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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number 001-34919
SUMITOMO MITSUI FINANCIAL GROUP, INC.
(Translation of registrant’s name into English)
1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005, Japan
(Address of principal executive offices)
|
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: |
Form 20-F ☒ | Form 40-F ☐ |
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF SUMITOMO MITSUI FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-276219) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED, EXCEPT FOR ANY MATERIALS THEMSELVES INCORPORATED BY REFERENCE INTO INFORMATION FURNISHED IN THIS REPORT ON FORM 6-K AND THE STATEMENTS REGARDING OUR EARNINGS FORECAST UNDER THE CAPTION “3. EARNINGS FORECAST ON A CONSOLIDATED BASIS (FOR THE FISCAL YEAR ENDING MARCH 31, 2025).”
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Sumitomo Mitsui Financial Group, Inc. | ||||
| By: | /s/ Jun Okahashi | |||
| Name: | Jun Okahashi | |||
| Title: |
Executive Officer & General Manager, Financial Accounting Dept | |||
Date: August 2, 2024
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August 2, 2024
|
Sumitomo Mitsui Financial Group, Inc. Consolidated Financial Results for the three months ended June 30, 2024 <Under Japanese GAAP> |
|
Head Office: 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan
Stock Exchange Listings: Tokyo Stock Exchange, Nagoya Stock Exchange, New York Stock Exchange
URL: https://www.smfg.co.jp/english/
President: Toru Nakashima
Investors meeting presentation for financial results: Not scheduled
Note: Amounts less than one million yen have been rounded down.
1. Consolidated financial results (for the three months ended June 30, 2024)
(1) Operating results
(Millions of yen, except per share data and percentages)
| Ordinary income | Ordinary profit | Profit attributable to owners of parent |
||||||||||||||||||||||||||
|
Three months ended June 30, 2024 |
¥ 2,522,567 | 11.0 | % | ¥ | 520,888 | 49.2 | % | ¥ | 371,355 | 49.7 | % | |||||||||||||||||
|
Three months ended June 30, 2023 |
2,273,292 | 70.7 | 349,137 | (0.2 | ) | 248,016 | (1.8 | ) | ||||||||||||||||||||
| Notes: | 1. | Comprehensive income: | ||||||||||||||||||||||||||
| (a) for the three months ended June 30, 2024: ¥ 528,541 million [(39.1)%] |
| |||||||||||||||||||||||||||
| (b) for the three months ended June 30, 2023: ¥ 868,208 million [121.7%] |
| |||||||||||||||||||||||||||
| 2. | Percentages shown in ordinary income, ordinary profit, profit attributable to owners of parent and comprehensive income are the increase (decrease) from the same period in the previous fiscal year. |
| ||||||||||||||||||||||||||
| Earnings per share | Earnings per share (Diluted) |
|||||||||||||||||||||||||||
|
Three months ended June 30, 2024 |
¥ 283.09 | ¥ 283.02 | ||||||||||||||||||||||||||
|
Three months ended June 30, 2023 |
185.69 | 185.64 | ||||||||||||||||||||||||||
| (2) Financial position | ||||||||||||||||||||||||||||
| (Millions of yen, except percentages) | ||||||||||||||||||||||||||||
| Total assets | Net assets | Net assets ratio | ||||||||||||||||||||||||||
| As of June 30, 2024 |
¥ 301,990,164 | ¥ 15,090,216 | 5.0% | |||||||||||||||||||||||||
|
As of March 31, 2024 |
295,236,701 | 14,799,967 | 5.0 | |||||||||||||||||||||||||
| Notes: | 1. | Stockholders’ equity: |
| |||||||||||||||||||||||||
| (a) as of June 30, 2024: ¥14,952,532 million (b) as of March 31, 2024: ¥ 14,660,110 million |
| |||||||||||||||||||||||||||
| 2. | Net assets ratio = {(Net assets – stock acquisition rights – non-controlling interests) / total assets} X 100 |
| ||||||||||||||||||||||||||
2. Dividends on common stock
(Yen)
| Cash dividends per share | ||||||||||||||||||||
| 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | Annual | ||||||||||||||||
| Fiscal year ended March 31, 2024 |
¥ — | ¥ 135.00 | ¥ — | ¥ 135.00 | ¥ 270.00 | |||||||||||||||
| Fiscal year ending March 31, 2025 Before considering the stock split |
— | |||||||||||||||||||
| (After considering the stock split) |
— | |||||||||||||||||||
| Fiscal year ending March 31, 2025 Forecast/Before considering the stock split |
165.00 | — | 165.00 | 330.00 | ||||||||||||||||
|
(Forecast/After considering the stock split) |
165.00 | — | 55.00 | — | ||||||||||||||||
| Notes: | 1. |
Dividend forecast remains unchanged. | ||||||||||||||
| 2. |
At the Board of Directors held on May 15, 2024, the Company resolved to conduct a three for one split of the Company’s common stock on the record date of September 30, 2024. | |||||||||||||||
3. Earnings forecast on a consolidated basis (for the fiscal year ending March 31, 2025)
(Millions of yen, except per share data and percentage)
| Profit attributable to owners of parent | Earnings per share | |||||||||
| Fiscal year ending March 31, 2025 |
¥ 1,060,000 | 10.1% | ¥ 270.98 | |||||||
| Notes: | 1. |
Earnings forecast remains unchanged. | ||
| 2. |
Percentage shown in profit attributable to owners of parent is the increase (decrease) from the previous fiscal year. | |||
| 3. |
Forecasted earnings per share is calculated by dividing forecasted profit attributable to owners of parent by the number of issued common stocks (excluding treasury stocks) as of June 30, 2024. The number of issued common stocks (excluding treasury stocks) is taking into account the impacts of the stock split and the repurchase of its own shares resolved by the Company at the Board of Directors held on May 15, 2024. |
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| [Notes] | ||
| (1) There were changes in material consolidated subsidiaries during the period.
