Sumitomo Mitsui Leads Japan Banks Forecasting Lower Profit
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Japan’s three biggest banks led by Sumitomo Mitsui Financial Group Inc. forecast earnings will decline this year as monetary easing makes loans less profitable even as borrowing picks up amid an economic recovery.
Sumitomo Mitsui said net income will fall 27 percent to 580 billion yen ($5.7 billion) in the year ending March. Mitsubishi UFJ Financial Group Inc.’s profit will slip 11 percent to 760 billion yen and Mizuho Financial Group Inc.’s will drop 11 percent to 500 billion yen, they said in statements yesterday.