Sumitomo Mitsui Financial Group Inc. said Wednesday its group net profit plunged 73.9 percent in the nine months through December from a year earlier to ¥83.44 billion on loan-loss provisions and other credit costs amid the global financial turmoil.
The 9-month figure amounts to a 99 percent third-quarter loss, Bloomberg News reported the same day.
Consolidated pretax profit lost 47.4 percent to ¥276.37 billion on operating revenues of ¥2.83 trillion, down 12.7 percent, said SMFG, one of Japan's three megabank groups.
Operating profit from core banking operations at Sumitomo Mitsui Banking Corp., the group's banking unit, gained 10.7 percent to ¥627.35 billion.
SMFG's credit costs, including the provisions set aside for possible defaults, increased 67.8 percent to ¥399.39 billion as the financial turmoil and ensuing worldwide economic downturn increasingly hurt the business performance of its borrowers.
Affected by falls in share prices, the group also recorded a ¥106.10 billion loss in its stock and other investments, almost double from a year earlier.