Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Consolidated: Consolidated figures of Sumitomo Mitsui Financial Group, Inc. (“The Company”)

Non-consolidated: Non-consolidated figures of Sumitomo Mitsui Banking Corporation (“SMBC”)

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 May 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 ☐

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: May 15, 2024

Financial Results

Fiscal Year 3/2024

- Supplementary Information -

Sumitomo Mitsui Financial Group, Inc.

Table of contents

Page

Income analysis

Consolidated

Non-consolidated

…

Interest spread (domestic)

Non-consolidated

…

Gains (losses) on securities

Non-consolidated

…

Unrealized gains (losses) on securities

Consolidated

Non-consolidated

…

Balance of securities, classified by maturity

Non-consolidated

…

Notional amount of interest rate swaps (under deferred hedge accounting), classified by remaining maturity

Non-consolidated

…

Employee retirement benefits

Consolidated

Non-consolidated

…

Classification based on self-assessment and the Banking Act and the Reconstruction Act, and write-offs / reserves

Non-consolidated

…

Reserve for possible loan losses and reserve ratio

Consolidated

Non-consolidated

…

10.

Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act, and coverage

Consolidated

Non-consolidated

…

11.

Results of off-balancing of NPLs

Non-consolidated

…

12.

Loan portfolio, classified by industry

Non-consolidated

…

13.

Loan portfolio, classified by country

Non-consolidated

…

14.

Balance of deposits and loans

Non-consolidated

…

15.

Deferred tax assets and liabilities

Non-consolidated

…

16.

Capital ratio (BIS guidelines)

Consolidated

Non-consolidated

…

17.

ROE

Consolidated

…

18.

Earnings targets and dividends forecast for FY3/2025

Consolidated

Non-consolidated

…

Reference: Financial statements of SMBC

Non-consolidated

…

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 us and our managements with respect to our 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 our securities portfolio; our ability to successfully implement our business strategy through our subsidiaries, affiliates and alliance partners; exposure to new risks as we expand the scope of our business; and incurrence of significant credit-related costs. 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. We undertake no obligation to update or revise any forward-looking statements.

Please refer to our most recent disclosure documents such as our annual report on Form 20-F and other documents submitted to the U.S. Securities and Exchange Commission, as well as our earnings press releases, for a more detailed description of the risks and uncertainties that may affect our financial conditions and our operating results, and investors’ decisions.

Sumitomo Mitsui Financial Group

1. Income analysis


Consolidated						(Millions of yen)
				FY3/2024		FY3/2023
					Change

Consolidated gross profit			1	3,738,818	568,587	3,170,231

	Net interest income		2	1,880,653	162,861	1,717,792

	Trust fees		3	8,195	1,443	6,752

	Net fees and commissions		4	1,482,030	263,039	1,218,991

	Net trading income		5	107,756	(12,971)	120,727

	Net other operating income		6	260,183	154,217	105,966

General and administrative expenses			7	(2,250,593)	(301,348)	(1,949,245)

Equity in gains (losses) of affiliates			8	71,986	16,525	55,461


Consolidated net business profit			9	1,560,211	283,764	1,276,447


Total credit cost			10	(274,029)	(63,871)	(210,158)

	Credit costs		11	(290,964)	(63,882)	(227,082)

		Write-off of loans	12	(143,718)	(42,557)	(101,161)

		Provision for reserve for possible loan losses	13	(118,388)	(30,116)	(88,272)

		Others	14	(28,857)	8,791	(37,648)

	Recoveries of written-off claims		15	16,934	11	16,923

Gains (losses) on stocks			16	249,817	93,963	155,854

Other income (expenses)			17	(69,870)	(8,657)	(61,213)


Ordinary profit			18	1,466,128	305,198	1,160,930


Extraordinary gains (losses)			19	(123,778)	(61,320)	(62,458)

	Gains (losses) on disposal of fixed assets		20	(8,240)	(4,828)	(3,412)

	Losses on impairment of fixed assets		21	(13,696)	45,349	(59,045)

	Losses related to sale of freight car leasing business		22	(108,191)	(108,191)	-

	Gains on step acquisitions		23	7,080	7,080	-

Income before income taxes			24	1,342,349	243,877	1,098,472

Income taxes - current			25	(442,736)	(220,214)	(222,522)

Income taxes - deferred			26	69,073	128,698	(59,625)

Profit			27	968,687	152,363	816,324

Profit attributable to non-controlling interests			28	(5,740)	4,741	(10,481)

Profit attributable to owners of parent			29	962,946	157,104	805,842

Notes:	1. Amounts less than 1 million yen are rounded down. Figures in parenthesis 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)

	Number of consolidated subsidiaries and affiliates
				Mar. 31, 2024		Mar. 31, 2023
					Change
	Consolidated subsidiaries		30	175	(9)	184
	Equity method affiliates		31	317	9	308

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Sumitomo Mitsui Financial Group


SMBC non-consolidated						(Millions of yen)
				FY3/2024		FY3/2023
				FY3/2024	Change	FY3/2023
Gross banking profit			1	1,885,198	185,724	1,699,474
	Gross domestic profit		2	836,812	1,236	835,576
		Net interest income	3	609,175	(25,545)	634,720
		Trust fees	4	3,002	645	2,357
		Net fees and commissions	5	248,562	31,241	217,321
		Net trading income	6	2,120	2,428	(308)
		Net other operating income	7	(26,048)	(7,534)	(18,514)

		Gains (losses) on bonds	8	(14,022)	10,286	(24,308)
	Gross international profit		9	1,048,386	184,489	863,897
		Net interest income	10	556,833	27,355	529,478
		Net fees and commissions	11	281,164	42,431	238,733
		Net trading income	12	(127,831)	(74,226)	(53,605)
		Net other operating income	13	338,220	188,929	149,291

