Business Services Industry
Sumitomo Mitsui Banking Corp. Revises Upward Group Profit Estimates.
Knight Ridder/Tribune Business News, April, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Apr. 28--TOKYO -- Sumitomo Mitsui Financial Group Inc. said Wednesday it has revised upward fiscal 2003 group profit estimates for its core banking unit Sumitomo Mitsui Banking Corp. due to higher appraisal gains on stockholdings.
Sumitomo Mitsui Banking expects to report group net profit of 330 billion yen, revised up from 230 billion yen estimated last November, and group pretax profit of 340 billion yen, revised up from 320 billion yen.
Appraisal gains on stockholdings rose due to the substantial recovery in stock prices in the past year while hefty gains of 60 billion yen stemmed from the return of a portion of the bank's employee pension funds it had managed on...
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