Newly consolidated: 1 company (JRI Holdings, Ltd.)
Excluded: 1 company (SMBC Finance Service Co., Ltd.) | ||
| (2) Special accounting methods used for preparing quarterly consolidated financial statements were adopted. | ||
| Note: For more details, see page 5 “3. Notes to quarterly consolidated financial statements.” | ||
| (3) Changes in accounting policies, changes in accounting estimates and restatements | ||
| (a) Changes in accounting policies due to application of new or revised accounting standards |
: Yes | |
| (b) Changes in accounting policies due to reasons other than above (a) |
: No | |
| (c) Changes in accounting estimates |
: No | |
| (d) Restatements |
: No | |
| Note: For more details, see page 5 “3. Notes to quarterly consolidated financial statements.” | ||
| (4) Number of shares issued (common stocks) | ||
| As of June 30, 2024 |
As of March 31, 2024 |
|||||||
| (a) Number of shares issued (including treasury stocks) |
1,317,397,084 shares | 1,337,529,084 shares | ||||||
| (b) Number of treasury stocks |
9,030,062 shares | 23,587,866 shares | ||||||
| Three months ended |
Three months ended |
|||||||
| (c) Average number of shares issued during the period |
1,311,778,317 shares | 1,335,616,415 shares | ||||||
|
Note: The Company has introduced a “Stock grant trust for employees”, and the shares of the Company held by the Trusts are included in the number of treasury stocks to be deducted when calculating the number of treasury stocks at the end of the fiscal year and the average number of shares issued during the period. | ||||||||
[Note on quarterly review process]
The external auditor’s review of the quarterly consolidated financial statements : No
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This document contains “forward-looking statements” (as defined in the U.S. Private Securities Litigation Reform Act of 1995), regarding the intent, belief or current expectations of Sumitomo Mitsui Financial Group, Inc. (“the Company”) and its management with respect to the Company’s future financial condition and results of operations. In many cases but not all, these statements contain words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “risk,” “project,” “should,” “seek,” “target,” “will” and similar expressions. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those expressed in or implied by such forward-looking statements contained or deemed to be contained herein. The risks and uncertainties which may affect future performance include: deterioration of Japanese and global economic conditions and financial markets; declines in the value of the Company’s securities portfolio; incurrence of significant credit-related costs; the Company’s ability to successfully implement its business strategy through its subsidiaries, affiliates and alliance partners; and exposure to new risks as the Company expands the scope of its business. Given these and other risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the date of this document. The Company undertakes no obligation to update or revise any forward-looking statements. Please refer to the Company’s most recent disclosure documents such as its annual report on Form 20-F and other documents submitted to the U.S. Securities and Exchange Commission, as well as its earnings press releases, for a more detailed description of the risks and uncertainties that may affect its financial conditions, its operating results, and investors’ decisions.
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Table of Contents
Sumitomo Mitsui Financial Group, Inc.
* Appendix: Financial results for the three months ended June 30, 2024 supplementary information
- 1 -
Table of Contents
Sumitomo Mitsui Financial Group, Inc.
I. Consolidated operating results for the three months ended June 30, 2024 (fiscal 2024)
The subject matter is described in the “Overview of 1Q FY3/2025” disclosed on August 2, 2024 (Friday), which is available on our website at https://www.smfg.co.jp/english/investor/financial/latest_statement.html.
The information is posted under FY 2024 ended March 31, 2025, the Financial Results section, First Quarter, Overview of performance, on the above website.
- 2 -
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Sumitomo Mitsui Financial Group, Inc.
