Sumitomo Mitsui Financial Group’s profit rose more than analysts estimated in the fiscal third quarter, as the Bank of Japan’s interest rate hikes put it on track to deliver record annual earnings.
Net income at Japan’s second-largest bank rose 54% from a year earlier to ¥410.8 billion ($2.6 billion) for the three months ended Dec. 31, according to calculations based on nine-month results released Wednesday. That beat the ¥340.2 billion average of three analysts’ estimates compiled by Bloomberg.
Japanese banks are enjoying bumper earnings as they begin to benefit from rising interest rates following more than a decade of ultraeasy monetary policy.
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