Table of Contents

 

 

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 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2025

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NO. 333-276219) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED, EXCEPT FOR ANY MATERIALS THEMSELVES INCORPORATED BY REFERENCE INTO INFORMATION FURNISHED IN THIS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: January 29, 2025

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January 29, 2025

 

LOGO   

Sumitomo Mitsui Financial Group, Inc.

Consolidated Financial Results for the nine months ended December 31, 2024

<Under Japanese GAAP>

    LOGO

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: Scheduled

Note: Amounts less than one million yen have been rounded down.  

1. Consolidated financial results (for the nine months ended December 31, 2024)

 (1) Operating results

(Millions of yen, except per share data and percentages) 

        Ordinary income      Ordinary profit      Profit attributable to
owners of parent		  
             

Nine months ended December 31, 2024

        ¥ 7,652,260       14.4 %       ¥  1,619,085       35.3 %      ¥  1,135,971      43.3 %

Nine months ended December 31, 2023

        6,691,218       52.8      1,196,679       15.9        792,837      3.5  
Notes:   1.   Comprehensive income:                    
    (a) for the nine months ended December 31, 2024:  ¥   1,094,402 million [(31.4)%]

 

    (b) for the nine months ended December 31, 2023:  ¥   1,594,978 million [152.6%]

 

  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)

                

Nine months ended December 31, 2024

        ¥ 289.99         ¥ 289.92         

Nine months ended December 31, 2023

         198.24         198.18        
Note:   On October 1, 2024, Sumitomo Mitsui Financial Group, Inc. (“the Company”) effected a three for one split of its common stock on the record date of September 30, 2024. Earnings per share and Earnings per share (Diluted) take into account the stock split.

 

                       
 (2) Financial position                       
                             (Millions of yen, except percentages)  
          Total assets          Net assets          Net assets ratio    

As of December 31, 2024

        ¥ 310,852,859        ¥ 15,281,775           4.9%  

As of March 31, 2024

          295,236,701          14,799,967           5.0    
Notes:   1.   Stockholders’ equity:

 

    (a) as of December 31, 2024: ¥ 15,134,832 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

       —         180.00          —            

(After considering the stock split)

       —         180.00          —                    

Fiscal year ending March 31, 2025

Forecast/Before considering the stock split

                     180.00        360.00   

(Forecast/After considering the stock split)

                             60.00        —   
Notes:  

1.

  

Dividend forecast remains unchanged.

 

2.

  

On October 1, 2024, the Company effected a three for one split of its 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

       ¥ 1,160,000           20.5%           ¥ 299.48      
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.

  

On October 1, 2024, the Company effected a three for one split of its common stock on the record date of September 30, 2024. At the Board of Directors held on November 14, 2024, the Company resolved to repurchase its own shares. Forecasted earnings per share are calculated by dividing forecasted profit attributable to owners of parent by the number of issued common stocks (excluding treasury stocks) as of December 31, 2024, which takes into account the stock split and the repurchase of own shares.

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[Notes]

(1) There were changes in material consolidated subsidiaries during the period.

 

Newly consolidated: 1 company (JRI Holdings, Limited)

 

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 December 31, 2024  

       

 As of March 31, 2024  

          

(a) Number of shares issued (including treasury stocks)

   3,924,531,558 shares     4,012,587,252 shares   

(b) Number of treasury stocks

      36,850,566 shares        70,763,598 shares   
   

Nine months ended 
December 31, 2024

      

Nine months ended 
December 31, 2023 

     

(c) Average number of shares issued during the period

   3,917,225,669 shares     3,999,379,149 shares   

 

Notes:  

1.

  

The Company has introduced a “Stock grant trust for employee” (hereinafter, the “Trust”). The shares of the Company held by the Trust are included in the number of treasury stocks to be deducted when calculating both the number of treasury stocks and the average number of shares issued during the period.

 

2.

  

On October 1, 2024, the Company effected a three for one split of its common stock on the record date of September 30, 2024. The number of shares issued (including treasury stocks), the number of treasury stocks and the average number of shares issued during the period take into account the stock split.

