Sumitomo Mitsui Financial Group (SMFG) Chief Executive Officer Toru Nakashima stated on December 27, 2024, that the firm expects to achieve a net profit exceeding 1.2 trillion yen for the fiscal year starting April 2025. This projection translates to more than $7.65 billion.
This forecast surpasses the company's previous record target of 1.16 trillion yen for the current fiscal year. The anticipated increase is attributed to a resurgent Japanese banking sector, benefiting from interest rate normalization and efforts to diversify income sources abroad.
The CEO's statement provides a strong positive outlook for SMFG's future profitability, indicating confidence in continued growth. This guidance is significant for investors, suggesting sustained financial strength and strategic success in the coming fiscal year.
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