Sumitomo Mitsui Financial Group, Inc.

 

 

Revision of Dividends and Earnings Forecasts for Fiscal Year Ended March 31, 2010

 

 

TOKYO, April 28, 2010 --- Sumitomo Mitsui Financial Group, Inc. (“SMFG”) announces revisions of dividends on common stock and earnings forecasts for the fiscal year ended March 31, 2010 (fiscal 2009), which were announced in November 2009.

 

1. Revision of dividends forecast on common stock

SMFG has a basic policy of steadily increasing returns to shareholders through the sustainable growth of its enterprise value, while enhancing its capital to maintain financial soundness in light of the public nature of its business as a bank holding company.

In line with the policy, SMFG revises its fiscal year-end dividends forecast on common stock from ¥45 to ¥55 per share, an increase of ¥10 from the previous forecast, taking into account factors such as greater-than-expected consolidated earnings. As a result, annual dividends will be ¥100 per share (including interim-end dividends of ¥45 paid in December 2009), a year-over-year increase of ¥10.

 

(Yen)

		Dividends per share (common stock)
		Interim-end (*2)	Fiscal year-end	Annual
Previous forecast (*1)	(A)	¥ 45	¥ 45	¥ 90
Revised forecast	(B)	45	55	100
Change	(B – A)	–	+ 10	+ 10
Results for the fiscal year ended March 31, 2009		¥ 70 (*3)	¥ 20	¥ 90

(*1) Announced in November 2009

(*2) Paid in December 2009

(*3) The amount reflects the 100 for 1 stock split of common stock implemented on January 4, 2009.

 

Dividends forecast on preferred stock (1st series type 6) remains unchanged.

2. Revision of consolidated earnings forecast

SMFG revises its consolidated earnings forecast for fiscal 2009 mainly because Sumitomo Mitsui Banking Corporation (“SMBC”), a major consolidated subsidiary of SMFG, is expected to show a decrease in credit cost and an increase in banking profit.

 

(Billions of yen, except percentages)

		Ordinary income	Ordinary profit	Net income
Previous forecast (*)	(A)	¥ 3,100	¥ 490	¥ 220
Revised forecast	(B)	3,100	560	270
Change	(B – A)	–	+ 70	+ 50
Percentage change	(%)	–	+ 14.3%	+ 22.7%
Results for the fiscal year ended March 31, 2009		¥ 3,552.8	¥ 45.3	¥ (373.5)

(*) Announced in November 2009

Forecast on non-consolidated earnings remains unchanged.

 

[Appendix]

 

SMBC non-consolidated earnings forecast (fiscal year ended March 31, 2010)

(Billions of yen)

		Banking profit (before provision for general reserve for possible loan losses)	Ordinary profit	Net income		Total credit cost
Previous forecast (*)	(A)	¥ 750	¥ 330	¥ 200		¥ (340)
Revised forecast	(B)	770	460	310		(260)
Change	(B – A)	+ 20	+ 130	+ 110		+ 80
Results for the fiscal year ended March 31, 2009		¥ 823.4	¥ 36.1	¥ (301.1)		¥ (550.1)

(*) Announced in November 2009

 

 

This press release contains certain forward-looking statements.  Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may materially differ from those contained in the forward-looking statements as a result of various factors.

The following items are among the factors that could cause actual results to differ materially from the forward-looking statements in this material: business conditions in the banking industry, the regulatory environment, new legislation, competition with other financial services companies, changing technology and evolving banking industry standards and similar matters.