[Note on quarterly review process]

The external auditor’s review of the quarterly consolidated financial statements : No

 

 

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

 

I.

    Consolidated operating results for the nine months ended December 31, 2024 (fiscal 2024)      2  

II.

    Quarterly consolidated financial statements and main notes      3  

 1.

     Quarterly consolidated balance sheets      3  

 2.

     Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income      4  

 3.

     Notes to quarterly consolidated financial statements      5  
  

Changes in accounting policies

      5  
  

Application of special accounting methods used for preparing quarterly consolidated financial statements

      5  
  

Notes to segment and other related information

      6  
  

Material changes in stockholders’ equity

      6  
  

Note on going concern

      6  
  

Notes to quarterly consolidated statements of cash flows

      7  

* Appendix: Financial results for the nine months ended December 31, 2024 supplementary information

 

- 1 -

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I. Consolidated operating results for the nine months ended December 31, 2024 (fiscal 2024)

The subject matter is described in the “Overview of 3Q FY3/2025” disclosed on January 29, 2025 (Wednesday), 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 ending March 31, 2025, Financial Results section, Third Quarter, Overview of performance, on the above website.

 

- 2 -

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II. Quarterly consolidated financial statements and main notes

1. Quarterly consolidated balance sheets

 

     Millions of yen  
     March 31, 2024          December 31, 2024    

 

  

Assets:

      

Cash and due from banks

    ¥ 78,143,100       ¥ 74,543,668   

Call loans and bills bought

      5,333,883         5,264,436   

Receivables under resale agreements

      8,525,688         15,744,838   

Receivables under securities borrowing transactions

      6,799,541         5,694,072   

Monetary claims bought

      6,103,091         5,649,617   

Trading assets

      11,540,063         12,217,634   

Money held in trust

      23,751         32,865   

Securities

      37,142,808         41,247,025   

Loans and bills discounted

      107,013,907         113,370,344   

Foreign exchanges

      2,068,885         2,916,116   

Lease receivables and investment assets

      207,645         233,513   

Other assets

      15,313,546         16,069,184   

Tangible fixed assets

      1,006,883         1,003,124   

Intangible fixed assets

      976,706         1,022,307   

Net defined benefit asset

      913,791         944,266   

Deferred tax assets

      71,427         61,066   

Customers’ liabilities for acceptances and guarantees

      14,869,558         15,636,337   

Reserve for possible loan losses

      (817,578)         (797,560)   
  

 

 

     

 

 

  

Total assets

    ¥ 295,236,701       ¥ 310,852,859   
  

 

 

     

 

 

  

Liabilities:

      

Deposits

    ¥ 164,839,357       ¥ 172,060,977   

Negotiable certificates of deposit

      14,672,275         16,193,155   

Call money and bills sold

      3,138,049         3,490,727   

Payables under repurchase agreements

      19,625,877         22,265,443   

Payables under securities lending transactions

      1,736,935         1,781,884   

Commercial paper

      2,429,179         2,359,513   

Trading liabilities

      9,689,434         10,208,688   

Borrowed money

      14,705,266         15,111,386   

Foreign exchanges

      2,872,560         2,041,823   

Short-term bonds

      863,000         762,200   

Bonds

      13,120,274         13,410,059   

Due to trust account

      1,246,198         1,192,505   

Other liabilities

      15,573,044         18,017,647   

Reserve for employee bonuses

      115,488         86,743   

Reserve for executive bonuses

      4,411         —   

Net defined benefit liability

      37,263         36,886   

Reserve for executive retirement benefits

      1,179         952   

Reserve for point service program

      35,622         30,787   

Reserve for reimbursement of deposits

      9,228         6,240   

Reserve for losses on interest repayment

      121,947         204,102   

Reserves under the special laws

      4,631         5,444   

Deferred tax liabilities

      698,632         640,679   

Deferred tax liabilities for land revaluation

      27,316         26,896   

Acceptances and guarantees

      14,869,558         15,636,337   
  

 

 

     

 

 

  