		Gains (losses) on bonds	14	(31,474)	30,964	(62,438)
Expenses (excluding non-recurring losses)			15	(983,886)	(100,283)	(883,603)

Overhead ratio			16	52.2%	0.2%	52.0%
	Personnel expenses		17	(418,267)	(37,111)	(381,156)
	Non-personnel expenses		18	(508,075)	(53,344)	(454,731)
	Taxes		19	(57,543)	(9,828)	(47,715)

Banking profit (before provision for general reserve for possible loan losses)			20	901,311	85,440	815,871

Gains (losses) on bonds			21	(45,497)	41,250	(86,747)
	Core Banking Profit (20-21)		22	946,809	44,191	902,618

		excluding gains (losses) on cancellation of investment trusts	23	926,024	62,746	863,278

Provision for general reserve for possible loan losses			24	(20,659)	(1,792)	(18,867)
Banking profit			25	880,652	83,649	797,003
Non-recurring gains (losses)			26	159,818	91,025	68,793
	Credit costs		27	(75,813)	20,816	(96,629)
	Gains on reversal of reserve for possible loan losses		28	-	-	-
	Recoveries of written-off claims		29	214	188	26
	Gains (losses) on stocks		30	235,937	94,283	141,654
	Other non-recurring gains (losses)		31	(519)	(24,261)	23,742

Ordinary profit			32	1,040,471	174,674	865,797

Extraordinary gains (losses)			33	(7,247)	24,768	(32,015)
	Gains (losses) on disposal of fixed assets		34	(3,722)	(3,846)	124
	Losses on impairment of fixed assets		35	(3,525)	28,614	(32,139)
Income before income taxes			36	1,033,223	199,441	833,782
Income taxes - current			37	(306,913)	(123,446)	(183,467)
Income taxes - deferred			38	36,336	52,495	(16,159)

Net income			39	762,646	128,492	634,154


Total credit cost (24+27+28+29)			40	(96,258)	19,212	(115,470)
	Provision for general reserve for possible loan losses		41	(20,659)	(1,792)	(18,867)
	Write-off of loans		42	(23,944)	(6,745)	(17,199)
	Provision for specific reserve for possible loan losses		43	(47,038)	16,273	(63,311)
	Losses on sales of delinquent loans		44	(3,881)	12,020	(15,901)
	Provision for loan loss reserve for specific overseas countries		45	(949)	(732)	(217)
	Recoveries of written-off claims		46	214	188	26

Note: Amounts less than 1 million yen are rounded down. Figures in parenthesis indicate the amount of loss or decrease.

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Sumitomo Mitsui Financial Group

2. Interest spread (domestic)


SMBC non-consolidated						(%)
			FY3/2024			FY3/2023
			FY3/2024	Six months ended Sep. 30, 2023	Six months ended Mar. 31, 2024	FY3/2023
Yield on interest earning assets (A)			0.72	0.70	0.73	0.74
	Interest earned on loans and bills discounted (C)		0.84	0.82	0.85	0.83
	Interest earned on securities		0.81	0.83	0.79	1.02
Total cost of funding (including expenses) (B)			0.43	0.42	0.43	0.42
	Cost of interest bearing liabilities		0.02	0.02	0.02	0.02
		Interest paid on deposits, etc. (D)	0.00	0.00	0.00	0.00
		Interest paid on other liabilities	0.19	0.17	0.21	0.12
	Expense ratio		0.41	0.40	0.41	0.40
Overall interest spread (A) - (B)			0.29	0.27	0.30	0.32
	Interest spread (C) - (D)		0.84	0.82	0.85	0.83

	Reference: After deducting loans to the Japanese government, etc.
	Interest earned on loans and bills discounted (E)		0.86	0.84	0.87	0.84
	Interest spread (E) - (D)		0.86	0.84	0.87	0.84

3. Gains (losses) on securities

SMBC non-consolidated						(Millions of yen)
				FY3/2024		FY3/2023
				FY3/2024	Change	FY3/2023
Gains (losses) on bonds				(45,497)	41,250	(86,747)
	Gains on sales			38,147	(12,382)	50,529
	Losses on sales			(79,593)	49,440	(129,033)
	Gains on redemption			0	0	0
	Losses on redemption			(4,051)	4,193	(8,244)
	Losses on devaluation			-	-	-


Gains (losses) on stocks				235,937	94,283	141,654
	Gains on sales			307,445	110,842	196,603
	Losses on sales			(5,438)	25,071	(30,509)
	Losses on devaluation			(66,070)	(41,631)	(24,439)

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Sumitomo Mitsui Financial Group

4. Unrealized gains (losses) on securities


Consolidated											(Millions of yen)
					Mar. 31, 2024					Mar. 31, 2023
					Balance sheet amount	Net unrealized gains (losses)				Balance sheet amount	Net unrealized gains (losses) (b)

						(a)	(a) - (b)	Gains	Losses

	Held-to-maturity securities			1	234,095	(1,405)	(1,021)	41	1,447	165,592	(384)

	Other securities			2	36,132,798	3,393,095	1,477,947	4,274,716	881,621	32,464,971	1,915,148

		Stocks		3	4,119,760	2,837,017	892,249	2,841,938	4,921	3,345,398	1,944,768

		Bonds		4	10,760,383	(100,141)	(35,935)	8,264	108,405	13,177,490	(64,206)

			Japanese government bonds	5	7,547,376	(54,824)	(18,391)	74	54,898	9,576,298	(36,433)

		Others		6	21,252,655	656,218	621,632	1,424,513	768,294	15,942,082	34,586

			Foreign bonds	7	16,836,216	(690,579)	6,732	53,685	744,264	13,081,534	(697,311)

