Sumitomo Mitsui announce half-year profits

by Richard Kilner

Story link: Sumitomo Mitsui announce half-year profits

The Sumitomo Mitsui Financial Group has released its financial results for the last six months.

The firm recorded net income of 123.5bn yen, a rise of 48% on the same period in 2008 and equivalent to 126 yen per diluted share.

In the first quarter (ending on 30 June 2009) the Group made 72.8bn yen of profit, a rise of almost 15bn yen year-on-year.

Net assets increased from 4.6 trillion yen to 6.1 trillion yen from the end of March to the end of September 2009.

For the fiscal year ending 31 March 2010 the Sumitomo Mitsui Financial Group has forecast a net income of some 220bn yen, which would mark a turn around exceeding half a trillion yen from the net loss of 373.5bn suffered during the previous fiscal year.