Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

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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 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 2023

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 ☐

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.

Date: May 15, 2023

Financial Results

Fiscal Year 3/2023

- Supplementary Information -

Sumitomo Mitsui Financial Group, Inc.

Table of contents

Page

Income analysis

Consolidated

Non-consolidated

…

Interest spread (domestic)

Non-consolidated

…

Gains (losses) on securities

Non-consolidated

…

Unrealized gains (losses) on securities

Consolidated

Non-consolidated

…

Balance of securities, classified by maturity

Non-consolidated

…

Notional amount of interest rate swaps (under deferred hedge accounting), classified by remaining maturity

Non-consolidated

…

Employee retirement benefits

Consolidated

Non-consolidated

…

Classification based on self-assessment and the Banking Act and the Reconstruction Act, and write-offs / reserves

Non-consolidated

…

Reserve for possible loan losses and reserve ratio

Consolidated

Non-consolidated

…

10.

Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act, and coverage

Consolidated

Non-consolidated

…

11.

Results of off-balancing of NPLs

Non-consolidated

…

12.

Loan portfolio, classified by industry

Non-consolidated

…

13.

Loan portfolio, classified by country

Non-consolidated

…

14.

Balance of deposits and loans

Non-consolidated

…

15.

Deferred tax assets and liabilities

Non-consolidated

…

16.

Capital ratio (BIS guidelines)

Consolidated

Non-consolidated

…

17.

ROE

Consolidated

…

18.

Earnings targets and dividends forecast for FY3/2024

Consolidated

Non-consolidated

…

Reference: Financial statements of SMBC

Non-consolidated

…

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 us and our managements with respect to our 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 our securities portfolio; our ability to successfully implement our business strategy through our subsidiaries, affiliates and alliance partners; exposure to new risks as we expand the scope of our business; and incurrence of significant credit-related costs. 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. We undertake no obligation to update or revise any forward-looking statements.

Please refer to our most recent disclosure documents such as our annual report on Form 20-F and other documents submitted to the U.S. Securities and Exchange Commission, as well as our earnings press releases, for a more detailed description of the risks and uncertainties that may affect our financial conditions and our operating results, and investors’ decisions.

Sumitomo Mitsui Financial Group

1. Income analysis


Consolidated						(Millions of yen)

				FY3/2023	Change	FY3/2022

Consolidated gross profit			1	3,170,231	224,726	2,945,505

	Net interest income		2	1,717,792	189,808	1,527,984

	Trust fees		3	6,752	812	5,940

	Net fees and commissions		4	1,218,991	19,456	1,199,535

	Net trading income		5	120,727	19,565	101,162

	Net other operating income		6	105,966	(4,916)	110,882

General and administrative expenses			7	(1,949,245)	(128,120)	(1,821,125)

Equity in gains (losses) of affiliates			8	55,461	26,950	28,511

Consolidated net business profit			9	1,276,447	123,557	1,152,890


Total credit cost			10	(210,158)	64,224	(274,382)

	Credit costs		11	(227,082)	60,852	(287,934)

		Write-off of loans	12	(101,161)	(21,583)	(79,578)

		Provision for reserve for possible loan losses	13	(88,272)	91,732	(180,004)

		Others	14	(37,648)	(9,297)	(28,351)

	Recoveries of written-off claims		15	16,923	3,371	13,552

Gains (losses) on stocks			16	155,854	(53,199)	209,053

Other income (expenses)			17	(61,213)	(14,274)	(46,939)


Ordinary profit			18	1,160,930	120,309	1,040,621


Extraordinary gains (losses)			19	(62,458)	48,575	(111,033)

	Gains (losses) on disposal of fixed assets		20	(3,412)	(1,299)	(2,113)

	Losses on impairment of fixed assets		21	(59,045)	49,875	(108,920)

Income before income taxes			22	1,098,472	168,884	929,588

Income taxes - current			23	(222,522)	18,737	(241,259)

Income taxes - deferred			24	(59,625)	(86,349)	26,724

Profit			25	816,324	101,272	715,052

Profit attributable to non-controlling interests			26	(10,481)	(2,060)	(8,421)

Profit attributable to owners of parent			27	805,842	99,211	706,631

Notes:	1. Amounts less than 1 million yen are rounded down. Figures in parenthesis indicate the amount of loss or decrease.
	2. Consolidated gross profit = (Interest income - Interest expenses) + Trust fees + (Fees and commissions - Fees and commissions payments) + (Trading income - Trading losses) + (Other operating income - Other operating expenses)

	Number of consolidated subsidiaries and affiliates

				Mar. 31, 2023	Change	Mar. 31, 2022
	Consolidated subsidiaries		28	184	3	181
	Equity method affiliates		29	308	196	112

