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Sumitomo Mitsui Trust posts 26.8% YOY rise in fiscal-year net income

Sumitomo Mitsui Trust Holdings Inc. posted a 26.8% year-over-year rise in net income for the fiscal year ended March 31.

The company reported consolidated fiscal full-year net income attributable to owners of ¥153.99 billion, or ¥403.75 per share, down from ¥121.45 billion, or ¥317.16 per share, in the prior-year period.

Ordinary income climbed year over year to ¥1.351 trillion from ¥1.261 trillion, while ordinary profit rose to ¥232.66 billion from ¥196.38 billion.

Net interest income and related profit fell to ¥193.32 billion from ¥232.56 billion, with net interest income declining to ¥180.06 billion from ¥219.08 billion.

Net fees and commissions and related profit inched down to ¥397.24 billion from ¥398.60 billion, with net fees and commissions falling to ¥309.91 billion from ¥312.21 billion.

The company's consolidated total capital ratio came to 16.31% as of March 31, compared to 16.42% as of March 31, 2017. Its common equity Tier 1 and Tier 1 ratios for the period were 11.33% and 13.74%, respectively, up from 11.04% and 13.54%, respectively, at March 31, 2017.

Sumitomo Mitsui Trust Bank Ltd., the group's banking unit, posted a 40.3% year-over-year increase in nonconsolidated net income to ¥117.98 billion from ¥77.66 billion.

The unit's consolidated total capital ratio came to 15.45% as of March 31, down from 15.58% as of March 31, 2017. Its common equity Tier 1 and Tier 1 ratios for the period were 10.85% and 12.87%, respectively, up from 10.76% and 12.67%, respectively, at March 31, 2017.

Sumitomo Mitsui Trust forecast a 7.2% year-over-year increase in net income for the fiscal year ending March 31, 2019, to ¥165 billion, or ¥433.60 per share.

As of May 10, US$1 was equivalent to ¥109.58.