Market Chatter: Sumitomo Mitsui Expects Growth Without Major Acquisitions

MT Newswires Live03-30

Sumitomo Mitsui Financial (SMFG) is targeting profits to increase by about a third as it seeks growth without major acquisitions, Chief Executive Toru Nakashima said in an interview, according to Bloomberg News on Monday.

Nakashima said the bank is aiming for 2 trillion Japanese yen ($12.54 billion) in profit and a 13% return on tangible equity in three years while building the current businesses it owns, according to Bloomberg.

The bank expects to post a record annual net income of 1.5 trillion yen for the year ending in March.

"Inorganic growth is not high on our mind for the next three years," Nakashima was quoted as saying by Bloomberg. "We are in an environment where we can make solid growth organically."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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