Japan's SMFG net profit drops 60% due to credit costs

Sumitomo Mitsui Financial Group Inc (SMFG) on Wednesday reported a 60% decline in first-quarter net profit due to an increase of credit-related costs during the coronavirus pandemic.

TOKYO, July 29 (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) 8316.T on Wednesday reported a 60% decline in first-quarter net profit due to an increase of credit-related costs during the coronavirus pandemic.

Profit reached 86 billion yen ($819 million) for the three months through June, versus 215.7 billion yen in the same period a year earlier, Japan's second-largest lender by assets said in a filing to the stock exchange.

For the full year through March, SMFG reiterated its forecast for profit of 400 billion yen. That compared with the 498.1 billion yen average of 12 analyst estimates compiled by Refinitiv.

($1 = 104.9700 yen)

(Reporting by Junko Fujita, editing by Louise Heavens)

((Junko.Fujita@thomsonreuters.com;))

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