Sumitomo Mitsui Expects Record Profit in Face of Trade Tensions
By and Hideki Suzuki
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Sumitomo Mitsui Financial Group Inc. forecast another year of record profit, signaling the Japanese bank is confident it will withstand the fallout from Donald Trump's trade war.
Japan's second-largest lender expects net income of ¥1.3 trillion ($8.8 billion) for the year started in April, up about 10% from last year's record ¥1.18 trillion, it said on Wednesday. The projection compares with the ¥1.37 trillion average of 13 analyst estimates compiled by Bloomberg.
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