• November 14, 2017
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Sumitomo Mitsui Financal Group reports 2017 Q3 financial results

Consolidated gross profit shown in line 1 was JPY 1,465.8 billion, JPY 48.3 billion higher compared with the six months ended September 30, 2016. This was largely due to the following factors:

- Net interest income increased by realized gains from equity index-linked investment trusts in SMBC.
- Net fees and commissions improved from increased sales of investment products in SMBC Nikko Securities and the steady performance of the credit card business. General and administrative expenses, as shown in line 7, were JPY 894.6 billion, an increase of JPY 12.6 billion year-on-year. This was mainly due to the impact of yen depreciation and the increase in cost as the top-line profit grew in SMBC Nikko Securities, despite the group-wide initiatives to control costs.

Equity in gains (losses) of affiliates shown in line 8 were up by JPY 17.5 billion year-on-year primarily because The Bank of East Asia recorded gains on sale of its subsidiary.

As a result, Consolidated net business profit in line 9 was JPY 601.3 billion, an increase of JPY 53.2 billion year-on-year.

Total credit cost in line 10 decreased by JPY 20.7 billion year-on-year to JPY 34.1 billion. This was mainly the result of a collection from large obligors in SMBC which we made provisions in the past.

Overall, Ordinary profit in line 19 was JPY 615.5 billion, up by JPY 101.3 billion year-on-year, and Profit attributable to owners of parent as shown in line 29 increased
by JPY 61.0 billion year-on-year to JPY 420.2 billion.

Re-disseminated by The Asian Banker