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JAPANESE LENDER SMFG ON TRACK TO BEAT ITS FORECAST FOR A RECORD YEAR AFTER HEFTY Q3 PROFIT
- NEWS Desk Global
- Jan 29
- 1 min read
Japan's Sumitomo Mitsui Financial Group said third-quarter net profit surged 54% on a boost in interest income, putting it on track to post record annual profit and eclipse its forecasts for the year.
Long-awaited interest rate hikes from the country's central bank after years of deflation helped push up loan margins, while lending grew on the back of healthy merger and acquisition activity which included some large leveraged buyouts.
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