July 30, 2019 / 7:03 AM / 4 months ago

Japan's SMFG says first-quarter net profit fell 5% as retail business struggles

TOKYO, July 30 (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) on Tuesday reported a 5% decline in first-quarter net profit, saying its retail business was hit by adverse market conditions.

Profit reached 215.7 billion yen ($1.99 billion) for the three months through June, versus 227 billion yen in the same period a year earlier, Japan’s second-largest lender by assets said in a stock exchange filing.

For the full year through March, SMFG reiterated its forecast for profit of 700 billion yen. That compared with the 720.1 billion yen average of 11 analyst estimates compiled by Refinitiv. ($1 = 108.6100 yen) (Reporting by Takashi Umekawa; Editing by Christopher Cushing)

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