Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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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 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 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 ☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF SUMITOMO MITSUI FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-276219) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED, EXCEPT FOR THE STATEMENTS REGARDING OUR EARNINGS FORECAST UNDER THE CAPTION “3. EARNINGS FORECAST ON A CONSOLIDATED BASIS (FOR THE FISCAL YEAR ENDING MARCH 31, 2025).”

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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:  November 14, 2024

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		November 14, 2024
		Sumitomo Mitsui Financial Group, Inc. Consolidated Financial Results for the six months ended September 30, 2024 <Under Japanese GAAP>

 

Head Office: 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan

Stock Exchange Listings: Tokyo Stock Exchange, Nagoya Stock Exchange, New York Stock Exchange

URL: https://www.smfg.co.jp/english/

President: Toru Nakashima

Interim Securities Report (Hanki hokokusho) issuing date: November 29, 2024

Dividend payment date: December 3, 2024

Investors meeting presentation for financial results: Scheduled

Note: Amounts less than one million yen have been rounded down.

1. Consolidated financial results (for the six months ended September 30, 2024)

 

(1) Operating results

(Millions of yen, except per share data and percentages)

		Ordinary income								Ordinary profit								Profit attributable to    owners of parent
Six months ended September 30, 2024		¥	5,276,938				17.7	%		¥	1,030,472				45.3	%		¥	725,172				37.7	%
Six months ended September 30, 2023			4,482,985				53.7				709,232				(2.3	)			526,465				0.2

 

Notes:		1.		Comprehensive income:
				(a) for the six months ended September 30, 2024 ¥373,994 million [(70.3)%] (b) for the six months ended September 30, 2023 ¥1,257,766 million [78.3%]
		2.		Percentages shown in ordinary income, ordinary profit, profit attributable to owners of parent and comprehensive income are the increase (decrease) from the same period in the previous fiscal year.

 

		Earnings per share								Earnings per share        (Diluted)
Six months ended September 30, 2024			¥   184.77								¥   184.72
Six months ended September 30, 2023			131.47								131.43

  Note:  On October 1, 2024, Sumitomo Mitsui Financial Group, Inc. (“the Company”) effected a three for one split of its common stock on the record date of September 30, 2024. Earnings per share       and Earnings per share (Diluted) take into account the stock split.

 

 

(2) Financial position		(Millions of yen, except percentages)

 

		Total assets								Net assets								Net assets  ratio
As of September 30, 2024		¥	290,022,585							¥	14,892,743								5.1	%
As of March 31, 2024			295,236,701								14,799,967								5.0

 

Notes:		1.		Stockholders’ equity:
				(a) as of September 30, 2024: ¥ 14,755,242 million (b) as of March 31, 2024: ¥ 14,660,110 million
		2.		Net assets ratio = {(Net assets – stock acquisition rights – non-controlling interests) / total assets} X 100

 

2. Dividends on common stock		(Yen)
		Cash dividends per share
		1st quarter		2nd quarter		3rd quarter		4th quarter		Annual
Fiscal year ended March 31, 2024		¥   —		¥  135.00		¥    —		¥  135.00		¥  270.00
Fiscal year ending March 31, 2025 Before considering the stock split		—		180.00
(After considering the stock split)		—		180.00
Fiscal year ending March 31, 2025 Forecast/Before considering the stock split						—		180.00		360.00
(Forecast/After considering the stock split)						—		60.00		—

 

Notes:		1.		Dividend forecast which was announced in May 2024 was revised.
		2.		On October 1, 2024, the Company effected a three for one split of its common stock on the record date of September 30, 2024.

3. Earnings forecast on a consolidated basis (for the fiscal year ending March 31, 2025)

 

		(Millions of yen, except per share data and percentage)

		Profit attributable to owners  of parent														Earnings per share
Fiscal year ending March 31, 2025			¥  1,160,000							20.5 %							¥  299.94

 

Notes:		1.		Earnings forecast which was announced in May 2024 was revised.
		2.		Percentage shown in profit attributable to owners of parent is the increase (decrease) from the previous fiscal year.
		3.		On October 1, 2024, the Company effected a three for one split of its common stock on the record date of September 30, 2024. At the Board of Directors held on November 14, 2024, the Company resolved to repurchase its own shares. Forecasted earnings per share are calculated by dividing forecasted profit attributable to owners of parent by the number of issued common stocks (excluding treasury stocks) as of September 30, 2024 which takes into account the stock split and the repurchase of own shares.

