TOKYO: Japanese megabank Sumitomo Mitsui Financial Group (SMFG) posted a hefty 75.2 percent jump in its net profit in fiscal 2010, helped by lower credit costs and bond trading, the company said Friday.
In the financial year that ended in March, the nation's third-largest bank by assets reported a net profit of 475 billion yen ($5.8 billion).
Revenue was up 21.5 percent at 3.8 trillion yen, its statement said.
For the current financial year, SMFG forecasts its net profit to fall 15.9 percent to 400 billion yen, on sales of 4.0 trillion yen.
Shares in SMFG, a main bank of the operator of the crippled Fukushima nuclear plant, closed down 3.80 percent in Tokyo trading Friday ahead of the earnings announcement, together with other megabanks.
The tumble came after a government spokesman suggested banks may have to waive some pre-quake loan terms to Tokyo Electric Power Co. (TEPCO) before the firm gets public help to pay compensation.
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