II. Quarterly consolidated financial statements and main notes
1. Quarterly consolidated balance sheets
| Millions of yen | ||||||||
| March 31, 2024 | June 30, 2024 | |||||||
|
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| Assets: |
||||||||
| Cash and due from banks |
¥ | 78,143,100 | ¥ | 77,106,286 | ||||
| Call loans and bills bought |
5,333,883 | 4,596,338 | ||||||
| Receivables under resale agreements |
8,525,688 | 10,873,452 | ||||||
| Receivables under securities borrowing transactions |
6,799,541 | 5,681,685 | ||||||
| Monetary claims bought |
6,103,091 | 5,890,453 | ||||||
| Trading assets |
11,540,063 | 11,028,805 | ||||||
| Money held in trust |
23,751 | 31,971 | ||||||
| Securities |
37,142,808 | 41,268,878 | ||||||
| Loans and bills discounted |
107,013,907 | 109,561,984 | ||||||
| Foreign exchanges |
2,068,885 | 2,400,939 | ||||||
| Lease receivables and investment assets |
207,645 | 246,865 | ||||||
| Other assets |
15,313,546 | 16,044,860 | ||||||
| Tangible fixed assets |
1,006,883 | 1,009,106 | ||||||
| Intangible fixed assets |
976,706 | 1,003,747 | ||||||
| Net defined benefit asset |
913,791 | 926,445 | ||||||
| Deferred tax assets |
71,427 | 68,914 | ||||||
| Customers’ liabilities for acceptances and guarantees |
14,869,558 | 15,064,257 | ||||||
| Reserve for possible loan losses |
(817,578) | (814,831) | ||||||
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| Total assets |
¥ | 295,236,701 | ¥ | 301,990,164 | ||||
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| Liabilities: |
||||||||
| Deposits |
¥ | 164,839,357 | ¥ | 165,566,466 | ||||
| Negotiable certificates of deposit |
14,672,275 | 14,916,669 | ||||||
| Call money and bills sold |
3,138,049 | 3,932,186 | ||||||
| Payables under repurchase agreements |
19,625,877 | 21,983,119 | ||||||
| Payables under securities lending transactions |
1,736,935 | 1,669,793 | ||||||
| Commercial paper |
2,429,179 | 2,282,855 | ||||||
| Trading liabilities |
9,689,434 | 10,643,547 | ||||||
| Borrowed money |
14,705,266 | 14,146,928 | ||||||
| Foreign exchanges |
2,872,560 | 2,959,049 | ||||||
| Short-term bonds |
863,000 | 907,000 | ||||||
| Bonds |
13,120,274 | 13,465,394 | ||||||
| Due to trust account |
1,246,198 | 1,362,761 | ||||||
| Other liabilities |
15,573,044 | 17,120,977 | ||||||
| Reserve for employee bonuses |
115,488 | 51,645 | ||||||
| Reserve for executive bonuses |
4,411 | — | ||||||
| Net defined benefit liability |
37,263 | 36,775 | ||||||
| Reserve for executive retirement benefits |
1,179 | 873 | ||||||
| Reserve for point service program |
35,622 | 28,046 | ||||||
| Reserve for reimbursement of deposits |
9,228 | 7,841 | ||||||
| Reserve for losses on interest repayment |
121,947 | 116,361 | ||||||
| Reserves under the special laws |
4,631 | 4,952 | ||||||
| Deferred tax liabilities |
698,632 | 605,302 | ||||||
| Deferred tax liabilities for land revaluation |
27,316 | 27,143 | ||||||
| Acceptances and guarantees |
14,869,558 | 15,064,257 | ||||||
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|
|||||
| Total liabilities |
280,436,734 | 286,899,947 | ||||||
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| Net assets: |
||||||||
| Capital stock |
2,344,038 | 2,344,038 | ||||||
| Capital surplus |
610,143 | 609,911 | ||||||
| Retained earnings |
7,843,470 | 7,954,090 | ||||||
| Treasury stock |
(167,671) | (80,990) | ||||||
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| Total stockholders’ equity |
10,629,980 | 10,827,049 | ||||||
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| Net unrealized gains (losses) on other securities |
2,406,883 | 2,161,537 | ||||||
| Net deferred gains (losses) on hedges |
(65,073) | (86,119) | ||||||
| Land revaluation excess |
34,936 | 34,377 | ||||||
| Foreign currency translation adjustments |
1,362,647 | 1,732,282 | ||||||
| Accumulated remeasurements of defined benefit plans |
290,735 | 283,403 | ||||||
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| Total accumulated other comprehensive income |
4,030,129 | 4,125,482 | ||||||
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| Stock acquisition rights |
931 | 856 | ||||||
| Non-controlling interests |
138,925 | 136,827 | ||||||
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|
|
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| Total net assets |
14,799,967 | 15,090,216 | ||||||
|
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| Total liabilities and net assets |
¥ | 295,236,701 | ¥ | 301,990,164 | ||||
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Sumitomo Mitsui Financial Group, Inc.
2. Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income
(Quarterly consolidated statements of income)
| Millions of yen | ||||||||
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| Three months ended June 30 | 2023 | 2024 | ||||||
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| Ordinary income |
¥ | 2,273,292 | ¥ | 2,522,567 | ||||
| Interest income |
1,411,067 | 1,750,588 | ||||||
| Interest on loans and discounts |
869,210 | 1,016,474 | ||||||
| Interest and dividends on securities |
128,484 | 219,802 | ||||||
| Trust fees |
1,845 | 2,157 | ||||||
| Fees and commissions |
390,147 | 445,825 | ||||||
| Trading income |
122,789 | 32,828 | ||||||
| Other operating income |
265,156 | 154,493 | ||||||
| Other income |
82,286 | 136,674 | ||||||
| Ordinary expenses |
1,924,154 | 2,001,679 | ||||||
| Interest expenses |
990,570 | 1,226,374 | ||||||
| Interest on deposits |
383,413 | 435,061 | ||||||
| Fees and commissions payments |
60,279 | 70,477 | ||||||
| Trading losses |
195,454 | 9,703 | ||||||
| Other operating expenses |
69,312 | 49,495 | ||||||
| General and administrative expenses |
535,092 | 592,407 | ||||||
| Other expenses |
73,445 | 53,220 | ||||||
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| Ordinary profit |
349,137 | 520,888 | ||||||
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| Extraordinary gains |
11 | 322 | ||||||
| Extraordinary losses |
1,137 | 3,031 | ||||||
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| Income before income taxes |
348,012 | 518,178 | ||||||
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| Income taxes |
97,289 | 144,796 | ||||||
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| Profit |
250,722 | 373,382 | ||||||
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| Profit attributable to non-controlling interests |
2,705 | 2,026 | ||||||
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| Profit attributable to owners of parent |
¥ | 248,016 | ¥ | 371,355 | ||||
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| (Quarterly consolidated statements of comprehensive income) |
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| Millions of yen | ||||||||
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| Three months ended June 30 | 2023 | 2024 | ||||||
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| Profit |
¥ | 250,722 | ¥ | 373,382 | ||||
| Other comprehensive income (losses) |
617,485 | 155,159 | ||||||
| Net unrealized gains (losses) on other securities |
267,072 | (189,612) | ||||||
| Net deferred gains (losses) on hedges |
38,081 | (22,038) | ||||||
| Foreign currency translation adjustments |
302,972 | 323,673 | ||||||
| Remeasurements of defined benefit plans |
(4,818) | (7,154) | ||||||
| Share of other comprehensive income of affiliates |
14,178 | 50,290 | ||||||
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| Total comprehensive income |
868,208 | 528,541 | ||||||
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| Comprehensive income attributable to owners of parent |
862,580 | 526,598 | ||||||
| Comprehensive income attributable to non-controlling interests |
5,627 | 1,943 | ||||||
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Sumitomo Mitsui Financial Group, Inc.
