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Share Name | Share Symbol | Market | Type |
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Swedish Export Credit Capped Leveraged Index Return Notes Linked TO The S&P 500 Index | NYSE:SBK | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 12.60 | 0.00 | 01:00:00 |
BW20030812002038 20030812T131617Z UTC ( BW)(SUMITOMO-MITSUI-BNKG)(SBK) Statement re Progress Report on Strengthening the Financial Base of the Bank - Part 1 Business Editors UK REGULATORY NEWS TOKYO--(BUSINESS WIRE)--Aug. 12, 2003-- (Appendix) Reasons for the Differences between the Plan and the Actual Results (Table 1-1) (#1) Securities: 7,530.4 billion yen above the plan Due mainly to increases in TBs, FBs, and medium- and long-term JGBs from ALM operation on interest rate trends in the Japanese and overseas markets. (#2) Deferred tax assets (term-end balance): 1,084.6 billion yen above the plan Caused by factors such as the increase in credit cost from the accelerated disposition of non-performing assets, the large write-off due to greater-than-expected stock impairment, and the rise in effective tax rate due to the implementation of nation-wide external standards taxation. (#3) Capital stock: 766.7 billion yen below the plan Capital reserve: 447.1 billion yen below the plan a. Capital stock and capital reserve combined decreased, on a net basis, 399.4 billion yen year-on-year due to factors such as the transfer of management business to SMFG as a part of the group's structural reform upon the establishment of the holding company. b. Capital stock and capital reserve combined increased 450.3 billion yen year-on-year due to the issuance of common stock by direct allotment to SMFG. c. Capital stock and capital reserve respectively decreased year-on-year 578.8 billion yen and 826.7 billion yen due to the merger accounting applied to the merger of the former SMBC and the former Wakashio Bank. At the time of the merger, the amount of stockholders' equity of Wakashio Bank consisted of 80.8 billion yen in capital stock, and 60.0 billion yen in capital reserve. (#4) Net unrealized loss on other securities: 238.1 billion yen below the plan Due to the write-off of unrealized losses on stocks at the time of merger. (#5) Gross banking profit: 260.6 billion yen above the plan Due to factors such as higher profit of the Treasury Unit from its effective ALM operation on trends in yen and U.S. dollar interest rates. (#6) Banking profit before transfer to general reserve for possible loan losses: 263.5 billion yen above the plan Factors such as the increase in gross banking profit (#5), and the greater-than-expected reduction, by over 3.0 billion yen, in expenses even after combining 8.1 billion yen in expenses of the former Wakashio Bank, through streamlining of workforce, additional cuts in bonuses, early completion of branch network integration, and the promotion of operational rationalization. (#7) Total credit cost: 574.5 billion yen above the plan Due to the aggressive disposition of non-performing assets, such as the acceleration of "off-balancing" and the new application of "specific-type" reserves based on the DCF-method for large borrowers in the substandard category, in line with the basic concept of the Program for Financial Revival and others. (#8) Gains (losses) on stocks: 565.7 billion yen below the plan Against a background of greater-than-expected drop in stock prices, SMBC recorded 108.2 billion yen in losses on stocks sold for off-balancing purposes, and a write-off of 527.5 billion yen due to stock impairment. (#9) Ordinary profit (loss): 827.2 billion yen below the plan Net income (loss): 558.3 billion yen below the plan The higher banking profit (#6) was not enough to off set the greater-than-expected increases in total credit cost (#7) and losses on stocks (#8). (#10) ROE (Banking profit before transfer to general reserve for possible loan losses / Stockholders' equity : 14.28% above the plan Due to the lower shareholders' equity from (#3) and (#4), and the higher banking profit before transfer to general reserve for possible loan losses (#6). (Table 2: non-consolidated) (#1) Capital stock: 766.7 billion yen below the plan Capital reserve: 447.1 billion yen below the plan a. Capital stock and capital reserve combined decreased, on a net basis, 399.4 billion yen year-on-year due to factors such as the transfer of management business to SMFG as a part of the group's structural reform upon the establishment of the holding company. b. Capital stock and capital reserve combined increased 450.3 billion yen year-on-year due to the issuance of common stock by direct allotment to SMFG. c. Capital stock and capital reserve respectively decreased year-on-year 578.8 billion yen and 826.7 billion yen due to the merger accounting applied to the merger of the former SMBC and the former Wakashio Bank. At the time of the merger, the amount of stockholders' equity of Wakashio Bank consisted of 80.8 billion yen in capital stock, and 60.0 billion yen in capital (#2) Net unrealized loss on other securities: 238.1 billion yen below the plan Due to the write-off of unrealized losses on stocks at the time of merger. (Table 2: consolidated) (#1) Net unrealized loss on other securities: 238.6 billion yen below the plan Due to the write-off of unrealized losses on stocks at the time of merger. (#2) Foreign currency translation adjustments: 38.3 billion yen below the plan Due to the stronger-than-expected yen at the fiscal year-end [the plan: 133.5 yen, actual: 120.20 yen]. (Table 10) (#1) Loans to small- and medium-sized enterprises [adjusted basis]: 799.7 billion yen below the plan Main factors as follows, despite SMBC's effort to achieve the target. a. Reflecting the sluggish economy, loan demand continued to be weak. b. Expanded actions taken by corporate customers, especially by the subsidiaries of large corporations, to reduce their interest-bearing liabilities as a part of their financial restructuring measures. c. Progress made in collecting on non-performing loans aiming at an early resolution of asset quality problem. Progress Report on Strengthening the Financial Base of the Bank (Selected tables excerpted from the original Japanese report) August 2003 Sumitomo Mitsui Financial Group (Sumitomo Mitsui Banking Corporation) (Table 1-1)Trend and Plan of Income [Sumitomo Mitsui Banking Corporation (Non-consolidated) ] FY00 FY01 FY02 FY02 Actual *1 Actual *2 Plan *3 Actual *4 ------------------------------------------------------------------------------ ---------- --------- --------- --------- (Scale)
1 Year Swedish Export Credit Capped Leveraged Index Return Notes Linked TO The S&P 500 Index Chart |
1 Month Swedish Export Credit Capped Leveraged Index Return Notes Linked TO The S&P 500 Index Chart |
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