	Other money held in trust			8	315	-	-	-	-	312	-

	Total			9	36,367,210	3,391,689	1,476,926	4,274,758	883,069	32,630,875	1,914,763

		Stocks		10	4,119,760	2,837,017	892,249	2,841,938	4,921	3,345,398	1,944,768

		Bonds		11	10,994,479	(101,547)	(36,956)	8,305	109,853	13,343,082	(64,591)

		Others		12	21,252,970	656,218	621,632	1,424,513	768,294	15,942,394	34,586

SMBC non-consolidated											(Millions of yen)
					Mar. 31, 2024					Mar. 31, 2023
					Balance sheet amount	Net unrealized gains (losses)				Balance sheet amount	Net unrealized gains (losses) (b)

						(a)	(a) - (b)	Gains	Losses

	Held-to-maturity securities			13	22,300	(478)	(105)	-	478	22,300	(373)

	Stocks of subsidiaries and affiliates			14	4,945,212	(81,708)	(69,364)	2,626	84,335	4,581,943	(12,344)

	Other securities			15	30,599,803	2,527,741	1,104,577	3,367,482	839,740	28,309,722	1,423,164

		Stocks		16	3,709,291	2,659,007	777,296	2,663,696	4,688	3,062,115	1,881,711

		Bonds		17	10,943,768	(98,249)	(35,868)	8,244	106,494	13,345,964	(62,381)

			Japanese government bonds	18	7,547,376	(54,824)	(18,391)	74	54,898	9,576,298	(36,433)

		Others		19	15,946,743	(33,015)	363,150	695,541	728,557	11,901,641	(396,165)

			Foreign bonds	20	12,426,880	(662,222)	(45,079)	42,610	704,833	9,709,360	(617,143)

	Total			21	35,567,315	2,445,555	1,035,109	3,370,109	924,554	32,913,965	1,410,446

		Stocks		22	4,004,093	2,661,634	779,334	2,666,322	4,688	3,358,934	1,882,300

		Bonds		23	10,966,068	(98,728)	(35,974)	8,244	106,972	13,368,264	(62,754)

		Others		24	20,597,152	(117,350)	291,749	695,541	812,892	16,186,765	(409,099)


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 valuated 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.

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Sumitomo Mitsui Financial Group

5. Balance of securities, classified by maturity

Balance of other securities with maturities and bonds of held-to-maturity


SMBC non-consolidated																	(Billions of yen)
		Mar. 31, 2024										Mar. 31, 2023

		1 year or less		More than 1 year to 5 years		More than 5 years to 10 years		More than 10 years		Total		1 year or less		More than 1 year to 5 years		More than 5 years to 10 years		More than 10 years		Total

Bonds			6,501.1		2,577.7		1,167.7		719.6		10,966.1		6,550.3		4,768.2		1,243.2		806.5	13,368.3
	Japanese government bonds		5,793.3		1,322.7		119.5		311.8		7,547.4		5,909.0		3,236.3		89.7		341.3	9,576.3
	Japanese local government bonds		71.4		264.7		700.8		9.8		1,046.7		18.1		283.3		756.4		10.6	1,068.3
	Japanese short-term bonds		319.9		-		-		-		319.9		425.0		-		-		-	425.0
	Japanese corporate bonds		316.5		990.2		347.3		398.0		2,052.1		198.4		1,248.7		397.0		454.7	2,298.7

Others			3,213.2		4,248.1		1,570.5		4,044.6		13,076.4		2,530.8		2,818.1		1,936.7		2,814.4	10,100.0

Total			9,714.3		6,825.8		2,738.2		4,764.2		24,042.5		9,081.1		7,586.3		3,179.9		3,621.0	23,468.3

6. Notional amount of interest rate swaps (under deferred hedge accounting), classified by remaining maturity

SMBC non-consolidated

(Billions of yen)


		Mar. 31, 2024				Mar. 31, 2023

		1 year or less	More than 1 year to 5 years	More than 5 years	Total	1 year or less	More than 1 year to 5 years	More than 5 years	Total
	Receivable fixed rate / payable floating rate	4,285.0	24,030.3	5,612.4	33,927.7	4,012.1	21,445.1	7,042.4	32,499.6
	Receivable floating rate / payable fixed rate	1,223.6	7,761.0	10,739.1	19,723.7	1,679.0	8,696.0	11,756.3	22,131.3

Total		5,508.7	31,791.3	16,351.5	53,651.4	5,691.1	30,141.1	18,798.7	54,630.9

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Sumitomo Mitsui Financial Group

7. Employee retirement benefits

Consolidated

(1) Projected benefit obligation


					(Millions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			Mar. 31, 2024	Change	Mar. 31, 2023
Fair value of plan assets		(A)	1,821,219	156,946	1,664,273
Projected benefit obligation		(B)	944,690	(50,378)	995,068
Net surplus (deficit)		(A-B)	876,528	207,323	669,205
	Net defined benefit asset		913,791	209,137	704,654
	Net defined benefit liability		37,263	1,814	35,449

Measurements of defined benefit plans (before tax effect deduction)			(409,772)	(217,588)	(192,184)
	Unrecognized prior service cost (deductible from the obligation)		(11,798)	2,390	(14,188)
	Unrecognized net actuarial gain (loss)		(397,974)	(219,978)	(177,996)
(2) Retirement benefit expenses
					(Millions of yen)
			FY3/2024		FY3/2023
			FY3/2024	Change	FY3/2023
Retirement benefit expenses			(8,728)	9,182	(17,910)
SMBC non-consolidated
(1) Projected benefit obligation
					(Millions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			Mar. 31, 2024	Change	Mar. 31, 2023
Projected benefit obligation		(A)	793,191	(57,780)	850,971
	<Discount rate>		<1.26%>	<0.36%>	<0.90%>
	Fair value of plan assets	(B)	1,689,470	145,111	1,544,359
	Reserve for employee retirement benefits	(C)	-	-	-
	Prepaid pension cost	(D)	479,688	(16,640)	496,328
	Unrecognized prior service cost (deductible from the obligation)	(E)	(13,698)	2,651	(16,349)
	Unrecognized net actuarial gain (loss)	(A-B-C+D-E)	(402,892)	(222,182)	(180,710)
(2) Retirement benefit expenses
					(Millions of yen)
			FY3/2024		FY3/2023
			FY3/2024	Change	FY3/2023
Retirement benefit expenses			(30,862)	6,981	(37,843)
	Service cost		18,573	(1,828)	20,401
	Interest cost on projected benefit obligation		7,658	2,132	5,526
	Expected returns on plan assets		(39,250)	(506)	(38,744)
	Amortization of unrecognized prior service cost		(2,651)	-	(2,651)
	Amortization of unrecognized net actuarial gain (loss)		(26,066)	5,811	(31,877)
	Others		10,874	1,372	9,502