3. Notes to quarterly consolidated financial statements
(Changes in accounting policies)
Application of Accounting Standard for Current Income Taxes, etc.
The Company applied the “Accounting Standard for Current Income Taxes” (ASBJ Statement No.27, October 28, 2022), the “Accounting Standard for Presentation of Comprehensive Income” (ASBJ Statement No.25, October 28, 2022) and the “Implementation Guidance on Tax Effect Accounting” (ASBJ Guidance No.28, October 28, 2022) from the beginning of the three months ended June 30, 2024.
As for the revision of accounting classification of current income taxes (imposed on Other comprehensive income) in accordance with the transitional treatment stipulated in the proviso of Paragraph 20-3 of the Accounting Standard for Current Income Taxes and Paragraph 65-2, Item 2 of the Implementation Guidance on Tax Effect Accounting, the cumulative effects by the retroactive application of the new accounting policies prior to the beginning of the three months ended June 30, 2024, were adjusted to “Retained earnings” at the beginning of the three months ended June 30, 2024. Furthermore, the corresponding amounts were appropriately allocated among “Capital surplus”, “Valuation and translation adjustments” and “Total accumulated other comprehensive income,” and new accounting standards were applied from the beginning balance of the three months ended June 30, 2024. As a result, “Retained earnings” increased by ¥59,330 million and “Net unrealized gains on other securities” decreased by ¥59,330 million at the beginning of the three months ended June 30, 2024.
As for the revision to review the treatment of gains or losses on sales arising from the sale of subsidiaries’ stocks and others between consolidated companies in the consolidated financial statements, in cases where the gains or losses on sales is deferred for tax purposes, the Company applied the Implementation Guidance on Tax Effect Accounting from the beginning of the three months ended June 30, 2024. There were no significant effects on the consolidated financial statements due to the application of the Implementation Guidance.
(Application of special accounting methods used for preparing quarterly consolidated financial statements)
The Company and certain domestic consolidated subsidiaries calculated tax expenses by multiplying Income before income taxes by an effective tax rate that was reasonably estimated by applying tax effect accounting to estimated Income before income taxes for the fiscal year ending March 31, 2025 including the period for the three months ended June 30, 2024. Amounts of Income taxes include Income taxes-deferred.
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Table of Contents
Sumitomo Mitsui Financial Group, Inc.
(Notes to segment and other related information)
1. Information on profit and loss amount by reportable segment
| Millions of yen | ||||||||||||||||||||||||
| Three months ended June 30, 2023 |
Wholesale Business Unit |
Retail Business Unit |
Global Business Unit |
Global Markets Business Unit |
Head office account and others |
Total | ||||||||||||||||||
| Consolidated gross profit |
¥ | 172,900 | ¥ | 304,600 | ¥ | 331,300 | ¥ | 149,400 | ¥ | (82,811 | ) | ¥ | 875,389 | |||||||||||
| General and administrative expenses |
(76,300 | ) | (261,600 | ) | (187,600 | ) | (38,800 | ) | 29,208 | (535,092 | ) | |||||||||||||
| Others |
25,100 | 800 | 12,800 | 7,400 | (29,230 | ) | 16,870 | |||||||||||||||||
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| Consolidated net business profit |
¥ | 121,700 | ¥ | 43,800 | ¥ | 156,500 | ¥ | 118,000 | ¥ | (82,833 | ) | ¥ | 357,167 | |||||||||||
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| Notes: | 1. Figures shown in the parentheses represent the loss. | |
| 2. “Others” includes equity in profit and loss of affiliates and cooperated profit and loss based on internal managerial accounting. | ||
| 3. “Head office account and others” includes profit or loss to be eliminated as inter-segment transactions. |
| Millions of yen | ||||||||||||||||||||||||
| Three months ended June 30, 2024 |
Wholesale Business Unit |
Retail Business Unit |
Global Business Unit |
Global Markets Business Unit |
Head office account and others |
Total | ||||||||||||||||||
| Consolidated gross profit |
¥ | 204,100 | ¥ | 339,000 | ¥ | 353,200 | ¥ | 168,600 | ¥ | (35,059 | ) | ¥ | 1,029,841 | |||||||||||
| General and administrative expenses |
(82,400 | ) | (281,100 | ) | (234,500 | ) | (49,900 | ) | 55,493 | (592,407 | ) | |||||||||||||
| Others |
29,700 | 400 | 25,600 | 7,800 | (32,105 | ) | 31,395 | |||||||||||||||||
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| Consolidated net business profit |
¥ | 151,400 | ¥ | 58,300 | ¥ | 144,300 | ¥ | 126,500 | ¥ | (11,671 | ) | ¥ | 468,829 | |||||||||||
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| Notes: | 1. Figures shown in the parentheses represent the loss. | |
| 2. “Others” includes equity in profit and loss of affiliates and cooperated profit and loss based on internal managerial accounting. | ||
| 3. “Head office account and others” includes profit or loss to be eliminated as inter-segment transactions. |
2. Difference between total amount of consolidated net business profit by reportable segment and ordinary profit on quarterly consolidated statements of income (adjustment of difference)
| Three months ended June 30, 2023 |
Millions of yen | |||
| Consolidated net business profit |
¥ | 357,167 | ||
| Other ordinary income (excluding equity in gains of affiliates) |
65,415 | |||
| Other ordinary expenses |
(73,445 | ) | ||
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| Ordinary profit on quarterly consolidated statements of income |
¥ | 349,137 | ||
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Note: Figures shown in the parentheses represent the loss.
