Japan's SMFG posts record annual profit, forecasts better year ahead despite tariff hit

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TOKYO :Japan's second-largest banking group Sumitomo Mitsui Financial Group hit a record 1.18 trillion yen ($8.1 billion) profit for the financial year ended March 2025 and sees more growth ahead even accounting for the hit to its business from tariff uncertainty.

But the base trend of growth investment and higher wages as Japan emerges from deflation looks set to continue, he added.

But the tariff uncertainty means SMFG too is holding off on further acquisitions, Nakashima said.

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Category: EconomyBusiness

Markets: SingaporeIndiaJapan

Topics: Tariff Smfg Year Cent Tokyo Financial Group March Nakashima Growth Japan

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-14 @ 16:32:05 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 489 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 28709248

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