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[Notes]

(1) There were changes in material consolidated subsidiaries during the period.

Newly consolidated: 1 company (JRI Holdings, Limited)

Excluded: 1 company (SMBC Finance Service Co., Ltd.)

(2) Changes in accounting policies, changes in accounting estimates and restatements

(a) Changes in accounting policies due to application of new or revised accounting standards		:		Yes
(b) Changes in accounting policies due to reasons other than above (a)		:		No
(c) Changes in accounting estimates		:		No
(d) Restatements		:		No
Note: For more details, see page 7 “IV. Notes to interim consolidated financial statements.”

(3) Number of shares issued (common stocks)

 

		As of September 30, 2024		As of March 31, 2024
(a) Number of shares issued (including treasury stocks)		3,924,531,558 shares		4,012,587,252 shares
(b) Number of treasury stocks		10,672,350 shares		70,763,598 shares
		Six months ended		Six months ended
		September 30, 2024		September 30, 2023
(c) Average number of shares issued during the period		3,924,762,726 shares		4,004,538,607 shares

 

Notes:		1.		The Company has introduced a “Stock grant trust for employees.” The shares of the Company held by the trust are included in the number of treasury stocks to be deducted when calculating both the number of treasury stocks and the average number of shares issued during the period.
		2.		On October 1, 2024, the Company effected a three for one split of its common stock on the record date of September 30, 2024. The number of shares issued (including treasury stocks), the number of treasury stocks and the average number of shares issued during the period take into account the stock split.

(Summary of financial information on a non-consolidated basis)

Non-consolidated financial results (for the six months ended September 30, 2024)

 

(1) Operating results												(Millions of yen, except per share data and percentages)
				Operating income				Operating profit				Ordinary profit				Net income
		Six months ended September 30, 2024		¥ 806,087		187.7 %		¥ 593,915		504.9 %		¥ 584,119		536.8 %		¥ 589,967		526.6 %
		September 30, 2023		280,170		54.8		98,180		105.1		91,720		106.3		94,155		98.6
				Earnings per share
		Six months ended September 30, 2024		¥   150.32
		September 30, 2023		23.51

 

		Notes:		1.		Percentages shown in operating income, operating profit, ordinary profit and net income are the increase (decrease) from the same period in the previous fiscal year.
				2.		On October 1, 2024, the Company effected a three for one split of its common stock on the record date of September 30, 2024. Earnings per share takes into account the stock split.

 

(2) Financial position

(Millions of yen, except percentages)

				Total  assets				Net  assets				Net assets  ratio
		As of September 30, 2024		¥ 19,675,606				¥ 6,376,568				32.4%
		As of March 31, 2024		19,745,893				6,075,333				30.8

  Note: Stockholders’ equity:

(a) as of September 30, 2024: ¥6,375,777 million   (b) as of March 31, 2024: ¥6,074,401 million

[Note on interim audit procedures]

  This report is out of the scope of the interim audit procedures.

 

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 Sumitomo Mitsui Financial Group, Inc. (“the Company”) and its management with respect to the Company’s 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 the Company’s securities portfolio; incurrence of significant credit-related costs; the Company’s ability to successfully implement its business strategy through its subsidiaries, affiliates and alliance partners; and exposure to new risks as the Company expands the scope of its business. 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. The Company undertakes no obligation to update or revise any forward-looking statements. Please refer to the Company’s most recent disclosure documents such as its annual report on Form 20-F and other documents submitted to the U.S. Securities and Exchange Commission, as well as its earnings press releases, for a more detailed description of the risks and uncertainties that may affect its financial conditions, its operating results, and investors’ decisions.

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Table of contents

 

Interim consolidated financial statements and main notes					2
I.		Interim consolidated balance sheets			2
II.		Interim consolidated statements of income and interim consolidated statements of comprehensive income			3
III.		Interim consolidated statements of changes in net assets			4
IV.		Notes to interim consolidated financial statements			7
		Note on going concern			7
		Changes in accounting policies			7

* Appendix: Financial results for the six months ended September 30, 2024 supplementary information

 

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Interim consolidated financial statements and main notes

I. Interim consolidated balance sheets

 