Total liabilities

      280,436,734         295,571,084   
  

 

 

     

 

 

  

Net assets:

      

Capital stock

      2,344,038         2,345,960   

Capital surplus

      610,143         611,610   

Retained earnings

      7,843,470         8,392,749   

Treasury stock

      (167,671)         (131,151)   
  

 

 

     

 

 

  

Total stockholders’ equity

      10,629,980         11,219,168   
  

 

 

     

 

 

  

Net unrealized gains (losses) on other securities

      2,406,883         2,212,106   

Net deferred gains (losses) on hedges

      (65,073)         (151,625)   

Land revaluation excess

      34,936         33,820   

Foreign currency translation adjustments

      1,362,647         1,552,659   

Accumulated remeasurements of defined benefit plans

      290,735         268,702   
  

 

 

     

 

 

  

Total accumulated other comprehensive income

      4,030,129         3,915,663   
  

 

 

     

 

 

  

Stock acquisition rights

      931         787   

Non-controlling interests

      138,925         146,155   
  

 

 

     

 

 

  

Total net assets

      14,799,967         15,281,775   
  

 

 

     

 

 

  

Total liabilities and net assets

    ¥   295,236,701       ¥    310,852,859   
  

 

 

     

 

 

  

 

- 3 -

Table of Contents

2. Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income

  (Quarterly consolidated statements of income)

 

     Millions of yen  
  

 

 

  
Nine months ended December 31         2023                2024       

 

     

 

 

  

Ordinary income

    ¥ 6,691,218        ¥ 7,652,260    

Interest income

      4,495,152          5,214,666    

Interest on loans and discounts

      2,670,810          3,023,432    

Interest and dividends on securities

      478,712          683,234    

Trust fees

      5,769          7,010    

Fees and commissions

      1,245,819          1,401,779    

Trading income

      228,187          222,109    

Other operating income

      384,107          254,406    

Other income

      332,182          552,290    

Ordinary expenses

      5,494,539          6,033,174    

Interest expenses

      3,152,563          3,535,091    

Interest on deposits

      1,215,438          1,288,630    

Fees and commissions payments

      190,271          231,110    

Trading losses

      111,518          —    

Other operating expenses

      178,358          171,482    

General and administrative expenses

      1,631,048          1,772,978    

Other expenses

      230,778          322,512    
  

 

 

     

 

 

  

Ordinary profit

      1,196,679          1,619,085    
  

 

 

     

 

 

  

Extraordinary gains

      365          2,423    

Extraordinary losses

      112,503          9,061    
  

 

 

     

 

 

  

Income before income taxes

      1,084,541          1,612,448    
  

 

 

     

 

 

  

Income taxes

      288,076          470,023    
  

 

 

     

 

 

  

Profit

      796,465          1,142,424    
  

 

 

     

 

 

  

Profit attributable to non-controlling interests

      3,628          6,452    
  

 

 

     

 

 

  

Profit attributable to owners of parent

    ¥ 792,837        ¥ 1,135,971    
  

 

 

     

 

 

  

(Quarterly consolidated statements of comprehensive income)

      
     Millions of yen  
  

 

 

  
Nine months ended December 31    2023      2024  

 

     

 

 

  

Profit

    ¥ 796,465        ¥ 1,142,424    

Other comprehensive income (losses)

      798,512          (48,021)   

Net unrealized gains (losses) on other securities

      480,717          (136,601)   

Net deferred gains (losses) on hedges

      (17,353)         (83,990)   

Foreign currency translation adjustments

      293,064          180,852    

Remeasurements of defined benefit plans

      (14,439)         (21,238)   

Share of other comprehensive income of affiliates

      56,523          12,955    
  

 

 

     

 

 

  

Total comprehensive income

      1,594,978          1,094,402    
  

 

 

     

 

 

  

Comprehensive income attributable to owners of parent

      1,588,857          1,081,953    

Comprehensive income attributable to non-controlling interests

      6,121          12,449    

 

- 4 -

Table of Contents

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 nine months ended December 31, 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 nine months ended December 31, 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 are 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 nine months ended December 31, 2024. Amounts of Income taxes include Income taxes-deferred.

