Sumitomo Mitsui Trust Reports Weaker 3Q in Banking, but Fiduciary Services Continues to Drive Growth
Sumitomo Mitsui Trust Holdings reported a slightly weaker fiscal third quarter, with annualized return on equity of 6.5% for October-December 2018, compared with 7.1% in July-September and 6.8% in April-June. Preprovision operating profit declined 8% year on year in its retail banking segment and 9% in wholesale after having recorded double-digit growth in these segments in the first two quarters. On the other hand SMTH’s fiduciary services segment continued to enjoy double-digit growth, with pr...Sumitomo Mitsui Trust Holdings is a holding company engaged in the management of Sumitomo Mitsui Trust Group Companies. Co.'s main business activities are banking, asset management and administration, and real estate. Co.'s banking business offers retail banking services throughout Japan; wholesale banking services to corporate clients; and marketable financial products for investment and risk management needs Co.'s asset management and administration business provides various products including pension plan for institutional investors and investment trusts primarily for individual clients. Co.'s real estate business offers a full line of real estate related transaction services.
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