Sumitomo Trust says bad loans down slightly in Q3

Japan's Sumitomo Trust & Banking Co. Ltd. said on Friday its bad loans fell slightly in the third quarter as it posted a 74.45 billion yen ($724.2 million) net profit for the nine months through December.

The country's sixth-biggest bank said end-December bad loans totalled 2.1 percent of all its lending, down from 2.2 percent three months earlier.

Sumitomo Trust kept its full-year net profit outlook unchanged at 85 billion yen, compared with 79.6 billion yen reported last year.

This is the first year that Japanese banks have been required to post quarterly results, and Sumitomo Trust did not give three-month comparisons for 2003/04.

Sumitomo Trust and other big Japanese banks, deep in the red just two years ago, have recovered thanks to an improved economy and efforts to clear years of accumulated debt.

($1=102.80 yen)

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