The Japanese firm expects net profit in the year to March of 1.7 trillion yen ($15.1bn; £12.1bn), compared with a previous forecast of 1.55 trillion yen.
That is despite losing its top-selling carmaker status to Volkswagen in 2016,
Meanwhile, Toyota said it had begun formal talks to work with Suzuki on projects including safety technology.
Analysts said the partnership - which could also involve collaboration on vehicles that were less damaging to the environment - would give Suzuki access to Toyota's technology. Benefits for Toyota are likely to include tapping in to Suzuki's strong market position in India.