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Sumitomo Mitsui Financial Group

8. Classification based on self-assessment and the Banking Act and the Reconstruction Act, and write-offs / reserves

LOGO



*1		Includes direct reduction of 208.9 billion yen.
*2		Includes reserve for assets that are not subject to disclosure based on the Banking Act and the Reconstruction Act. (Bankrupt/Effectively bankrupt borrowers: 2.8 billion yen, Potentially bankrupt borrowers: 4.7 billion yen)
*3		Reserve ratios for claims on Bankrupt borrowers, Effectively bankrupt borrowers, Potentially bankrupt borrowers, Substandard borrowers and Borrowers requiring caution including Substandard borrowers are the proportion of the reserve for possible loan losses to each category’s total claims, excluding the portion secured by collateral or guarantees, etc.
*4		Reserve ratios for claims on Normal borrowers and Borrowers requiring caution (excluding claims to Substandard borrowers) are the proportion of the reserve for possible loan losses to the respective claims of each category. The reserve ratio for unsecured claims on Borrowers requiring caution (excluding claims to Substandard borrowers) is shown in [ ].
*5		Includes Specific reserve for Borrowers requiring caution totaling 0.1 billion yen.
*6		The proportion of the reserve to the claims, excluding the portion secured by collateral or guarantees, etc.

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Sumitomo Mitsui Financial Group

9. Reserve for possible loan losses and reserve ratio



Consolidated						(Millions of yen, %)
		Mar. 31, 2024			Mar. 31, 2023
		Mar. 31, 2024			Mar. 31, 2023
		(a)	Reserve Ratio (b)	(a) - (c)	(c)	Reserve Ratio (d)
Reserve for possible loan losses		817,578	79.91	67,209	750,369	80.87
	General reserve	595,981		54,074	541,907
	Specific reserve	202,481		15,558	186,923
	Loan loss reserve for specific overseas countries	19,115		(2,423)	21,538

	Amount of direct reduction	250,841		89,349	161,492

SMBC non-consolidated						(Millions of yen, %)
		Mar. 31, 2024			Mar. 31, 2023
		Mar. 31, 2024			Mar. 31, 2023
		(a)	Reserve Ratio (b)	(a) - (c)	(c)	Reserve Ratio (d)
Reserve for possible loan losses		523,385	83.08	(503)	523,888	89.32
	General reserve	396,806		20,660	376,146
	Specific reserve	110,161		(22,112)	132,273
	Loan loss reserve for specific overseas countries	16,417		949	15,468

	Amount of direct reduction	208,912		85,939	122,973

Note: Reserve ratio (Reserve for possible loan losses / NPLs based on the Banking Act and the Reconstruction Act (Excluding Normal Assets)) is after direct reduction.

- 8 -

Sumitomo Mitsui Financial Group

10. Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act, and coverage


Consolidated					(Millions of yen, %)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)
	Bankrupt and quasi-bankrupt assets		160,186	67,245	92,941
	Doubtful assets		562,626	68,468	494,158
	Substandard loans		300,322	(40,410)	340,732
		Past due loans (3 months or more)	58,365	38,421	19,944
		Restructured loans	241,957	(78,831)	320,788
Total (A)			1,023,135	95,302	927,833

	Normal assets		125,031,630	9,892,344	115,139,286
	Grand total (B)		126,054,765	9,987,645	116,067,120
NPL ratio (A/B)			0.81	0.01	0.80

					(Millions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)
Total coverage (C)			696,808	57,578	639,230
	Reserve for possible loan losses (D)		220,973	(5,459)	226,432
	Amount recoverable by guarantees, collateral and others (E)		475,835	63,038	412,797

					(%)
Coverage ratio (C) / (A)			68.11	(0.78)	68.89
Coverage ratio calculated with total reserve for possible loan losses included in the numerator			126.42	1.06	125.36

					(%)
Reserve ratio to unsecured assets (D) / (A - E)			40.38	(3.58)	43.96
Reserve ratio calculated with total reserve for possible loan losses included in the numerator			149.38	3.69	145.69

SMBC non-consolidated					(Millions of yen, %)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)
	Bankrupt and quasi-bankrupt assets		131,179	55,687	75,492
	Doubtful assets		377,866	2,023	375,843
	Substandard loans		120,946	(14,268)	135,214
		Past due loans (3 months or more)	21,685	16,330	5,355
		Restructured loans	99,260	(30,599)	129,859
Total (A)			629,992	43,442	586,550

	Normal assets		119,694,891	7,162,001	112,532,890
	Grand total (B)		120,324,883	7,205,443	113,119,440
NPL ratio (A/B)			0.52	0.00	0.52

					(Millions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)
Total coverage (C)			564,000	58,504	505,496
	Reserve for possible loan losses (D)		137,462	(40,152)	177,614
	Amount recoverable by guarantees, collateral and others (E)		426,538	98,656	327,882

					(%)
Coverage ratio (C) / (A)			89.53	3.35	86.18
Coverage ratio calculated with total reserve for possible loan losses included in the numerator			150.78	5.56	145.22

					(%)
Reserve ratio to unsecured assets (D) / (A - E)			67.56	(1.10)	68.66
Reserve ratio calculated with total reserve for possible loan losses included in the numerator			257.25	54.72	202.53

Note: Reserve for possible loan losses is sum of general reserve for substandard loans and specific reserve.