 

- 5 -

Table of Contents

(Notes to segment and other related information)

1. Information on profit and loss amount by reportable segment

 

     Millions of yen  

Nine months ended December 31, 2023

    Wholesale
Business
Unit		     Retail
Business
Unit		     Global
Business
Unit		     Global
Markets
Business
Unit		     Head office
account and
others		     Total  

Consolidated gross profit

    ¥ 590,600     ¥ 944,800     ¥ 952,700     ¥ 399,100     ¥ (160,877 )    ¥   2,726,323  

General and administrative expenses

      (233,500 )      (798,900 )      (569,400 )      (119,700 )      90,452       (1,631,048 ) 

Others

      80,100       4,300       94,000       21,700       (93,279 )      106,821  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated net business profit

    ¥ 437,200     ¥ 150,200     ¥ 477,300     ¥ 301,100     ¥ (163,704 )    ¥ 1,202,096  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Notes:   1. Figures shown in parentheses represent a loss.
  2. “Others” includes equity in the 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  

Nine months ended December 31, 2024

    Wholesale
Business
Unit		     Retail
Business
Unit		     Global
Business
Unit		     Global
Markets
Business
Unit		     Head office
account and
others		     Total  

Consolidated gross profit

    ¥ 671,700     ¥ 1,012,900     ¥ 1,075,700     ¥ 535,800     ¥ (133,814 )    ¥ 3,162,286  

General and administrative expenses

      (244,000 )      (810,700 )      (690,600 )      (148,400 )      120,722       (1,772,978 ) 

Others

      92,300       3,300       83,500       25,900       (134,485 )      70,515  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated net business profit

    ¥ 520,000     ¥ 205,500     ¥ 468,600     ¥ 413,300     ¥ (147,577 )    ¥ 1,459,823  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Notes:   1. Figures shown in parentheses represent a loss.
  2. “Others” includes equity in the 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)

 

Nine months ended December 31, 2023

     Millions of yen    

Consolidated net business profit

   ¥ 1,202,096  

Other ordinary income (excluding equity in gains of affiliates)

     225,361  

Other ordinary expenses

     (230,778 ) 
 

 

 

  

Ordinary profit on quarterly consolidated statements of income

   ¥ 1,196,679  
 

 

 

  

 

Note: Figures shown in parentheses represent a loss.

 

Nine months ended December 31, 2024

     Millions of yen    

Consolidated net business profit

   ¥ 1,459,823  

Other ordinary income (excluding equity in gains of affiliates)

     481,774  

Other ordinary expenses

     (322,512 ) 
 

 

 

  

Ordinary profit on quarterly consolidated statements of income

   ¥ 1,619,085  
 

 

 

  

 

Note: Figures shown in parentheses represent a loss.

(Material changes in stockholders’ equity)

Not applicable.

(Note on going concern)

Not applicable.

 

- 6 -

Table of Contents

(Notes to quarterly consolidated statements of cash flows)

Quarterly consolidated statements of cash flows were not prepared for the nine months ended December 31, 2024. “Depreciation” (including amortization of intangible fixed assets other than goodwill) and “Amortization of goodwill” for the nine months ended December 31, 2023 and 2024 were as follows:

 

     Millions of yen  

Nine months ended December 31

       2023            2024     

Depreciation

    ¥ 188,801      ¥ 187,859  

Amortization of goodwill

      22,404        21,175  

 

- 7 -

Table of Contents

Sumitomo Mitsui Financial Group

 

 

Financial results

for the nine months

ended December 31, 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 December 31, 2024 will be announced when it is fixed.

