Sumitomo Mitsui Financial : Financial Results - Form 6-K

Form 6-K 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 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 ☐

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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: May 15, 2024

Table of Contents

Financial Results

Fiscal Year 3/2024

 - Supplementary Information - 

Sumitomo Mitsui Financial Group, Inc.

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Table of contents

Page

1.		Income analysis		Consolidated		Non-consolidated						1
2.		Interest spread (domestic)			Non-consolidated						3
3.		Gains (losses) on securities			Non-consolidated						3
4.		Unrealized gains (losses) on securities		Consolidated		Non-consolidated						4
5.		Balance of securities, classified by maturity			Non-consolidated						5
6.		Notional amount of interest rate swaps (under deferred hedge accounting), classified by remaining maturity			Non-consolidated						5
7.		Employee retirement benefits		Consolidated		Non-consolidated						6
8.		Classification based on self-assessment and the Banking Act and the Reconstruction Act, and write-offs / reserves			Non-consolidated						7
9.		Reserve for possible loan losses and reserve ratio		Consolidated		Non-consolidated						8
10.		Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act, and coverage		Consolidated		Non-consolidated						9
11.		Results of off-balancing of NPLs			Non-consolidated						10
12.		Loan portfolio, classified by industry			Non-consolidated						11
13.		Loan portfolio, classified by country			Non-consolidated						13
14.		Balance of deposits and loans			Non-consolidated						14
15.		Deferred tax assets and liabilities			Non-consolidated						15
16.		Capital ratio (BIS guidelines)		Consolidated		Non-consolidated						16
17.		ROE		Consolidated							16
18.		Earnings targets and dividends forecast for FY3/2025		Consolidated		Non-consolidated						17
Reference: Financial statements of SMBC			Non-consolidated						18

	Notes:		1.		Consolidated: Consolidated figures of Sumitomo Mitsui Financial Group, Inc. ("The Company")
		2.		Non-consolidated: Non-consolidated figures of Sumitomo Mitsui Banking Corporation ("SMBC")

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.

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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
					Change
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
		Six months ended Sep. 30, 2023				Six months  ended  Mar. 31, 2024
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
						Change
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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 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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 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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 7. Employee retirement benefits

 Consolidated

 (1) Projected benefit obligation

	(Millions of yen)
						Mar. 31, 2024						Mar. 31, 2023
				Change
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
				Change
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
				Change
Projected benefit obligation		(A)		793,191		(57,780)				850,971
					<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
				Change
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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 8. Classification based on self-assessment and the Banking Act and the Reconstruction Act, and write-offs / reserves

*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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9. Reserve for possible loan losses and reserve ratio

Consolidated							(Millions of yen, %)
				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
			(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.

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 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.

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 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.

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 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			-

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(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.

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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

Notes:			1.			Reserve ratio
		= (Reserve for possible loan losses)/(Assets excluding amounts recoverable due to gurarantees, collateral and others) X 100 Reserve for possible loan losses is sum of general reserve for substandard loans and specific reserve.
		2.			Classified by domicile of debtors.

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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

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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.

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 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

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 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
		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
		Interim		Annual
Total dividend		214.9		429.7		357.5

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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.

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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.

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Sumitomo Mitsui Financial Group

2. Condensed income statement

SMBC non-consolidated

	(Millions of yen)

			FY3/2024 (a)										FY3/2023 (b)
			(a) - (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.

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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

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

- 21 -