The Sumitomo Mitsui Financial Group, one of Japan's three largest banking groups, reported Monday that group net profit dropped 35.7 percent to 441.4 billion yen in 2006 because of losses from consumer lending affiliate Promise Co. and weak banking operations.
Sumitomo Mitsui Banking Corp., the group's core business, posted a net profit of 315.7 billion yen, down 203.8 billion yen from the previous year.
The bank also reported a temporary loss of 88 billion yen on its investment in Promise.