Table of Contents

Sumitomo Mitsui Financial Group

 

1. Operating results

 

Consolidated      

(Millions of yen)

 

           
      Nine months
ended
December 31, 2024 (A)		   Change
  (A) - (B)  		     Nine months
ended
December 31, 2023 (B)
Consolidated gross profit   1    3,162,286     435,963         2,726,323 
   

Net interest income

   2    1,679,574     336,986         1,342,588 
   

Trust fees

   3    7,010     1,241         5,769 
   

Net fees and commissions

   4    1,170,668     115,120         1,055,548 
   

Net trading income

   5    222,109     105,441         116,668 
   

Net other operating income

   6    82,923     (122,825)        205,748 
General and administrative expenses   7    (1,772,978)    (141,930)        (1,631,048)
Equity in gains (losses) of affiliates   8    70,515     (36,306)      106,821 
 
Consolidated net business profit   9    1,459,823     257,727         1,202,096 
 
Total credit cost   10    (158,022)    (23,369)        (134,653)
   

Credit costs

   11    (170,833)    (23,143)        (147,690)
     

Write-off of loans

   12    (127,556)    (18,969)        (108,587)
       

Provision for reserve for possible loan losses

   13    (16,265)    2,301         (18,566)
       

Others

   14    (27,011)    (6,475)        (20,536)
   

Recoveries of written-off claims

   15    12,811     (225)      13,036 
Gains (losses) on stocks   16    431,198     286,641         144,557 
Other income (expenses)   17    (113,913)    (98,593)        (15,320)
 
Ordinary profit   18    1,619,085     422,406         1,196,679 
 
Extraordinary gains (losses)   19    (6,637)    105,500         (112,137)
   

Gains (losses) on disposal of fixed assets

   20    (3,384)    (144)        (3,240)
   

Losses on impairment of fixed assets

   21    (2,440)    (863)        (1,577)
   

Losses related to sale of the freight car leasing business

   22    —     106,952         (106,952)
Income before income taxes   23    1,612,448     527,907         1,084,541 
Income taxes   24    (470,023)    (181,947)        (288,076)
Profit   25    1,142,424     345,959         796,465 
Profit attributable to non-controlling interests   26    (6,452)    (2,824)        (3,628)
 
Profit attributable to owners of parent   27    1,135,971     343,134         792,837 
 

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

      
           

December 31, 2024

          

March 31, 2024

        Change    
    Consolidated subsidiaries   28    174     (1)        175 
    Equity method affiliates   29    273     (44)        317 

 

- 1 -

Table of Contents

Sumitomo Mitsui Financial Group

 

SMBC non-consolidated           (Millions of yen)
               
          Nine months
ended
    December 31, 2024 (A)    		   Change
    (A) - (B)   		     Nine months
ended
December 31, 2023 (B)
Gross banking profit   1    1,740,107     394,383         1,345,724 
   

Net interest income

   2    1,176,567     358,970         817,597 
   

Trust fees

   3    2,485     384         2,101 
   

Net fees and commissions

   4    404,671     34,750         369,921 
   

Net trading income

   5    41,501     92,436         (50,935)
   

Net other operating income

   6    114,881     (92,158)        207,039 
             
   

 Gains (losses) on bonds

   7    13,560     (7,640)      21,200 
Expenses (excluding non-recurring losses)   8    (782,775)    (58,606)        (724,169)
   

Personnel expenses

   9    (335,189)    (26,855)        (308,334)
   

Non-personnel expenses

   10    (400,127)    (28,127)        (372,000)
   

Taxes

   11    (47,458)    (3,624)        (43,834)
 
Banking profit (before provision for general reserve for possible loan losses)   12    957,331     335,776       621,555 
           
 Gains (losses) on bonds   13    13,560     (7,640)      21,200 
   

Core banking profit (12-13)

   14    943,771     343,417         600,354 
     

excluding gains (losses) on cancellation of investment trusts

   15    881,170     286,804         594,366 
 
Provision for general reserve for possible loan losses   16    —     —         — 
Banking profit   17    957,331     335,776         621,555 
Non-recurring gains (losses)   18    424,624     278,729         145,895 
   

Credit costs

   19    (21,203)    3,189         (24,392)
   

Gains on reversal of reserve for possible loan losses

   20    5,506     (16,968)        22,474 
   

Recoveries of written-off claims

   21    0     (39)        39 
   

Gains (losses) on stocks

   22    411,147     272,692         138,455 
       

Gains on sales of stocks

   23    428,958     238,795         190,163 
     

Losses on sales of stocks

   24    (338)    2,499         (2,837)
     