- 9 -

Sumitomo Mitsui Financial Group

11. Results of off-balancing of NPLs

SMBC non-consolidated

(Billions of yen)




			Mar. 31, 2024 (a)	(a) - (b)	NPLs newly classified during FY3/2024	Amount of off-balancing	Mar. 31, 2023 (b)

	Bankrupt and quasi-bankrupt assets		131.2	55.7	96.9	(41.2)	75.5

	Doubtful assets		377.9	2.1	159.9	(157.8)	375.8

	Total		509.0	57.7	(*1) 256.8	(*1) (199.1)	451.3

Result of measures connected to off-balancing (*2)			116.6				55.0



		Breakdown of off-balancing by factor (*3)	Disposition by borrowers’ liquidation			(3.5)
			Reconstructive disposition			(0.9)
			Improvement in debtors’ performance due to reconstructive disposition			0.0
			Loan sales to market			(13.7)
			Direct write-offs			(80.8)
			Others			(100.2)
				Collection / repayment, etc.		(70.3)
				Improvement in debtors’ performance		(29.9)

			Total			(199.1)


*1	The amount of NPLs newly classified during the six months ended Sep. 30, 2023 and off-balanced in the six months ended Mar. 31, 2024 was 13.6 billion yen.

*2	The measures connected to off-balancing are legal reorganizations and other similar measures, corporate splits to good companies and bad companies, partial direct write-offs of retail exposure to individuals and small- and medium-sized enterprises, and trusts to RCC for the purpose of revitalization which is scheduled to be off-balanced before the maturity.

*3	1.	“Disposition by borrowers’ liquidation” refers to abandonment or write-off of loans involved in bankruptcy liquidation proceedings (bankruptcy or special liquidations).

	2.	“Reconstructive disposition” refers to abandonment of loans involved in reconstructive bankruptcy proceedings (corporate reorganization and civil rehabilitation), debt forgiveness involved in special mediation or other types of civil mediation, or debt forgiveness for restructuring involved in private reorganization.

- 10 -

Sumitomo Mitsui Financial Group

12. Loan portfolio, classified by industry

SMBC non-consolidated

(1) Loans and bills discounted, classified by industry

(Millions of yen, %)


		Mar. 31, 2024			Mar. 31, 2023
		(a)	Ratio	(a) - (b)	(b)	Ratio
Domestic offices (excluding Japan offshore banking accounts)		64,494,920	100.0	3,407,458	61,087,462	100.0
	Manufacturing	9,677,400	15.0	692,641	8,984,759	14.7
	Agriculture, forestry, fisheries and mining	232,614	0.4	17,464	215,150	0.4
	Construction	962,377	1.5	158,038	804,339	1.3
	Transportation, communications and public enterprises	5,862,981	9.1	(27,082)	5,890,063	9.6
	Wholesale and retail	5,125,982	8.0	110,564	5,015,418	8.2
	Finance and insurance	7,990,840	12.4	34,144	7,956,696	13.0
	Real estate	11,114,190	17.2	1,177,354	9,936,836	16.3
	Goods rental and leasing	2,466,978	3.8	114,193	2,352,785	3.9
	Various services	5,303,243	8.2	514,721	4,788,522	7.8
	Municipalities	602,662	0.9	5,596	597,066	1.0
	Others	15,155,648	23.5	609,823	14,545,825	23.8
Overseas offices and Japan offshore banking accounts		36,629,792	100.0	3,409,857	33,219,935	100.0
	Public sector	537,091	1.5	289,918	247,173	0.7
	Financial institutions	3,064,546	8.4	599,224	2,465,322	7.4
	Commerce and industry	31,066,245	84.8	2,510,103	28,556,142	86.0
	Others	1,961,908	5.3	10,612	1,951,296	5.9
Total		101,124,712	-	6,817,315	94,307,397	-

- 11 -

Sumitomo Mitsui Financial Group

(2) NPLs based on the Banking Act and the Reconstruction Act, classified by industry, and reserve ratio

(Millions of yen, %)


		Mar. 31, 2024			Mar. 31, 2023
		(a)	Reserve ratio	(a) - (b)	(b)
Domestic offices (excluding Japan offshore banking accounts)		417,422	67.7	73,518	343,904
	Manufacturing	96,412	69.2	25,961	70,451
	Agriculture, forestry, fisheries and mining	957	98.2	(386)	1,343
	Construction	6,756	57.4	(90)	6,846
	Transportation, communications and public enterprises	19,664	58.0	(18,208)	37,872
	Wholesale and retail	69,927	74.9	15,905	54,022
	Finance and insurance	5,226	63.8	(1,284)	6,510
	Real estate	31,005	78.1	(3,472)	34,477
	Goods rental and leasing	258	56.6	(206)	464
	Various services	156,419	51.4	57,563	98,856
	Municipalities	-	-	-	-
	Others	30,793	100.0	(2,267)	33,060
Overseas offices and Japan offshore banking accounts		212,569	67.4	(30,077)	242,646
	Public sector	-	-	-	-
	Financial institutions	-	-	-	-
	Commerce and industry	208,036	69.6	(21,832)	229,868
	Others	4,533	29.3	(8,244)	12,777
Total		629,992	67.6	43,442	586,550


Note:		Reserve ratio

		= (Reserve for possible loan losses) / (Assets excluding amounts recoverable due to guarantees, collateral and others) X 100

		Reserve for possible loan losses is sum of general reserve for substandard loans and specific reserve.

