Japan's SMFG posts 15.2% drop in Q4 net profit - Metro US

Japan’s SMFG posts 15.2% drop in Q4 net profit

FILE PHOTO: A man walk past a signboard of Sumitomo Mitsui Banking Corporation at its branch in Tokyo

TOKYO (Reuters) – Sumitomo Mitsui Financial Group Inc (SMFG), Japan’s second-largest lender by assets, reported on Friday a 15.2% drop in fourth-quarter net profit, primarily due to an increase in credit-related costs amid the COVID-19 outbreak.

SMFG posted a profit of 78.9 billion yen ($722.13 million) in the three months through March compared with 93.1 billion yen in the year-ago period, according to Reuters calculations based on the bank’s filing.

($1 = 109.2600 yen)

(Reporting by Takashi Umekawa; Editing by Kevin Liffey)

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