		Millions of yen
		March 31, 2024				September 30, 2024
Assets:
Cash and due from banks		¥	78,143,100			¥	73,612,647
Call loans and bills bought			5,333,883				4,330,213
Receivables under resale agreements			8,525,688				13,430,028
Receivables under securities borrowing transactions			6,799,541				5,933,711
Monetary claims bought			6,103,091				5,545,605
Trading assets			11,540,063				10,614,415
Money held in trust			23,751				32,903
Securities			37,142,808				38,834,511
Loans and bills discounted			107,013,907				105,037,170
Foreign exchanges			2,068,885				2,379,382
Lease receivables and investment assets			207,645				250,180
Other assets			15,313,546				13,593,179
Tangible fixed assets			1,006,883				996,006
Intangible fixed assets			976,706				991,104
Net defined benefit asset			913,791				936,006
Deferred tax assets			71,427				57,248
Customers’ liabilities for acceptances and guarantees			14,869,558				14,244,674
Reserve for possible loan losses			(817,578)				(796,404)
Total assets		¥	295,236,701			¥	290,022,585
Liabilities:
Deposits		¥	164,839,357			¥	163,541,943
Negotiable certificates of deposit			14,672,275				13,336,652
Call money and bills sold			3,138,049				4,221,905
Payables under repurchase agreements			19,625,877				20,662,981
Payables under securities lending transactions			1,736,935				1,424,469
Commercial paper			2,429,179				1,981,332
Trading liabilities			9,689,434				8,526,459
Borrowed money			14,705,266				14,889,132
Foreign exchanges			2,872,560				2,199,495
Short-term bonds			863,000				1,011,500
Bonds			13,120,274				12,511,245
Due to trust account			1,246,198				1,095,100
Other liabilities			15,573,044				14,509,112
Reserve for employee bonuses			115,488				83,930
Reserve for executive bonuses			4,411				—
Net defined benefit liability			37,263				36,517
Reserve for executive retirement benefits			1,179				891
Reserve for point service program			35,622				30,040
Reserve for reimbursement of deposits			9,228				7,048
Reserve for losses on interest repayment			121,947				209,887
Reserves under the special laws			4,631				5,296
Deferred tax liabilities			698,632				573,200
Deferred tax liabilities for land revaluation			27,316				27,025
Acceptances and guarantees			14,869,558				14,244,674
Total liabilities			280,436,734				275,129,842
Net assets:
Capital stock			2,344,038				2,345,960
Capital surplus			610,143				611,833
Retained earnings			7,843,470				8,216,457
Treasury stock			(167,671)				(34,101)
Total stockholders’ equity			10,629,980				11,140,149
Net unrealized gains (losses) on other securities			2,406,883				2,095,703
Net deferred gains (losses) on hedges			(65,073)				(135,196)
Land revaluation excess			34,936				34,110
Foreign currency translation adjustments			1,362,647				1,345,023
Accumulated remeasurements of defined benefit plans			290,735				275,451
Total accumulated other comprehensive income			4,030,129				3,615,092
Stock acquisition rights			931				790
Non-controlling interests			138,925				136,710
Total net assets			14,799,967				14,892,743
Total liabilities and net assets		¥	295,236,701			¥	290,022,585

 

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II. Interim consolidated statements of income and interim consolidated statements of comprehensive income

(Interim consolidated statements of income)

 

		Millions of yen
Six months ended September 30		2023				2024
Ordinary income		¥	4,482,985			¥	5,276,938
Interest income			2,923,705				3,450,738
Interest on loans and discounts			1,751,125				1,992,942
Interest and dividends on securities			305,920				468,838
Trust fees			3,784				4,499
Fees and commissions			804,513				905,938
Trading income			164,795				436,753
Other operating income			439,872				79,744
Other income			146,313				399,264
Ordinary expenses			3,773,752				4,246,466
Interest expenses			2,035,952				2,324,340
Interest on deposits			800,847				829,337
Fees and commissions payments			119,549				151,321
Trading losses			229,906				132,106
Other operating expenses			133,937				224,648
General and administrative expenses			1,082,198				1,172,747
Other expenses			172,207				241,302
Ordinary profit			709,232				1,030,472
Extraordinary gains			168				1,527
Extraordinary losses			3,014				4,599
Income before income taxes			706,386				1,027,400
Income taxes-current			176,906				264,819
Income taxes-deferred			837				32,753
Income taxes			177,743				297,572
Profit			528,642				729,827
Profit attributable to non-controlling interests			2,176				4,655
Profit attributable to owners of parent		¥	526,465			¥	725,172
(Interim consolidated statements of comprehensive income)
		Millions of yen
Six months ended September 30		2023				2024
Profit		¥	528,642			¥	729,827
Other comprehensive income (losses)			729,123				(355,833)
Net unrealized gains (losses) on other securities			126,098				(255,139)
Net deferred gains (losses) on hedges			71,528				(63,775)
Foreign currency translation adjustments			476,785				(98,034)
Remeasurements of defined benefit plans			(9,683)				(14,408)
Share of other comprehensive income of affiliates			64,394				75,523
Total comprehensive income			1,257,766				373,994
Comprehensive income attributable to owners of parent			1,250,368				370,291
Comprehensive income attributable to non-controlling interests			7,397				3,702