| Three months ended June 30, 2024 |
Millions of yen | |||
| Consolidated net business profit |
¥ | 468,829 | ||
| Other ordinary income (excluding equity in gains of affiliates) |
105,279 | |||
| Other ordinary expenses |
(53,220 | ) | ||
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| Ordinary profit on quarterly consolidated statements of income |
¥ | 520,888 | ||
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Note: Figures shown in the parentheses represent the loss.
(Material changes in stockholders’ equity)
Not applicable.
Not applicable.
- 6 -
Table of Contents
Sumitomo Mitsui Financial Group, Inc.
(Notes to quarterly consolidated statements of cash flows)
Quarterly consolidated statements of cash flows were not prepared for the three months ended June 30, 2024. “Depreciation” (including amortization of intangible fixed assets other than goodwill) and “Amortization of goodwill” for the three months ended June 30, 2023 and 2024 were as follows:
| Millions of yen | ||||||||
| Three months ended June 30 |
2023 | 2024 | ||||||
| Depreciation |
¥ | 62,062 | ¥ | 62,528 | ||||
| Amortization of goodwill |
8,262 | 7,215 | ||||||
- 7 -
Table of Contents
Sumitomo Mitsui Financial Group
Financial results
for the three months
ended June 30, 2024
- Supplementary information -
| Table of contents |
|
|||||||||||||
| 1. |
Operating results | Consolidated | Non-consolidated | … | 1 | |||||||||
| 2. |
Interest spread (domestic) | Non-consolidated | … | 3 | ||||||||||
| 3. |
Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act |
Consolidated | Non-consolidated | … | 3 | |||||||||
| 4. |
Unrealized gains (losses) on securities | Consolidated | Non-consolidated | … | 4 | |||||||||
| 5. |
Deposits and loans | Non-consolidated | … | 5 | ||||||||||
Notes
1. Consolidated : Consolidated figures of Sumitomo Mitsui Financial Group, Inc.
2. Non-consolidated : Non-consolidated figures of Sumitomo Mitsui Banking Corporation (“SMBC”)
3. Capital ratio as of June 30, 2024 will be announced when it is fixed.
Table of Contents
Sumitomo Mitsui Financial Group
| Consolidated | (Millions of yen)
| |||||||||||||
| Three months ended June 30, 2024 (A) |
Change (A) - (B) |
Three months ended June 30, 2023 (B) | ||||||||||||
| Consolidated gross profit | 1 | 1,029,841 | 154,452 | 875,389 | ||||||||||
| Net interest income |
2 | 524,213 | 103,716 | 420,497 | ||||||||||
| Trust fees |
3 | 2,157 | 312 | 1,845 | ||||||||||
| Net fees and commissions |
4 | 375,348 | 45,481 | 329,867 | ||||||||||
| Net trading income |
5 | 23,124 | 95,788 | (72,664) | ||||||||||
| Net other operating income |
6 | 104,998 | (90,846) | 195,844 | ||||||||||
| General and administrative expenses | 7 | (592,407) | (57,315) | (535,092) | ||||||||||
| Equity in gains (losses) of affiliates | 8 | 31,395 | 14,525 | 16,870 | ||||||||||
| Consolidated net business profit | 9 | 468,829 | 111,662 | 357,167 | ||||||||||
| Total credit cost | 10 | (29,202) | 14,747 | (43,949) | ||||||||||
| Credit costs |
11 | (35,631) | 18,039 | (53,670) | ||||||||||
| Write-off of loans |
12 | (28,930) | 17,611 | (46,541) | ||||||||||
| Provision for reserve for possible loan losses |
13 | — | — | — | ||||||||||
| Others |
14 | (6,700) | 428 | (7,128) | ||||||||||
| Gains on reversal of reserve for possible loan losses | 15 | 2,061 | (3,663) | 5,724 | ||||||||||
| Recoveries of written-off claims |
16 | 4,367 | 371 | 3,996 | ||||||||||
| Gains (losses) on stocks | 17 | 82,333 | 41,086 | 41,247 | ||||||||||
| Other income (expenses) | 18 | (1,071) | 4,257 | (5,328) | ||||||||||
| Ordinary profit | 19 | 520,888 | 171,751 | 349,137 | ||||||||||
| Extraordinary gains (losses) | 20 | (2,709) | (1,584) | (1,125) | ||||||||||
| Gains (losses) on disposal of fixed assets |
21 | (2,305) | (2,074) | (231) | ||||||||||
| Losses on impairment of fixed assets |
22 | (82) | 549 | (631) | ||||||||||
