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Sumitomo Mitsui Trust fiscal Q1 net income rises 10.9% YOY

Sumitomo Mitsui Trust Holdings Inc. reported a 10.9% year-over-year increase in net income for the fiscal first quarter ended June 30.

The company said July 27 that consolidated first-quarter net income attributable to owners rose to ¥44.49 billion from ¥40.12 billion in the prior-year period. EPS for the quarter came to ¥117.06, up from ¥104.85.

Net interest income slipped to ¥34.77 billion from ¥41.47 billion, while net fees and commissions rose to ¥74.23 billion from ¥72.54 billion. Sumitomo Mitsui Trust Holdings attributed the rise in feed and commissions and related profit to progress in investment trust and insurance sales and the asset management/administration business.

The company posted a net trading profit of ¥2.42 billion, up from ¥245 million a year earlier.

Ordinary profit grew year over year to ¥66.61 billion from ¥61.42 billion, while ordinary income also went up to ¥338.58 billion from ¥315.04 billion.

The group's banking unit, Sumitomo Mitsui Trust Bank Ltd., said net income for the fiscal first quarter grew year over year to ¥72.0 billion from ¥33.7 billion in the year-ago period.

As of June 30, the bank's nonperforming loan ratio stood at 0.2%, at par with the NPL ratio as of March 31.

The company maintained its profit forecast for the fiscal year ending March 31, 2019, at ¥165 billion, a 7.2% rise from the prior year.

As of July 26, US$1 was equivalent to ¥111.08.