 

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III. Interim consolidated statements of changes in net assets

 

		Millions of yen
		Stockholders’ equity
Six months ended September 30, 2023		Capital stock				Capital surplus				Retained earnings				Treasury stock				Total
Balance at the beginning of the period		¥	2,342,537			¥	694,052			¥	7,423,600			¥	(151,798)			¥	10,308,391
Changes in the period
Issuance of new stock			1,501				1,500												3,001
Cash dividends											(168,077)								(168,077)
Profit attributable to owners of parent											526,465								526,465
Purchase of treasury stock															(61,326)				(61,326)
Disposal of treasury stock							(99)								242				143
Cancellation of treasury stock							(195,160)								195,160				—
Changes in shareholders’ interest due to transaction with non-controlling interests							(9,892)												(9,892)
Reversal of land revaluation excess											(35)								(35)
Transfer from retained earnings to capital surplus							195,259				(195,259)								—
Net changes in items other than stockholders’ equity in the period
Net changes in the period			1,501				(8,391)				163,092				134,076				290,278
Balance at the end of the period		¥	2,344,038			¥	685,660			¥	7,586,692			¥	(17,721)			¥	10,598,670
		Millions of yen
		Accumulated other comprehensive income
Six months ended September 30, 2023		Net unrealized gains (losses) on other securities				Net deferred gains (losses) on hedges				Land revaluation excess				Foreign currency translation adjustments				Accumulated remeasurements of defined benefit plans				Total
Balance at the beginning of the period		¥	1,373,521			¥	(13,293)			¥	35,005			¥	843,614			¥	133,226			¥	2,372,074
Changes in the period
Issuance of new stock
Cash dividends
Profit attributable to owners of parent
Purchase of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Changes in shareholders’ interest due to transaction with non-controlling interests
Reversal of land revaluation excess
Transfer from retained earnings to capital surplus
Net changes in items other than stockholders’ equity in the period			132,347				75,289				35				525,903				(9,638)				723,938
Net changes in the period			132,347				75,289				35				525,903				(9,638)				723,938
Balance at the end of the period		¥	1,505,869			¥	61,996			¥	35,041			¥	1,369,518			¥	123,588			¥	3,096,013

 

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(Continued)

 

		Millions of yen
Six months ended September 30, 2023		Stock acquisition rights				Non- controlling interests				Total net assets
Balance at the beginning of the period		¥	1,145			¥	109,495			¥	12,791,106
Changes in the period
Issuance of new stock											3,001
Cash dividends											(168,077)
Profit attributable to owners of parent											526,465
Purchase of treasury stock											(61,326)
Disposal of treasury stock											143
Cancellation of treasury stock											—
Changes in shareholders’ interest due to transaction with non-controlling interests											(9,892)
Reversal of land revaluation excess											(35)
Transfer from retained earnings to capital surplus											—
Net changes in items other than stockholders’ equity in the period			(142)				15,905				739,701
Net changes in the period			(142)				15,905				1,029,980
Balance at the end of the period		¥	1,002			¥	125,400			¥	13,821,086
Six months ended September 30, 2024		Millions of yen
		Stockholders’ equity
		Capital stock				Capital surplus				Retained earnings				Treasury stock				Total
Balance at the beginning of the period		¥	2,344,038			¥	610,143			¥	7,843,470			¥	(167,671)			¥	10,629,980
Cumulative effects of changes in accounting policies											59,330								59,330
Restated balance			2,344,038				610,143				7,902,800				(167,671)				10,689,311
Changes in the period
Issuance of new stock			1,922				1,922												3,844
Cash dividends											(177,382)								(177,382)
Profit attributable to owners of parent											725,172								725,172
Purchase of treasury stock															(101,576)				(101,576)
Disposal of treasury stock							(339)								486				147
Cancellation of treasury stock							(234,659)								234,659				—
Changes in shareholders’ interest due to transaction with non-controlling interests							(232)												(232)
Increase due to decrease in subsidiaries											39								39
Reversal of land revaluation excess											825								825
Transfer from retained earnings to capital surplus							234,999				(234,999)								—
Net changes in items other than stockholders’ equity in the period
Net changes in the period			1,922				1,689				313,656				133,569				450,838
Balance at the end of the period		¥	2,345,960			¥	611,833			¥	8,216,457			¥	(34,101)			¥	11,140,149