(3) Consumer loans outstanding


					(Millions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)

Consumer loans			11,975,693	220,301	11,755,392
	Housing loans		11,213,994	199,823	11,014,171

		Self-residential purpose	9,337,789	272,228	9,065,561

	Other consumer loans		761,698	20,478	741,220
(4) Loans to small- and medium-sized enterprises, etc.
					(Millions of yen, %)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)
Outstanding balance			38,080,292	2,655,534	35,424,758
Ratio to total loans			59.0	1.0	58.0

Note: Outstanding balance includes loans to individuals.

- 12 -

Sumitomo Mitsui Financial Group

13. Loan portfolio, classified by country

SMBC non-consolidated

(1) Loans outstanding, classified by major domicile

(Millions of yen, %)


		Mar. 31, 2024			Mar. 31, 2023
		(a)	Ratio	(a) - (b)	(b)	Ratio
Asia		8,364,684	23.6	213,449	8,151,235	25.4
	Indonesia	258,605	0.7	29,678	228,927	0.7
	Thailand	1,116,126	3.1	52,905	1,063,221	3.3
	Korea	467,734	1.3	(14,608)	482,342	1.5
	Hong Kong	1,417,836	4.0	(487,549)	1,905,385	5.9
	China	109,786	0.3	(80,839)	190,625	0.6
	Taiwan	534,811	1.5	3,891	530,920	1.7
	Singapore	2,398,241	6.8	367,317	2,030,924	6.3
	India	1,121,018	3.2	251,726	869,292	2.7
	Others	940,527	2.7	90,928	849,599	2.7
Oceania		2,743,547	7.7	377,432	2,366,115	7.4
	Australia	2,656,077	7.5	388,737	2,267,340	7.1
	Others	87,470	0.2	(11,305)	98,775	0.3
North America		13,845,156	39.1	1,902,888	11,942,268	37.2
	United States	11,011,839	31.1	1,526,115	9,485,724	29.6
	Others	2,833,317	8.0	376,773	2,456,544	7.6
Central and South America		2,383,292	6.7	311,918	2,071,374	6.5
	Brazil	414,410	1.1	37,711	376,699	1.2
	Panama	418,799	1.2	(13,987)	432,786	1.4
	Others	1,550,083	4.4	288,194	1,261,889	3.9
Western Europe		5,023,596	14.2	(64,952)	5,088,548	15.9
	United Kingdom	1,251,011	3.6	(102,478)	1,353,489	4.2
	Ireland	505,595	1.4	(292,851)	798,446	2.5
	Netherlands	784,814	2.2	(106,833)	891,647	2.8
	Others	2,482,176	7.0	437,210	2,044,966	6.4
Eastern Europe		237,545	0.7	23,680	213,865	0.7
	Russia	179,341	0.5	10,320	169,021	0.5
	Others	58,204	0.2	13,360	44,844	0.2
Others		2,817,518	8.0	586,632	2,230,886	6.9

Total		35,415,338	100.0	3,351,047	32,064,291	100.0

Note: Classified by domicile of debtors.

(2) NPLs based on the Banking Act and the Reconstruction Act, classified by domicile

(Millions of yen, %)


		Mar. 31, 2024			Mar. 31, 2023
		(a)	Reserve Ratio	(a) - (b)	(b)
Overseas Offices and Japan offshore banking accounts		212,569	67.4	(30,077)	242,646
	Asia	109,876	65.7	(45,309)	155,185
	Oceania	234	-	(1,522)	1,756
	North America	44,369	67.8	(9,011)	53,380
	Central and South America	24,699	100.0	19,952	4,747
	Western Europe	6,975	50.7	(6,838)	13,813
	Eastern Europe	18,588	34.1	18,588	-
	Others	7,825	46.9	(5,938)	13,763

- 13 -

Sumitomo Mitsui Financial Group

14. Balance of deposits and loans

SMBC non-consolidated

(1) Average balance of deposits and loans


					(Millions of yen)
			FY3/2024		FY3/2023
			(a)	(a) - (b)	(b)

Deposits			152,868,163	5,747,483	147,120,680

	Domestic units		119,991,739	4,444,702	115,547,037


Loans			97,217,882	3,955,718	93,262,164

	Domestic units		57,841,426	3,207,227	54,634,199
Note: Deposits do not include negotiable certificates of deposit. (2) Balance of deposits and loans, classified by type of depositor
					(Millions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)

Deposits			153,494,437	3,545,557	149,948,880
	Domestic deposits (excluding Japan offshore banking accounts)		127,668,131	4,695,896	122,972,235

		Individuals	59,807,596	1,920,559	57,887,037

		Corporates	67,860,535	2,775,337	65,085,198


Loans			101,124,712	6,817,315	94,307,397
	Domestic offices (excluding Japan offshore banking accounts)		64,494,920	3,407,458	61,087,462

	Overseas offices and Japan offshore banking accounts		36,629,792	3,409,857	33,219,935
Note: Deposits do not include negotiable certificates of deposit. Reference:
					(Billions of yen)
			Mar. 31, 2024		Mar. 31, 2023
			(a)	(a) - (b)	(b)

Balance of investment trusts			4,452.5	931.6	3,520.9

	Balance to individuals		3,564.3	683.1	2,881.2
Note: Balance of investment trusts is recognized on a contract basis and measured according to each fund’s net asset balance at the period-end.
					(Billions of yen)
			FY3/2024		FY3/2023
			(a)	(a) - (b)	(b)
Sales of investment trusts to individuals			646.0	(125.4)	771.4

Sales of pension-type insurance to individuals			100.2	(52.8)	153.0

- 14 -

Sumitomo Mitsui Financial Group

15. Deferred tax assets and liabilities


							(Billions of yen)

