Tokyo - The Japanese banking group Sumitomo Mitsui Financial Group Inc on Friday reported a 4.6-per-cent increase in its net profit for the fiscal year that ended March 31 over the year before to 461.54 billion yen (4.4 billion dollars).

One of Japan's megabanks said its operating revenues - which represent a company's earning minus interest payments and taxes and which are seen as a measure of its earnings power from ongoing operations - jumped 18.5 per cent to 4.62 trillion yen.

Sumitomo Mitsui Financial is the only institution among Japan's major banking groups to forecast an increase in net profit for the current fiscal year.

It has dodged much of the damage wrought by the US subprime mortgage crisis and said bond sales helped raise its profit last year and offset its subprime losses.

The financial group said it expected net profit to rise 4 per cent to 480 billion yen this year and operating revenues to drop 15.6 per cent to 3.9 trillion yen. (dpa)