SMBC Group's Financial and Credit Portfolio
1H FY3/24 financial results
1H
YOY
(JPY bn)
FY3/24
1 Consolidated gross profit
1,817.3
+185.0
G&A expenses
1,082.2
+119.6
2
Overhead ratio
59.5%
+0.5%
3 Equity in gains (losses) of affiliates
35.8
(16.3)
4 Consolidated net business profit
770.9
+49.0
5 Total credit cost
100.3
+17.2
6 Gains (losses) on stocks
46.8
(45.3)
7 Other income (expenses)
(8.2)
(3.4)
8 Ordinary profit
709.2
(16.8)
9 Extraordinary gains (losses)
(2.8)
(1.4)
10 Income taxes
177.7
(16.0)
11 Profit attributable to owners of parent
526.5
+1.0
12 ROE incl. OCI*1
8.0%
(0.5)%
13 ROE*2
10.0%
(0.3)%
*1 Denominator: Shareholder's equity + total accumulated other comprehensive income
*2 Based on shareholder's equity
*3 Bank of East Asia
Consolidated gross profit increased YoY due to
1) recovery of SMBC Nikko,
2) strong performance of payment business, and
3) increase of income on loans, both domestic and overseas.
Impact of FX: +21
G&A expenses increased YoY mainly due to
1) inflation: +25
2) higher variable marketing cost of SMCC: +25,
which is successfully increasing new customers.
Impact of FX: +14
Equity in gains of affiliates decreased YoY due to
absence of gains on change in equity of BEA*³: (20)
Impact of FX: +1
Total credit cost increased due to
domestic consumer finance business: +24
but managed to keep it lower than forecast
Gains on stocks decreased due to
1) impairment of overseas investment: (29)
2) gains on sales of equity holdings: 61, YoY (7),
while ETF sales increased :+7)
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