TOKYO, July 31 : Sumitomo Mitsui Financial Group recorded a 33 per cent rise in first-quarter profit, marking the latest Japanese financial institution to weather huge swings in global markets and trade and stay on track for record profits.Japan's second-largest bank said on Friday net profit for the April-June quarter was 501.4 billion yen ($3.13 billion) compared with 376.9 billion yen in the same period of the previous year.Strong loan demand from SMFG's clients, which are primarily made of up of large, listed Japanese firms with a global footprint, persisted despite rocky energy markets and supply chain disruption brought about by war in the Middle East.SMFG has also benefitted from rising interest rates as Japan exits deflation, lifting lending margins.
Earlier on Friday the Bank of Japan held rates at 1 per cent, although a majority of analysts polled by Reuters expect a hike to 1.25 per cent before the end of the year.SMFG maintained its annual profit forecast for the year ended March 2027 at 1.7 trillion yen.($1 = 160.3900 yen)