| Income before income taxes | 23 | 518,178 | 170,166 | 348,012 | ||||||||||
| Income taxes | 24 | (144,796) | (47,507) | (97,289) | ||||||||||
| Profit | 25 | 373,382 | 122,660 | 250,722 | ||||||||||
| Profit attributable to non-controlling interests | 26 | (2,026) | 679 | (2,705) | ||||||||||
| Profit attributable to owners of parent | 27 | 371,355 | 123,339 | 248,016 | ||||||||||
| Notes: 1. Amounts less than 1 million yen are rounded down. Figures in parentheses indicate the amount of loss or decrease. | ||||||||||||||
| 2. Consolidated gross profit = (Interest income - Interest expenses) + Trust fees + (Fees and commissions - Fees and commissions payments) + (Trading income - Trading losses) + (Other operating income - Other operating expenses) 3. Amounts of Income taxes include Income taxes-deferred. | ||||||||||||||
| Number of consolidated subsidiaries and affiliates |
||||||||||||||
| June 30, 2024 |
March 31, 2024 | |||||||||||||
| Change | ||||||||||||||
| Consolidated subsidiaries | 28 | 175 | — | 175 | ||||||||||
| Equity method affiliates | 29 | 315 | (2) | 317 | ||||||||||
- 1 -
Table of Contents
Sumitomo Mitsui Financial Group
| SMBC non-consolidated | (Millions of yen) | |||||||||||||
| Three months ended June 30, 2024 (A) |
Change (A) - (B) |
Three months ended June 30, 2023 (B) | ||||||||||||
| Gross banking profit | 1 | 519,479 | 96,218 | 423,261 | ||||||||||
| Net interest income |
2 | 318,379 | 78,257 | 240,122 | ||||||||||
| Trust fees |
3 | 779 | (5) | 784 | ||||||||||
| Net fees and commissions |
4 | 127,455 | 16,858 | 110,597 | ||||||||||
| Net trading income |
5 | (37,466) | 96,226 | (133,692) | ||||||||||
| Net other operating income |
6 | 110,331 | (95,118) | 205,449 | ||||||||||
| Gains (losses) on bonds |
7 | 10,017 | 11,244 | (1,227) | ||||||||||
| Expenses (excluding non-recurring losses) | 8 | (267,328) | (24,756) | (242,572) | ||||||||||
| Personnel expenses |
9 | (113,182) | (10,253) | (102,929) | ||||||||||
|
Non-personnel expenses |
10 | (136,075) | (12,970) | (123,105) | ||||||||||
| Taxes |
11 | (18,070) | (1,533) | (16,537) | ||||||||||
| Banking profit (before provision for general reserve for possible loan losses) | 12 | 252,151 | 71,463 | 180,688 | ||||||||||
| Gains (losses) on bonds | 13 | 10,017 | 11,244 | (1,227) | ||||||||||
| Core banking profit (12-13) |
14 | 242,133 | 60,217 | 181,916 | ||||||||||
| excluding gains (losses) on cancellation of investment trusts |
15 | 220,364 | 39,391 | 180,973 | ||||||||||
| Provision for general reserve for possible loan losses | 16 | — | — | — | ||||||||||
| Banking profit | 17 | 252,151 | 71,463 | 180,688 | ||||||||||
| Non-recurring gains (losses) | 18 | 120,029 | 76,600 | 43,429 | ||||||||||
| Credit costs |
19 | (738) | 12,376 | (13,114) | ||||||||||
| Gains on reversal of reserve for possible loan losses |
20 | 29,854 | 12,645 | 17,209 | ||||||||||
| Recoveries of written-off claims |
21 | — | (0) | 0 | ||||||||||
| Gains (losses) on stocks |
22 | 82,083 | 44,618 | 37,465 | ||||||||||
| Gains on sales of stocks |
23 | 89,182 | 41,866 | 47,316 | ||||||||||
| Losses on sales of stocks |
24 | (61) | 1,061 | (1,122) | ||||||||||
| Losses on devaluation of stocks |
25 | (7,037) | 1,690 | (8,727) | ||||||||||
| Other non-recurring gains (losses) |
26 | 8,829 | 6,961 | 1,868 | ||||||||||
| Ordinary profit | 27 | 372,180 | 148,062 | 224,118 | ||||||||||
| Extraordinary gains (losses) | 28 | (2,218) | (1,510) | (708) | ||||||||||
| Gains (losses) on disposal of fixed assets |
29 | (2,170) | (2,029) | (141) | ||||||||||
| Losses on impairment of fixed assets |
30 | (48) | 518 | (566) | ||||||||||
| Income before income taxes | 31 | 369,962 | 146,552 | 223,410 | ||||||||||
| Income taxes | 32 | (108,462) | (48,726) | (59,736) | ||||||||||
| Net income | 33 | 261,499 | 97,826 | 163,673 | ||||||||||
