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The quarterly profit was 25.3 percent higher than the profit posted for the corresponding period a year earlier, said the Tokyo-based lender which incurred a net loss of over 370 billion yen in the previous fiscal year ended March 31 amid the global financial crisis.
For the first quarter of fiscal 2009, the parent of Sumitomo Mitsui Banking Corp. posted a consolidated pretax profit of 115.25 billion yen, up 56.5 percent, on revenue of 764.99 billion yen, down 19.6 percent.
Factors contributing to the increased profit included a rise in bond trading revenue and lower bad-loan disposal costs.
SMFG maintained its earnings forecasts for the whole of fiscal 2009 through next March, projecting a group net profit of 220 billion yen and a pretax profit of 510 billion yen on revenue of 3.4 trillion yen.
As part of efforts to strengthen its brokerage business, the banking group said in May that it would acquire Nikko Cordial Securities Inc and part of Nikko Citigroup Ltd. from Citigroup Inc. of the United States for 545 billion yen.
Meanwhile, Sumitomo Trust & Banking Co. said the same day it booked a group net profit of 12.20 billion yen for the April-June quarter, down 5.8 percent from a year earlier. Its pretax profit fell 25.2 percent to 16.79 billion yen on revenue of 211.42 billion yen, down 6.0 percent.
For the whole of fiscal 2009, Sumitomo Trust reiterated its plan to sharply increase net profit to 45 billion yen from the previous year's 7.95 billion yen.
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