Japan's SMFG posts record annual profit despite Q4 tumble
TOKYO (Reuters) -Japan's second-largest banking group Sumitomo Mitsui Financial Group posted a 75% slump in fourth-quarter net profit but still hit a record 1.18 trillion yen profit for the year on strong demand for loans among Japanese corporations. SMFG generated net income of 42 billion yen ($285.8 million) in the January-March quarter compared to 170 billion yen for the same period a year before. The end of deflation has encouraged borrowing by Japanese corporations for overseas expansion, mergers and acquisitions and capital investments amid a shrinking workforce in Japan.
Reuters
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1 hour ago
