Statement re Revision of Earnings and Forecast
27 October 2003 - 10:59PM
UK Regulatory
Sumitomo Mitsui Banking
Revision of Earnings Forecast for the Six Months Ended September 30,2003
by Its Consolidated Subsidiary, The Minato Bank, Limited
Sumitomo Mitsui Financial Group, Inc. ("SMFG") announced today that
its consolidated subsidiary, The Minato Bank, Limited, revised its
earnings forecast for the six months ended September 30, 2003
initially announced on May 26, 2003. (see Appendix)
(Appendix)
Minato Bank Announces Revision of Earnings Forecast for the Six Months
Ended September 30, 2003
The Minato Bank, Limited ("Minato Bank") announced today the revision
of its previous earnings forecast for the six months ended September
30, 2003.
1. Revision of Previous Earnings Forecast (for the six months ended September
30, 2003 )
(Non-consolidated) (Millions of Yen)
Total Income Operating Profit Net Income (Loss)
(Loss)
------------------------------------------------------------------------------------------------------------------------
Previous Forecast (A) 31,200 3,600 1,000
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Revised Forecast (B) 38,800 3,600 1,100
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Difference (B)-(A) 7,600 0 100
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Percent Change 24.3% 0.0% 10.0%
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(Ref.) Previous 1st Half 36,240 3,683 1,246
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(Consolidated) (Millions of Yen)
Total Income Operating Profit Net Income
(Loss) (Loss)
------------------------------------------------------------------------------------------------------------------------
Previous Forecast (A) 33,900 3,600 1,000
------------------------------------------------------------------------------------------------------------------------
Revised Forecast (B) 41,600 4,800 1,900
------------------------------------------------------------------------------------------------------------------------
Difference (B)-(A) 7,700 1,200 900
------------------------------------------------------------------------------------------------------------------------
Percent Change 22.7% 33.3% 90.0%
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(Ref.) Previous 1st Half 39,063 3,439 640
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(Note) Previous forecast was published on May 26, 2003.
2. Reason for Revision
Increase in total income from the previous forecast is mainly due to higher
gains on sale of bonds and equity securities. On the other hand, due to greater
credit costs and other factors, operating profit and net income on a
non-consolidated basis will be mostly the same as previously forecasted, while
both of them will be higher on a consolidated basis.
3. Earnings Forecast for the Fiscal Year ended March 31, 2004
The earnings forecast for the fiscal year ended March 31, 2004 will be published
at the announcement of financial results for the six months ended September 30,
2003 scheduled in November 2003.