- 1 -

Sumitomo Mitsui Financial Group


SMBC non-consolidated						(Millions of yen)

				FY3/2023	Change	FY3/2022
Gross banking profit			1	1,699,474	120,296	1,579,178
	Gross domestic profit		2	835,576	(10,525)	846,101
		Net interest income	3	634,720	(4,101)	638,821
		Trust fees	4	2,357	161	2,196
		Net fees and commissions	5	217,321	19,089	198,232
		Net trading income	6	(308)	(194)	(114)
		Net other operating income	7	(18,514)	(25,478)	6,964

		Gains (losses) on bonds	8	(24,308)	(22,900)	(1,408)
	Gross international profit		9	863,897	130,820	733,077
		Net interest income	10	529,478	77,203	452,275
		Net fees and commissions	11	238,733	38,470	200,263
		Net trading income	12	(53,605)	15,875	(69,480)
		Net other operating income	13	149,291	(728)	150,019

		Gains (losses) on bonds	14	(62,438)	(21,483)	(40,955)
Expenses (excluding non-recurring losses)			15	(883,603)	(26,370)	(857,233)

Overhead ratio			16	52.0%	(2.3%)	54.3%
	Personnel expenses		17	(381,156)	(36,377)	(344,779)
	Non-personnel expenses		18	(454,731)	8,280	(463,011)
	Taxes		19	(47,715)	1,727	(49,442)

Banking profit (before provision for general reserve for possible loan losses)			20	815,871	93,927	721,944

Gains (losses) on bonds			21	(86,747)	(44,383)	(42,364)
	Core Banking Profit (20-21)		22	902,618	138,309	764,309

		excluding gains (losses) on cancellation of investment trusts	23	863,278	140,473	722,805

Provision for general reserve for possible loan losses			24	(18,867)	(12,654)	(6,213)
Banking profit			25	797,003	81,272	715,731
Non-recurring gains (losses)			26	68,793	38,574	30,219
	Credit costs		27	(96,629)	58,303	(154,932)
	Gains on reversal of reserve for possible loan losses		28	-	-	-
	Recoveries of written-off claims		29	26	23	3
	Gains (losses) on stocks		30	141,654	(15,614)	157,268
	Other non-recurring gains (losses)		31	23,742	(4,138)	27,880

Ordinary profit			32	865,797	119,847	745,950

Extraordinary gains (losses)			33	(32,015)	15,473	(47,488)
	Gains (losses) on disposal of fixed assets		34	124	848	(724)
	Losses on impairment of fixed assets		35	(32,139)	14,625	(46,764)
Income before income taxes			36	833,782	135,320	698,462
Income taxes - current			37	(183,467)	6,111	(189,578)
Income taxes - deferred			38	(16,159)	(53,568)	37,409

Net income			39	634,154	87,860	546,294


Total credit cost (24+27+28+29)			40	(115,470)	45,672	(161,142)
	Provision for general reserve for possible loan losses		41	(18,867)	(12,654)	(6,213)
	Write-off of loans		42	(17,199)	(14,202)	(2,997)
	Provision for specific reserve for possible loan losses		43	(63,311)	69,009	(132,320)
	Losses on sales of delinquent loans		44	(15,901)	(11,284)	(4,617)
	Provision for loan loss reserve for specific overseas countries		45	(217)	14,779	(14,996)
	Recoveries of written-off claims		46	26	23	3

Note: Amounts less than 1 million yen are rounded down. Figures in parenthesis indicate the amount of loss or decrease.

- 2 -

Sumitomo Mitsui Financial Group

2. Interest spread (domestic)


SMBC non-consolidated						(%)

			FY3/2023	Six months ended Sep. 30, 2022	Six months ended Mar. 31, 2023	FY3/2022
Yield on interest earning assets (A)			0.74	0.81	0.67	0.78
	Interest earned on loans and bills discounted (C)		0.83	0.84	0.82	0.84
	Interest earned on securities		1.02	1.24	0.72	0.90
Total cost of funding (including expenses) (B)			0.42	0.41	0.43	0.44
	Cost of interest bearing liabilities		0.02	0.02	0.02	0.02
		Interest paid on deposits, etc. (D)	0.00	0.00	0.00	0.00
		Interest paid on other liabilities	0.12	0.10	0.14	0.11
	Expense ratio		0.40	0.39	0.41	0.42
Overall interest spread (A) - (B)			0.32	0.40	0.24	0.34
	Interest spread (C) - (D)		0.83	0.84	0.82	0.84

	Reference: After deducting loans to the Japanese government, etc.
	Interest earned on loans and bills discounted (E)		0.84	0.85	0.83	0.86
	Interest spread (E) - (D)		0.84	0.85	0.83	0.86

3. Gains (losses) on securities


SMBC non-consolidated				(Millions of yen)