Losses on devaluation of stocks

   25    (17,471)    31,399         (48,870)
   

Other non-recurring gains (losses)

   26    29,173     19,855         9,318 
 
Ordinary profit   27    1,381,956     614,506         767,450 
 
Extraordinary gains (losses)   28    (3,766)    (104)        (3,662)
   

Gains (losses) on disposal of fixed assets

   29    (2,932)    (708)        (2,224)
   

Losses on impairment of fixed assets

   30    (833)    604         (1,437)
Income before income taxes   31    1,378,190     614,402         763,788 
Income taxes   32    (364,714)    (155,797)        (208,917)
 
Net income   33    1,013,476     458,605         554,871 
 
           
         
Total credit cost (16+19+20+21)   34    (15,696)    (13,819)        (1,877)
   

Provision for general reserve for possible loan losses

   35    34,542     (5,273)        39,815 
   

Write-off of loans

   36    (12,392)    10,369         (22,761)
   

Provision for specific reserve for possible loan losses

   37    (23,086)    (5,566)        (17,520)
   

Losses on sales of delinquent loans

   38    (8,811)    (7,181)        (1,630)
   

Provision for loan loss reserve for specific overseas countries

   39    (5,948)    (6,127)        179 
   

Recoveries of written-off claims

   40    0     (39)        39 

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

 

2. Interest spread (domestic)

 

SMBC non-consolidated

 

      

(%)

 

          Nine months ended        Nine months
ended
December
31, 2023 (B)
          December 31, 2024 (A)  

Change

(A) - (B)

   

April 1

-

June 30

  

July 1

- September 30 

  

October 1

- December 31

    

Interest earned on loans and bills discounted (a)

   0.92     0.97     1.04     0.98     0.15     0.83  

Interest paid on deposits, etc. (b)

   0.01     0.05     0.09     0.05     0.05     0.00  

Interest spread (a) - (b)

   0.91     0.92     0.95     0.93     0.10     0.83  

Reference: After excluding loans to the Japanese government, etc.

Interest earned on loans and bills discounted (c)

   0.94     0.99     1.07     1.00     0.15     0.85  

Interest spread (c) - (b)

   0.93     0.94     0.98     0.95     0.10     0.85  

3. Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act

 

Consolidated

 

        

(Billions of yen)

 

                   December 31, 2024               March 31, 2024     
          Change from    March 31, 2024   
   

Bankrupt and quasi-bankrupt loans

   1    91.4      (68.8)         160.2 
   

Doubtful loans

   2    526.7      (35.9)         562.6 
   

Substandard loans

   3    293.2      (7.1)         300.3 
       

Past due loans (3 months or more)

   4    49.2      (9.2)         58.4 
   

Restructured loans

   5    244.0      2.1          242.0 
   

Total (A)

   6    911.3      (111.9)         1,023.1 
                             
   

Normal assets

   7    133,229.3      8,197.7          125,031.6 
   

Grand total (B)

   8    134,140.6      8,085.8          126,054.8 
             

 

(%)

 

   

NPL ratio (A/B)

   9    0.68      (0.13)         0.81 
           
 

Amount of direct reduction

     267.5      16.7        250.8 

 

SMBC non-consolidated

 

        

(Billions of yen)

 

                December 31, 2024           March 31, 2024     
          Change from   March 31, 2024   
   

Bankrupt and quasi-bankrupt loans

   10    69.6      (61.6)         131.2 
   

Doubtful loans

   11    366.1      (11.8)         377.9 
   

Substandard loans

   12    114.7      (6.2)         120.9 
       

Past due loans (3 months or more)

   13    21.6      (0.1)         21.7 
   

Restructured loans

   14    93.1      (6.1)         99.3 
   

Total (A)

   15    550.3      (79.7)         630.0 
                             
   

Normal assets

   16    126,578.4      6,883.5         119,694.9 
   

Grand total (B)