 

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(Continued)

 

		Millions of yen
		Accumulated other comprehensive income
Six months ended September 30, 2024		Net unrealized  gains (losses) on other securities				Net deferred gains (losses) on hedges				Land revaluation  excess				Foreign currency translation  adjustments				Accumulated remeasurements of defined benefit plans				Total
Balance at the beginning of the period		¥	2,406,883			¥	(65,073)			¥	34,936			¥	1,362,647			¥	290,735			¥	4,030,129
Cumulative effects of changes in accounting policies			(59,330)																				(59,330)
Restated balance			2,347,553				(65,073)				34,936				1,362,647				290,735				3,970,798
Changes in the period
Issuance of new stock
Cash dividends
Profit attributable to owners of parent
Purchase of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Changes in shareholders’ interest due to transaction with non-controlling interests
Increase due to decrease in subsidiaries
Reversal of land revaluation excess
Transfer from retained earnings to capital surplus
Net changes in items other than stockholders’ equity in the period			(251,849)				(70,122)				(825)				(17,624)				(15,283)				(355,706)
Net changes in the period			(251,849)				(70,122)				(825)				(17,624)				(15,283)				(355,706)
Balance at the end of the period		¥	2,095,703			¥	(135,196)			¥	34,110			¥	1,345,023			¥	275,451			¥	3,615,092
		Millions of yen
Six months ended September 30, 2024		Stock acquisition rights				Non- controlling interests				Total net assets
Balance at the beginning of the period		¥	931			¥	138,925			¥	14,799,967
Cumulative effects of changes in accounting policies											—
Restated balance			931				138,925				14,799,967
Changes in the period
Issuance of new stock											3,844
Cash dividends											(177,382)
Profit attributable to owners of parent											725,172
Purchase of treasury stock											(101,576)
Disposal of treasury stock											147
Cancellation of treasury stock											—
Changes in shareholders’ interest due to transaction with non-controlling interests											(232)
Increase due to decrease in subsidiaries											39
Reversal of land revaluation excess											825
Transfer from retained earnings to capital surplus											—
Net changes in items other than stockholders’ equity in the period			(141)				(2,215)				(358,062)
Net changes in the period			(141)				(2,215)				92,775
Balance at the end of the period		¥	790			¥	136,710			¥	14,892,743

 

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IV. Notes to interim consolidated financial statements

(Note on going concern)

 Not applicable.

(Changes in accounting policies)

Application of Accounting Standard for Current Income Taxes, etc.

The Company applied the “Accounting Standard for Current Income Taxes” (ASBJ Statement No.27, October 28, 2022), the “Accounting Standard for Presentation of Comprehensive Income” (ASBJ Statement No.25, October 28, 2022) and the “Implementation Guidance on Tax Effect Accounting” (ASBJ Guidance No.28, October 28, 2022) from the beginning of the six months ended September 30, 2024.

As for the revision of accounting classification of current income taxes (imposed on Other comprehensive income) in accordance with the transitional treatment stipulated in the proviso of Paragraph 20-3 of the Accounting Standard for Current Income Taxes and Paragraph 65-2, Item 2 of the Implementation Guidance on Tax Effect Accounting, the cumulative effects by the retroactive application of the new accounting policies prior to the beginning of the six months ended September 30, 2024, were adjusted to “Retained earnings” at the beginning of the six months ended September 30, 2024. Furthermore, the corresponding amounts were appropriately allocated among “Capital surplus”, “Valuation and translation adjustments” and “Total accumulated other comprehensive income,” and new accounting standards were applied from the beginning balance of the six months ended September 30, 2024. As a result, “Retained earnings” increased by ¥59,330 million and “Net unrealized gains on other securities” decreased by ¥59,330 million at the beginning of the six months ended September 30, 2024.

As for the revision to review the treatment of gains or losses on sales arising from the sale of subsidiaries’ stocks and others between consolidated companies in the consolidated financial statements, in cases where the gains or losses on sales is deferred for tax purposes, the Company applied the Implementation Guidance on Tax Effect Accounting from the beginning of the six months ended September 30, 2024. There were no significant effects on the consolidated financial statements due to the application of the Implementation Guidance.

 

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