SMBC non-consolidated					Mar. 31, 2024	Change from Mar. 31, 2023	Mar. 31, 2023
(a)	Total deferred tax assets		(b-c)	1	382.9	63.5	319.4
	(b)	Subtotal of deferred tax assets		2	486.8	46.9	439.9
		Reserve for possible loan losses and write-off of loans		3	225.8	26.5	199.3
		Taxable write-off of securities		4	89.4	(26.6)	116.0
		Others		5	171.6	47.0	124.6
	(c) Valuation allowance			6	103.9	(16.6)	120.5
(d) Total deferred tax liabilities				7	812.7	343.1	469.6
	Net unrealized gains on other securities			8	719.8	331.6	388.2
	Others			9	92.9	11.5	81.4

Net deferred tax assets			(a-d)	10	(429.8)	(279.6)	(150.2)
	Amount corresponding to net deferred losses on hedges included in line 5 and net unrealized gains on other securities included in line 8			11	(684.3)	(315.3)	(369.0)
	Others			12	254.5	35.7	218.8

SMBC recognized deferred tax assets pursuant to paragraph 19 (classification 2) of the “Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26). This is due to the fact that SMBC has generated steady taxable income, excluding amounts arising from extraordinary factors, in all of the current and past three fiscal years.

Reference: Income of final tax return before deducting operating loss carryforwards for the last 3 years


			(Billions of yen)

	FY3/2022	FY3/2023	FY3/2024
Income of final tax return before deducting operating loss carryforwards	655.5	621.2	1,114.4
Note: The figure for FY3/2024 was estimated at fiscal year closing.

- 15 -

Sumitomo Mitsui Financial Group

16. Capital ratio (BIS guidelines)

(Basel III basis)


Consolidated	(Billions of yen, %)
	Mar. 31, 2024 [Preliminary]

(1) Total capital ratio (4) / (7)	15.29

(2) Tier 1 capital ratio (5) / (7)	14.33

(3) Common equity Tier 1 capital ratio (6) / (7)	12.91

(4) Total capital	14,197.9

(5) Tier 1 capital	13,311.6

(6) Common equity Tier 1 capital	11,992.6

(7) Risk weighted assets	92,848.6

(8) Required capital (7) X 8%	7,427.9

(9) Leverage Ratio	5.27

SMBC consolidated

(1) Total capital ratio	16.11

(2) Tier 1 capital ratio	14.80

(3) Common equity Tier 1 capital ratio	12.42

(4) Leverage Ratio	5.19

SMBC non-consolidated

(1) Total capital ratio	14.27

(2) Tier 1 capital ratio	12.86

(3) Common equity Tier 1 capital ratio	10.35

(4) Leverage Ratio	4.63
Note: The figures based on the revised public notice effective March 31, 2024.

17. ROE
Consolidated			(%)
	FY3/2024		FY3/2023
	(a)	(a) - (b)	(b)

ROE (The Company’s standard)	9.2	1.2	8.0

ROE (Tokyo Stock Exchange’s standard)	7.0	0.5	6.5

Note:


ROE (The Company’s standard)	=	Profit attributable to owners of parent	X 100
		{(Total stockholders’ equity at the beginning of the period) + (Total stockholders’ equity at the end of the period)} / 2

- 16 -

Sumitomo Mitsui Financial Group

18. Earnings targets and dividends forecast for FY3/2025

(1) Earnings targets


Consolidated		(Billions of yen)
	FY3/2025	FY3/2024 Result
Consolidated net business profit	1,620.0	1,560.2
Total credit cost	(260.0)	(274.0)
Ordinary profit	1,560.0	1,466.1
Profit attributable to owners of parent	1,060.0	962.9

SMBC non-consolidated		(Billions of yen)
	FY3/2025	FY3/2024 Result
Banking profit (before provision for general reserve for possible loan losses)	880.0	901.3
Total credit cost	(45.0)	(96.5)
Ordinary profit	1,040.0	1,040.5
Net income	730.0	762.6

(2) Dividends forecast
			(Yen)
	FY3/2025		FY3/2024
			FY3/2024
	Interim	Annual
Dividend per share for common stock	165	330	270
Note: The Board of Directors resolved on May 15, 2024 to conduct a three-for-one split of the Company’s common stock on the record date of September 30, 2024. The annual dividends forecast for FY3/2025 is not taking into account the impact of the stock split.
Reference:			(Billions of yen)
	FY3/2025		FY3/2024
			FY3/2024
	Interim	Annual
Total dividend	214.9	429.7	357.5

- 17 -

Sumitomo Mitsui Financial Group

Reference: Financial Statements of SMBC

1. Condensed balance sheet

SMBC non-consolidated


			(Millions of yen)
	Mar. 31, 2024		Mar. 31, 2023
	(a)	(a) - (b)	(b)

Assets

Cash and due from banks	72,661,204	1,842,503	70,818,701

Call loans	4,305,503	(980,335)	5,285,838

Receivables under resale agreements	1,781,354	343,759	1,437,595

Receivables under securities borrowing transactions	2,538,794	940,670	1,598,124

Monetary claims bought	2,370,100	425,809	1,944,291

Trading assets	2,702,185	322,255	2,379,930

Securities	34,666,605	2,456,211	32,210,394

Loans and bills discounted	101,124,712	6,817,315	94,307,397

Foreign exchanges	1,941,854	117,490	1,824,364

Other assets	8,879,250	1,749,963	7,129,287

Tangible fixed assets	746,606	9,353	737,253

Intangible fixed assets	341,974	55,988	285,986

Prepaid pension cost	479,688	(16,640)	496,328

Customers’ liabilities for acceptances and guarantees	15,712,360	306,504	15,405,856

Reserve for possible loan losses	(523,385)	503	(523,888)

Reserve for possible losses on investments	(6,630)	(6,630)	-

Total assets	249,722,179	14,384,715	235,337,464

Note: Amounts less than 1 million yen are rounded down.

