Sumitomo Mitsui Financial Group Inc said its group net profit for the fiscal first half ended September fell 25% from a year ago on account of higher tax expenses, MarketWatch reported.
The bank’s net profit for the six-month period fell to Y313.76 billion from Y417.49 billion in the previous year, the banking group said.
Meanwhile, the banking group said its operating revenue surged 3.2% to Y2.045 trillion compared with Y1.981 trillion reported a year ago.
The Japan’s third largest bank by assets said it will buy back up to 1.63% of its own shares for as much as Y50 billion between December 2 and January 20.
The share buyback is aimed at scheme to turn its consumer promise Co into a wholly-owned unit.
For the current fiscal year ending in March 2012, Sumitomo Mitsui Financial raised its group net profit outlook to Y500 billion from Y400 billion.
The company’s revenue outlook was left unrevised at Y4 trillion.
Sumitomo Mitsui is a Japanese bank holding and financial services company established by Sumitomo Mitsui Banking Corporation which is the second largest bank in Japan by market value. It holds assets of around US $1.8 trillion and is one of the largest financial institutions in the world.
The company has been set up through a share transfer from Sumitomo Mitsui Banking Corporation. Its shares are listed on the Tokyo Stock Exchange, the Osaka Securities Exchange and the Nagoya Stock Exchange.
