Sumitomo loan book falls despite overseas push
Sumitomo Mitsui Financial Group continued its push into the offshore loan market in the first financial quarter, but that could not make up for dwindling loan demand in the domestic market. The bank became the first of Japan’s three megabanks to report first quarter earnings on Monday, telling investors its net income had fallen by around 43% compared to the same period last year.
The lender continued to push into the offshore loan market, following a strategy that has became a necessary move for Japanese banks at the moment. Sumitomo said its overseas loan book had increased to $136bn between April and June, rising 6.25% over the quarter.
But that could still not
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