Sumitomo Mitsui Financial Group, Inc., The Current Fiscal Year Net Income Revised Upward by 9%, Adds to Record High Profit Forecast,

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Thu Nov 14, 2024 5:30 pm JST Earnings

8316 Sumitomo Mitsui Financial Group, Inc. 【J-GAAP】

Earnings Report

Sumitomo Mitsui Financial Group, Inc. <8316> [TSE-P] announced its financial results after the market closed on November 14th (17:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 725 billion yen, an increase of 37.7% compared to the same period last year.

In addition, the full-year consolidated net income has been revised upward by 9.4%, from the previous forecast of 1.06 trillion yen to 1.16 trillion yen (compared to 962 billion yen in the previous period), increasing the growth rate from 10.1% to 20.5%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to nearly flat at 434 billion yen, down 0.4% from the same period last year.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 220 yen to 240 yen (compared to 270 yen before the 1-to-3 stock split in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 27.1% from the same period last year, reaching 353 billion yen.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	2,916,911	ー	726,071	525,427	127.7	62.5	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	4,482,985	ー	709,232	526,465	131.5	48.4	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	5,276,938	ー	1,030,472	725,172	184.8	ー	Nov 14, 2024	J-GAAP
YoY	+17.7%	－	+45.3%	+37.7%	+40.5%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	55	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	5,276,938	ー	1,030,472	725,172	184.8	60	Nov 14, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	ー	ー	ー	1,060,000	271.6	110	May 15, 2024	J-GAAP
Mar, 2025 New	ー	ー	ー	1,160,000	297.2	120	Nov 14, 2024	J-GAAP
Revision Rate	－	－	－	+9.4%	+9.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	4,870,605	ー	756,896	436,481	109.5	45	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	ー	ー	ー	434,828	111.4	60	Nov 14, 2024	J-GAAP
YoY	－	－	－	-0.4%	+1.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,142,155	ー	1,160,930	805,842	196.8	80	May 15, 2023	J-GAAP
Mar, 2024	9,353,590	ー	1,466,128	962,946	241.5	90	May 15, 2024	J-GAAP
Mar, 2025 Guidance	ー	ー	ー	1,160,000	297.2	120	Nov 14, 2024	J-GAAP
YoY	－	－	－	+20.5%	+23.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,209,693	ー	360,095	278,449	69.5	0.0	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	2,208,233	ー	487,447	266,372	66.6	0.0	Feb 1, 2024	J-GAAP
Jan - Mar, 2024	2,662,372	ー	269,449	170,109	42.7	0.0	May 15, 2024	J-GAAP
Apr - Jun, 2024	2,522,567	ー	520,888	371,355	94.4	0.0	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	2,754,371	ー	509,584	353,817	90.2	0.0	Nov 14, 2024	J-GAAP
YoY	+24.6%	－	+41.5%	+27.1%	+29.7%