| Total credit cost (16+19+20+21) | 34 | 29,115 | 25,020 | 4,095 | ||||||||||
| Provision for general reserve for possible loan losses |
35 | 29,114 | 13,555 | 15,559 | ||||||||||
|
Write-off of loans |
36 | (537) | 11,994 | (12,531) | ||||||||||
| Provision for specific reserve for possible loan losses |
37 | 667 | (1,144) | 1,811 | ||||||||||
| Losses on sales of delinquent loans |
38 | (200) | 382 | (582) | ||||||||||
| Provision for loan loss reserve for specific overseas countries |
39 | 72 | 233 | (161) | ||||||||||
| Recoveries of written-off claims |
40 | — | (0) | 0 | ||||||||||
| Notes: |
1. Amounts less than 1 million yen are rounded down. Figures in parentheses indicate the amount of loss or decrease. | |
| 2. Amounts of Income taxes include Income taxes-deferred. |
- 2 -
Table of Contents
Sumitomo Mitsui Financial Group
| SMBC non-consolidated | (%)
| |||||||||
| Three months ended June 30, 2024 (A) |
Three months ended June 30, 2023 (B) | |||||||||
| Change (A) - (B) |
||||||||||
| Interest earned on loans and bills discounted (a) |
|
0.92 | 0.10 | 0.82 | ||||||
| Interest paid on deposits, etc. (b) | 0.01 | 0.01 | 0.00 | |||||||
| Interest spread (a) - (b) | 0.91 | 0.09 | 0.82 | |||||||
| Reference: After excluding loans to the Japanese government, etc. | ||||||||||
| Interest earned on loans and bills discounted (c) |
0.94 | 0.10 | 0.84 | |||||||
| Interest spread (c) - (b) | 0.93 | 0.09 | 0.84 | |||||||
3. Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act
| Consolidated
|
(Billions of yen)
| |||||||||||||
| June 30, 2024 | March 31, 2024 | |||||||||||||
| Change from March 31, 2024 | ||||||||||||||
| Bankrupt and quasi-bankrupt loans |
1 | 93.9 | (66.3) | 160.2 | ||||||||||
| Doubtful loans |
2 | 522.3 | (40.3) | 562.6 | ||||||||||
| Substandard loans |
3 | 299.9 | (0.4) | 300.3 | ||||||||||
| Past due loans (3 months or more) |
4 | 47.8 | (10.5) | 58.4 | ||||||||||
| Restructured loans |
5 | 252.1 | 10.1 | 242.0 | ||||||||||
| Total (A) |
6 | 916.2 | (106.9) | 1,023.1 | ||||||||||
| Normal assets |
7 | 128,389.6 | 3,357.9 | 125,031.6 | ||||||||||
| Grand total (B) |
8 | 129,305.8 | 3,251.0 | 126,054.8 | ||||||||||
|
(%)
| ||||||||||||||
| NPL ratio (A/B) |
9 | 0.71 | (0.10) | 0.81 | ||||||||||
| Amount of direct reduction |
265.3 | 14.5 | 250.8 | |||||||||||
|
SMBC non-consolidated
|
(Billions of yen)
| |||||||||||||
| June 30, 2024 | March 31, 2024 | |||||||||||||
| Change from March 31, 2024 | ||||||||||||||
| Bankrupt and quasi-bankrupt loans |
10 | 67.8 | (63.4) | 131.2 | ||||||||||
| Doubtful loans |
11 | 347.5 | (30.4) | 377.9 | ||||||||||
| Substandard loans |
12 | 118.4 | (2.5) | 120.9 | ||||||||||
| Past due loans (3 months or more) |
13 | 24.1 | 2.5 | 21.7 | ||||||||||
| Restructured loans |
14 | 94.3 | (5.0) | 99.3 | ||||||||||
| Total (A) |
15 | 533.7 | (96.3) | 630.0 | ||||||||||
| Normal assets |
16 | 122,386.6 | 2,691.7 | 119,694.9 | ||||||||||
| Grand total (B) |
17 | 122,920.3 | 2,595.4 | 120,324.9 | ||||||||||
|
(%)
| ||||||||||||||
| NPL ratio (A/B) |
18 | 0.43 | (0.09) | 0.52 | ||||||||||
| Amount of direct reduction |
221.5 | 12.6 | 208.9 | |||||||||||
- 3 -
Table of Contents
Sumitomo Mitsui Financial Group
4. Unrealized gains (losses) on securities
| Consolidated | (Billions of yen)
| |||||||||||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||
| Balance sheet amount | Net unrealized gains (losses) |
|
Balance sheet amount |
|
Net unrealized gains (losses) | |||||||||||||||||||||||||||
|
Change from March 31, 2024 |
Gains | Losses | ||||||||||||||||||||||||||||||
| Held-to-maturity securities | 1 | 259.4 | (2.9) | (1.5) | — | 2.9 | 234.1 | (1.4) | ||||||||||||||||||||||||
| Other securities | 2 | 40,201.3 | 3,117.8 | (275.3) | 4,138.6 | 1,020.8 | 36,132.8 | 3,393.1 | ||||||||||||||||||||||||
| Stocks | 3 | 3,941.1 | 2,668.3 | (168.7) | 2,673.9 | 5.6 | 4,119.8 | 2,837.0 | ||||||||||||||||||||||||
