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Sumitomo Mitsui Financial fiscal Q1 net profit drops 6% YOY

Sumitomo Mitsui Financial Group Inc. reported a 6% year-over-year decline in profit attributable to owners for the quarter ended June 30 to ¥227.08 billion, from ¥241.52 billion.

The bank said EPS dropped to ¥161.67 from ¥171.14 in the prior-year period.

Ordinary income rose year over year to ¥1.426 trillion from ¥1.361 trillion. Ordinary profit increased to ¥331.89 billion from ¥316.19 billion.

Net interest income fell to ¥333.61 billion from ¥362.38 billion, while the company's net fees and commissions rose to ¥253.95 billion from ¥237.36 billion.

Sumitomo Mitsui Financial's consolidated nonperforming loan ratio as of June 30 was 0.72%, down from 0.78% as of March 31.

The company's banking unit, Sumitomo Mitsui Banking Corp. posted a decline in net profit to ¥136.35 billion, from ¥168.43 billion in the quarter ended June 30, 2017.

The bank's net interest income dropped to ¥235.09 billion from ¥248.07 billion, while net fees and commissions increased to ¥76.98 billion from ¥65.13 billion.

The bank reported unconsolidated NPL ratio of 0.46% as of June 30, compared with 0.51% as of March 31.

As of July 27, US$1 was equivalent to ¥111.02.