   17    127,128.8      6,803.9         120,324.9 
             

 

(%)

 

   

NPL ratio (A/B)

   18    0.43      (0.09)         0.52 
           
 

Amount of direct reduction

     215.5      6.6        208.9 

 

- 3 -

Table of Contents

Sumitomo Mitsui Financial Group

 

4. Unrealized gains (losses) on securities

 

Consolidated                    

(Billions of yen)

 

                        December 31, 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       (4.0)    (2.6)      —      4.0       234.1         (1.4) 
    Other securities      2      40,103.4       3,217.2     (175.9)      4,104.8      887.6       36,132.8         3,393.1  
      Stocks      3      3,400.1       2,251.9     (585.1)      2,260.9      8.9       4,119.8         2,837.0  
      Bonds      4      11,931.7       (122.1)    (21.9)      7.3      129.4       10,760.4         (100.1) 
        Japanese government bonds      5      9,071.8       (54.5)    0.4       0.0      54.5       7,547.4         (54.8) 
     

Others

      6      24,771.7       1,087.3     431.1       1,836.7      749.3       21,252.7         656.2  
            Foreign bonds      7      19,098.3       (668.6)    22.0       65.7      734.3       16,836.2         (690.6) 
    Other money held in trust      8      0.5       —     —       —       —       0.3         —  
    Total      9      40,363.4       3,213.2     (178.5)      4,104.8      891.6       36,367.2         3,391.7  
        Stocks      10      3,400.1       2,251.9     (585.1)      2,260.9      8.9       4,119.8         2,837.0  
        Bonds      11      12,191.1       (126.1)    (24.5)      7.3      133.4       10,994.5         (101.5) 
            Others      12      24,772.2         1,087.3     431.1       1,836.7      749.3       21,253.0           656.2  
SMBC non-consolidated              

(Billions of yen)

 

                        December 31, 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       (0.8)    (0.3)      —      0.8       22.3         (0.5) 
    Stocks of subsidiaries and affiliates      14      5,014.0       (72.7)    9.0       6.3      79.0       4,945.2         (81.7) 
   

Other securities

      15      33,810.0       2,230.5     (297.3)      3,091.3      860.9       30,599.8         2,527.7  
      Stocks      16      3,045.9       2,107.7     (551.3)      2,116.5      8.8       3,709.3         2,659.0  
     

Bonds

      17      12,113.7       (119.2)    (21.0)      7.3      126.5       10,943.8         (98.2) 
        Japanese government bonds      18      9,071.8       (54.5)    0.4       0.0      54.5       7,547.4         (54.8) 
     

Others

      19      18,650.3       242.0     275.0       967.5      725.5       15,946.7         (33.0) 
        Foreign bonds      20      14,074.5       (667.5)    (5.3)      43.3      710.8       12,426.9         (662.2) 
    Total      21      38,846.3       2,157.0     (288.6)      3,097.6      940.7       35,567.3         2,445.6  
        Stocks      22      3,340.3       2,109.1     (552.5)      2,117.9      8.8       4,004.1         2,661.6  
        Bonds      23      12,136.0       (120.0)    (21.3)      7.3      127.3       10,966.1         (98.7) 
            Others      24      23,370.0         167.8     285.2      972.4      804.5       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.    Net unrealized gains (losses) are valued at market prices 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

 

5. Deposits and loans

 

SMBC non-consolidated             (Billions of yen)
      December 31, 2024                 March 31,  2024  
       Change from  
 March 31, 2024  		     

Domestic deposits

   130,945.4    3,277.3       127,668.1
   

Individual

    61,886.7    2,079.1        59,807.6

Note : The figures above exclude negotiable certificates of deposit and Japan offshore banking accounts.

 

Loans and bills discounted

  

106,695.2

    5,570.4       101,124.7

 

  

Domestic offices (excluding offshore banking accounts)

  

 66,967.2

    2,472.3        64,494.9

 

  

Overseas offices and offshore banking accounts

  

 39,727.9

    3,098.2        36,629.8

 

- 5 -

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