| Bonds | 4 | 11,730.1 | (138.9) | (38.8) | 8.0 | 146.9 | 10,760.4 | (100.1) | ||||||||||||||||||||||||
| Japanese government bonds | 5 | 8,609.7 | (70.8) | (15.9) | 0.7 | 71.5 | 7,547.4 | (54.8) | ||||||||||||||||||||||||
| Others |
6 | 24,530.0 | 588.4 | (67.8) | 1,456.7 | 868.3 | 21,252.7 | 656.2 | ||||||||||||||||||||||||
| Foreign bonds | 7 | 19,987.2 | (795.7) | (105.1) | 47.1 | 842.8 | 16,836.2 | (690.6) | ||||||||||||||||||||||||
| Other money held in trust | 8 | 0.5 | — | — | — | — | 0.3 | — | ||||||||||||||||||||||||
| Total | 9 | 40,461.2 | 3,114.9 | (276.8) | 4,138.6 | 1,023.7 | 36,367.2 | 3,391.7 | ||||||||||||||||||||||||
| Stocks | 10 | 3,941.1 | 2,668.3 | (168.7) | 2,673.9 | 5.6 | 4,119.8 | 2,837.0 | ||||||||||||||||||||||||
| Bonds | 11 | 11,989.5 | (141.9) | (40.3) | 8.0 | 149.9 | 10,994.5 | (101.5) | ||||||||||||||||||||||||
| Others | 12 | 24,530.6 | 588.4 | (67.8) | 1,456.7 | 868.3 | 21,253.0 | 656.2 | ||||||||||||||||||||||||
| SMBC non-consolidated | (Billions of yen)
| |||||||||||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||
| Balance sheet amount | Net unrealized gains (losses) |
|
Balance sheet amount |
|
Net unrealized gains (losses) | |||||||||||||||||||||||||||
|
Change from March 31, 2024 |
Gains | Losses | ||||||||||||||||||||||||||||||
| Held-to-maturity securities | 13 | 22.3 | (0.7) | (0.2) | — | 0.7 | 22.3 | (0.5) | ||||||||||||||||||||||||
| Stocks of subsidiaries and affiliates | 14 | 4,957.3 | (70.6) | 11.1 | 10.2 | 80.9 | 4,945.2 | (81.7) | ||||||||||||||||||||||||
| Other securities |
15 | 34,299.2 | 2,265.3 | (262.5) | 3,236.1 | 970.8 | 30,599.8 | 2,527.7 | ||||||||||||||||||||||||
| Stocks | 16 | 3,527.8 | 2,493.8 | (165.2) | 2,499.2 | 5.4 | 3,709.3 | 2,659.0 | ||||||||||||||||||||||||
| Bonds |
17 | 11,912.4 | (136.2) | (38.0) | 8.0 | 144.2 | 10,943.8 | (98.2) | ||||||||||||||||||||||||
| Japanese government bonds | 18 | 8,609.7 | (70.8) | (15.9) | 0.7 | 71.5 | 7,547.4 | (54.8) | ||||||||||||||||||||||||
| Others |
19 | 18,859.0 | (92.3) | (59.3) | 728.9 | 821.2 | 15,946.7 | (33.0) | ||||||||||||||||||||||||
| Foreign bonds | 20 | 15,247.4 | (761.3) | (99.1) | 34.6 | 796.0 | 12,426.9 | (662.2) | ||||||||||||||||||||||||
| Total | 21 | 39,278.8 | 2,193.9 | (251.6) | 3,246.3 | 1,052.4 | 35,567.3 | 2,445.6 | ||||||||||||||||||||||||
| Stocks | 22 | 3,822.6 | 2,496.9 | (164.7) | 2,502.3 | 5.4 | 4,004.1 | 2,661.6 | ||||||||||||||||||||||||
| Bonds | 23 | 11,934.7 | (136.9) | (38.2) | 8.0 | 144.9 | 10,966.1 | (98.7) | ||||||||||||||||||||||||
| Others | 24 | 23,521.6 | (166.1) | (48.7) | 736.0 | 902.1 | 20,597.2 | (117.4) | ||||||||||||||||||||||||
| Notes: | 1. | The figures above include negotiable certificates of deposit in “Cash and due from banks” and beneficiary claims on loan trust in “Monetary claims bought.” | ||
| 2. | The net unrealized gains (losses) are measured based on the market prices of the securities as of the balance sheet date. | |||
| 3. | Other securities and Other money held in trust are measured at market prices. Unrealized gains (losses) indicate the difference between the acquisition costs (or amortized costs) and the balance sheet amounts. |
- 4 -
Table of Contents
Sumitomo Mitsui Financial Group
| SMBC non-consolidated | (Billions of yen) | |||||||||
| June 30, 2024 | March 31, 2024 | |||||||||
| Change from March 31, 2024 |
||||||||||
| Domestic deposits |
127,959.3 | 291.2 | 127,668.1 | |||||||
| Individual |
60,868.1 | 1,060.5 | 59,807.6 | |||||||
| Note : The figures above exclude negotiable certificates of deposit and Japan offshore banking accounts.
| ||||||||||
|
Loans and bills discounted |
103,191.3 |
2,066.6 | 101,124.7 | |||||||
|
|
Domestic offices (excluding offshore banking accounts) |
64,250.0 |
(244.9) | 64,494.9 | ||||||
|
|
Overseas offices and offshore banking accounts |
38,941.3 |
2,311.5 | 36,629.8 | ||||||
- 5 -