumitomo Mitsui Financial Group forecast net profit will rise 7.4% to 1.7 trillion yen for the current fiscal year ending March 31, 2027. The bank attributed its recent performance to improved lending margins following the Bank of Japan's interest rate hikes that began in March 2024.
