Thus, by reducing losses from investments and bad debts, the bank managed to increase net profit by more than 800 times, the agency reported Blomberg. The consensus forecast of analysts was 82.5 billion yen.

In the past quarter loss Sumitomo Mitsui investment in shares amounted to 5.8 billion yen, compared with 86.3 billion yen in October-December 2008. Unlike western finkompany Japanese banks buy shares of its corporate customers, which increases their vulnerability to swings in the stock market.

Sumitomo Mitsui has confirmed the forecast of net profit in the current financial year amounting to 220 billion yen, despite the fact that for 9 months fingoda profit exceeded 247 billion yen. Analysts expect the Bank’s net profit for the year will reach 230 billion yen.

Revenues Bank in April-December 2009 fell to 2.34 trillion yen from 2.83 trillion yen for the same period a year earlier.

According to analysts, Sumitomo Mitsui is restored after the crisis at a faster pace than its main rivals – Mitsubishi UFJ and Mizuho.

Sumitomo Mitsui shares on February 8, slid 1.2% because the statements were published after the close of the Tokyo Stock Exchange. Since the price of bank shares rose by 9% after falling 30% in 2009.

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