		FY3/2023	Change	FY3/2022
Gains (losses) on bonds		(86,747)	(44,383)	(42,364)
	Gains on sales	50,529	3,320	47,209
	Losses on sales	(129,033)	(49,213)	(79,820)
	Gains on redemption	0	0	0
	Losses on redemption	(8,244)	1,509	(9,753)
	Losses on devaluation	-	-	-

Gains (losses) on stocks		141,654	(15,614)	157,268
	Gains on sales	196,603	(30,365)	226,968
	Losses on sales	(30,509)	(13,936)	(16,573)
	Losses on devaluation	(24,439)	28,687	(53,126)

- 3 -

Sumitomo Mitsui Financial Group

4. Unrealized gains (losses) on securities


Consolidated											(Millions of yen)
					Mar. 31, 2023					Mar. 31, 2022
					Balance sheet amount	Net unrealized gains (losses)				Balance sheet amount	Net unrealized gains (losses) (b)

						(a)	(a) - (b)	Gains	Losses

	Held-to-maturity securities			1	165,592	(384)	(166)	114	499	25,741	(218)

	Other securities			2	32,464,971	1,915,148	(362,061)	2,794,613	879,465	38,114,923	2,277,209

		Stocks		3	3,345,398	1,944,768	(88,890)	1,972,586	27,818	3,403,392	2,033,658

		Bonds		4	13,177,490	(64,206)	(14,132)	13,844	78,051	19,560,308	(50,074)

			Japanese government bonds	5	9,576,298	(36,433)	10,666	2,182	38,615	15,774,197	(47,099)

		Others		6	15,942,082	34,586	(259,039)	808,182	773,595	15,151,221	293,625

			Foreign bonds	7	13,081,534	(697,311)	(248,526)	34,148	731,460	12,055,643	(448,785)

	Other money held in trust			8	312	-	-	-	-	310	-

	Total			9	32,630,875	1,914,763	(362,227)	2,794,728	879,965	38,140,975	2,276,990

		Stocks		10	3,345,398	1,944,768	(88,890)	1,972,586	27,818	3,403,392	2,033,658

		Bonds		11	13,343,082	(64,591)	(14,298)	13,959	78,550	19,586,050	(50,293)

		Others		12	15,942,394	34,586	(259,039)	808,182	773,595	15,151,532	293,625

SMBC non-consolidated											(Millions of yen)
					Mar. 31, 2023					Mar. 31, 2022
					Balance sheet amount	Net unrealized gains (losses)				Balance sheet amount	Net unrealized gains (losses) (b)

						(a)	(a) - (b)	Gains	Losses

	Held-to-maturity securities			13	22,300	(373)	(162)	-	373	22,300	(211)

	Stocks of subsidiaries and affiliates			14	4,581,943	(12,344)	(26,794)	589	12,933	4,649,722	14,450

	Other securities			15	28,309,722	1,423,164	(359,225)	2,197,295	774,131	34,290,501	1,782,389

		Stocks		16	3,062,115	1,881,711	(80,237)	1,898,473	16,761	3,202,163	1,961,948

		Bonds		17	13,345,964	(62,381)	(12,941)	13,844	76,225	19,625,238	(49,440)

			Japanese government bonds	18	9,576,298	(36,433)	10,666	2,182	38,615	15,769,196	(47,099)

		Others		19	11,901,641	(396,165)	(266,046)	284,978	681,143	11,463,099	(130,119)

			Foreign bonds	20	9,709,360	(617,143)	(214,059)	22,279	639,422	8,970,483	(403,084)

	Total			21	32,913,965	1,410,446	(386,182)	2,197,884	787,437	38,962,523	1,796,628

		Stocks		22	3,358,934	1,882,300	(80,190)	1,899,062	16,761	3,665,507	1,962,490

		Bonds		23	13,368,264	(62,754)	(13,103)	13,844	76,598	19,647,538	(49,651)

		Others		24	16,186,765	(409,099)	(292,889)	284,978	694,077	15,649,477	(116,210)


Notes:	1.	The figures above include negotiable certificates of deposit in “Cash and due from banks” and beneficiary claims on loan trust in “Monetary claims bought.”

	2.	Net unrealized gains (losses) are valuated at market prices as of the balance sheet date.

	3.	Other securities and Other money held in trust are measured at market prices. Unrealized gains (losses) indicate the difference between the acquisition costs (or amortized costs) and the balance sheet amounts.
		Net unrealized gains (losses) on Other securities include gains (losses) which are recognized in the statements of income by applying fair value hedge accounting and accordingly not recorded directly to Net assets (both SMFG consolidated and SMBC non-consolidated). Gains of 2,122 million yen were recognized in the statements of income for the year ended March 31, 2022.