- 18 -

Sumitomo Mitsui Financial Group

(Millions of yen)


	Mar. 31, 2024		Mar. 31, 2023
	(a)	(a) - (b)	(b)

Liabilities

Deposits	153,494,437	3,545,557	149,948,880

Negotiable certificates of deposit	14,826,777	1,896,953	12,929,824

Call money	1,028,135	253,167	774,968

Payables under repurchase agreements	12,357,578	316,211	12,041,367

Payables under securities lending transactions	669,425	298,911	370,514

Commercial paper	1,549,515	257,317	1,292,198

Trading liabilities	1,823,239	180,026	1,643,213

Borrowed money	25,119,261	3,213,999	21,905,262

Foreign exchanges	2,907,692	1,391,532	1,516,160

Bonds	472,161	(169,249)	641,410

Due to trust account	1,810,236	(466,810)	2,277,046

Other liabilities	9,427,116	2,435,369	6,991,747

Reserve for employee bonuses	14,343	801	13,542

Reserve for executive bonuses	1,344	142	1,202

Reserve for point service program	1,581	441	1,140

Reserve for reimbursement of deposits	8,283	(1,715)	9,998

Deferred tax liabilities	429,760	279,537	150,223

Deferred tax liabilities for land revaluation	27,316	(636)	27,952

Acceptances and guarantees	15,712,360	306,504	15,405,856

Total liabilities	241,680,568	13,738,060	227,942,508

Net assets

Capital stock	1,770,996	-	1,770,996

Capital surplus	1,774,554	-	1,774,554

Capital reserve	1,771,043	-	1,771,043

Other capital surplus	3,510	-	3,510

Retained earnings	3,496,700	219,785	3,276,915

Other retained earnings	3,496,700	219,785	3,276,915

Voluntary reserve for retirement allowances	1,656	-	1,656

Voluntary reserve	219,845	-	219,845

Retained earnings brought forward	3,275,199	219,785	3,055,413

Treasury stock	(210,003)	-	(210,003)

Total stockholders’ equity	6,832,248	219,785	6,612,463

Net unrealized gains (losses) on other securities	1,803,310	762,838	1,040,472

Net deferred gains (losses) on hedges	(618,692)	(335,899)	(282,793)

Land revaluation excess	24,744	(69)	24,813

Total valuation and translation adjustments	1,209,362	426,870	782,492

Total net assets	8,041,611	646,656	7,394,955

Total liabilities and net assets	249,722,179	14,384,715	235,337,464

Note: Amounts less than 1 million yen are rounded down.

- 19 -

Sumitomo Mitsui Financial Group

2. Condensed income statement

SMBC non-consolidated


				(Millions of yen)


	FY3/2024 (a)		FY3/2023 (b)
	FY3/2024 (a)	(a) - (b)	FY3/2023 (b)
Ordinary income	6,349,899	2,216,272	4,133,627

Interest income	4,856,033	1,893,751	2,962,282

Interest on loans and discounts	2,817,465	948,724	1,868,741

Interest and dividends on securities	631,848	217,925	413,923

Trust fees	3,114	663	2,451

Fees and commissions	734,870	89,735	645,135

Trading income	15,047	10,732	4,315

Other operating income	420,709	110,642	310,067

Other income	320,124	110,748	209,376
Ordinary expenses	5,309,428	2,041,598	3,267,830

Interest expenses	3,690,024	1,891,942	1,798,082

Interest on deposits	1,356,719	708,177	648,542

Fees and commissions payments	205,255	16,081	189,174

Trading losses	140,758	82,529	58,229

Other operating expenses	108,537	(70,753)	179,290

General and administrative expenses	965,023	108,156	856,867

Other expenses	199,829	13,644	186,185

Ordinary profit	1,040,471	174,674	865,797

Extraordinary gains	1,009	(1,283)	2,292

Extraordinary losses	8,256	(26,051)	34,307

Income before income taxes	1,033,223	199,441	833,782

Income taxes - current	306,913	123,446	183,467

Income taxes - deferred	(36,336)	(52,495)	16,159

Total income taxes	270,576	70,949	199,627

Net income	762,646	128,492	634,154

Note: Amounts less than 1 million yen are rounded down.

- 20 -

Sumitomo Mitsui Financial Group

3. Statement of changes in net assets

SMBC non-consolidated


Year ended March 31, 2024																				(Millions of yen)
			Capital surplus						Retained earnings
									Other retained earnings
	Capital stock		Capital reserve			Other capital surplus			Voluntary reserve for retirement allowances		Voluntary reserve			Retained earnings brought forward			Treasury stock			Total stockholders’ equity
Balance at the beginning of the period		1,770,996		1,771,043			3,510			1,656		219,845			3,055,413			(210,003	)	6,612,463

Changes in the period

Cash dividends															(542,929	)				(542,929)

Net income															762,646					762,646

Reversal of land revaluation excess															68					68
Net changes in items other than stockholders’ equity in the period

Net changes in the period		-		-			-			-		-			219,785			-		219,785
Balance at the end of the period		1,770,996		1,771,043			3,510			1,656		219,845			3,275,199			(210,003	)	6,832,248

												(Millions of yen	)
	Valuation and translation adjustments
	Net unrealized gains on other securities		Net deferred gains (losses) on hedges			Land revaluation excess			Total valuation and translation adjustments		Total net assets
Balance at the beginning of the period		1,040,472		(282,793	)		24,813			782,492		7,394,955

Changes in the period

Cash dividends												(542,929	)

Net income												762,646

Reversal of land revaluation excess												68
Net changes in items other than stockholders’ equity in the period		762,838		(335,899	)		(68	)		426,870		426,870

Net changes in the period		762,838		(335,899	)		(68	)		426,870		646,655
Balance at the end of the period		1,803,310		(618,692	)		24,744			1,209,362		8,041,611