Japan’s Biggest Banks Beat Estimates, Adding to BOJ Tailwind
- Megabanks kept projections to deliver bumper annual results
- Index of bank shares reached eight-year high after BOJ move
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Two of Japan’s largest lenders posted profits that beat analysts’ forecasts in their fiscal first quarter, marking a solid start to the year that is projected to deliver bumper results.
Sumitomo Mitsui Financial Group Inc. said net income for the quarter ending June 30 was 248 billion yen ($1.75 billion), above an average estimate of 236.1 billion yen by six analysts. This was about 1.8% lower than the same period a year ago.