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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sumitomo Mitsui first-half profit plunges 51 pct By TOMOKO A. HOSAKA,Associated Press Writer AP - Saturday, November 15 TOKYO - Sumitomo Mitsui Financial Group Inc. said first-half net profit plunged 51 percent due to a spike in credit costs and other expenses against the backdrop of financial markets turmoil and a slowing global economy. The company, one of Japan's three "megabanks," said Friday that net profit for the April-September fiscal half fell to 83.28 billion yen ($853.5 million) from 170.59 billion yen a year earlier. Revenue fell 12.5 percent to 1.817 trillion yen ($18.6 billion), and operating profit declined 45.9 percent to 190.95 billion yen ($1.96 billion). Japanese financial firms are on a relatively sound footing compared with their U.S. and European counterparts but have not been immune to the fallout from the global financial crisis and volatile equity markets. The company, known as SMFG, in late October slashed its forecasts for the full year through March. It expects net profit to fall 61 percent to 180 billion yen on revenue of 3.7 trillion yen. Rival megabank Mizuho reported Thursday that its first half profit nose-dived 71 percent. SMFG, which didn't break down quarterly numbers, said that as of Sept. 30, it held 1.3 billion yen in subprime-related securitized products after write-offs and provisions. First-half subprime losses totaled 4.6 billion yen, the company said. A stronger performance in overseas lending at its main banking division, Sumitomo Mitsui Banking Corp., was overshadowed by credit costs, which rose by 159 billion yen from the previous year to 302 billion yen. The company blamed "deterioration of borrowers' financial conditions and provisions for claims on certain overseas financial institutions against a backdrop of financial market turmoil and global economic slowdown." Expenses for expanding branch networks and upgrading "systems in strategic businesses" also hurt SMFG's bottom line. SMFG shares fell 1.6 percent to 362,000 yen on the Tokyo Stock Exchange. Its earnings were released after market closed. The company's earnings are based on Japanese accounting standards. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Natixis sees opportunity in China renewables sectorReuters - 1 hour 19 minutes ago HK enters recession for first time in 5 yearsAP - 1 hour 38 minutes ago China says it might work with IMF on global crisisAP - Saturday, November 15 China Shenhua says 2008 total export quota at 24 mln tonnesReuters - Saturday, November 15 Related Articles: Business Reports: RBS to cut 3,000 jobs globallyAP - 1 hour 6 minutes ago Boeing engineers seek strike authorization voteAP - 1 hour 6 minutes ago Natixis sees opportunity in China renewables sectorReuters - 1 hour 19 minutes ago Thailand's Italian Thai turns to big net loss in Q3Reuters - 1 hour 23 minutes ago India cbank loans to govt 52.6 bln rupees wk to Nov 7Reuters - 1 hour 23 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Britney Spears's son hospitalized: statement Earth would be heading to a freeze without CO2 emissions China mulls crackdown on lip-synching Bin Laden is isolated, focused on his own security: CIA View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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