Sumitomo Mitsui’s H1 net drops 30 percent

TOKYO -- Sumitomo Mitsui Financial Group said Monday its first fiscal half profit fell 30 percent partly because of a write-down related to losses in subprime mortgage-backed securities.

Sumitomo Mitsui’s profit for the six months ended Sept. 30 totaled 170.59 billion yen (US$1.54 billion; euro1.05 billion), down from 243.66 billion yen the same period a year earlier. First half ordinary income rose 13.8 percent to 2.078 trillion yen (US$18.79 billion; euro12.83 billion).

 

 

 

 

 

 

 

 

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