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Sumitomo Mitsui Financial Group

5. Balance of securities, classified by maturity

Balance of other securities with maturities and bonds of held-to-maturity


SMBC non-consolidated																	(Billions of yen)
		Mar. 31, 2023										Mar. 31, 2022

		1 year or less		More than 1 year to 5 years		More than 5 years to 10 years		More than 10 years		Total		1 year or less		More than 1 year to 5 years		More than 5 years to 10 years		More than 10 years		Total

Bonds			6,550.3		4,768.2		1,243.2		806.5		13,368.3		8,262.5		7,827.0		2,699.4		858.7	19,647.5
	Japanese government bonds		5,909.0		3,236.3		89.7		341.3		9,576.3		7,755.1		6,205.6		1,451.5		356.9	15,769.2
	Japanese local government bonds		18.1		283.3		756.4		10.6		1,068.3		0.1		283.2		830.6		11.4	1,125.4
	Japanese short-term bonds		425.0		-		-		-		425.0		302.0		-		-		-	302.0
	Japanese corporate bonds		198.4		1,248.7		397.0		454.7		2,298.7		205.3		1,338.2		417.2		490.3	2,451.0

Others			2,530.8		2,818.1		1,936.7		2,814.4		10,100.0		2,306.9		2,078.1		3,539.5		1,533.4	9,457.9

Total			9,081.1		7,586.3		3,179.9		3,621.0		23,468.3		10,569.4		9,905.1		6,238.8		2,392.1	29,105.4

6. Notional amount of interest rate swaps (under deferred hedge accounting), classified by remaining maturity

SMBC non-consolidated

(Billions of yen)


		Mar. 31, 2023				Mar. 31, 2022

		1 year or less	More than 1 year to 5 years	More than 5 years	Total	1 year or less	More than 1 year to 5 years	More than 5 years	Total
	Receivable fixed rate / payable floating rate	4,012.1	21,445.1	7,042.4	32,499.6	5,781.8	18,220.7	8,883.6	32,886.2
	Receivable floating rate / payable fixed rate	1,679.0	8,696.0	11,756.3	22,131.3	1,124.9	7,244.1	11,425.8	19,794.9
	Receivable floating rate / payable floating rate	-	-	-	-	2,060.0	-	-	2,060.0

Total		5,691.1	30,141.1	18,798.7	54,630.9	8,966.8	25,464.9	20,309.4	54,741.1

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Sumitomo Mitsui Financial Group

7. Employee retirement benefits

Consolidated

(1) Projected benefit obligation


(Millions of yen)

			Mar. 31, 2023	Change	Mar. 31, 2022
Fair value of plan assets		(A)	1,664,273	21,062	1,643,211
Projected benefit obligation		(B)	995,068	(65,961)	1,061,029
Net surplus (deficit)		(A-B)	669,205	87,024	582,181
	Net defined benefit asset		704,654	81,609	623,045
	Net defined benefit liability		35,449	(5,415)	40,864

Measurements of defined benefit plans (before tax effect deduction)			(192,184)	(17,705)	(174,479)
	Unrecognized prior service cost (deductible from the obligation)		(14,188)	(1,793)	(12,395)
	Unrecognized net actuarial gain (loss)		(177,996)	(15,913)	(162,083)
(2) Retirement benefit expenses
(Millions of yen)

			FY3/2023	Change	FY3/2022
Retirement benefit expenses			(17,910)	(5,593)	(12,317)
SMBC non-consolidated
(1) Projected benefit obligation
					(Millions of yen)

			Mar. 31, 2023	Change	Mar. 31, 2022
Projected benefit obligation		(A)	850,971	(55,052)	906,023
	<Discount rate>		<0.90%>	<0.29%>	<0.61%>
	Fair value of plan assets	(B)	1,544,359	29,528	1,514,831
	Reserve for employee retirement benefits	(C)	-	-	-
	Prepaid pension cost	(D)	496,328	68,164	428,164
	Unrecognized prior service cost (deductible from the obligation)	(E)	(16,349)	2,652	(19,001)
	Unrecognized net actuarial gain (loss)	(A-B-C+D-E)	(180,710)	(19,068)	(161,642)
(2) Retirement benefit expenses
					(Millions of yen)

			FY3/2023	Change	FY3/2022
Retirement benefit expenses			(37,843)	(4,943)	(32,900)
	Service cost		20,401	(1,070)	21,471
	Interest cost on projected benefit obligation		5,526	1,540	3,986
	Expected returns on plan assets		(38,744)	(429)	(38,315)
	Amortization of unrecognized prior service cost		(2,651)	-	(2,651)
	Amortization of unrecognized net actuarial gain (loss)		(31,877)	(5,757)	(26,120)
	Others		9,502	773	8,729

- 6 -

Sumitomo Mitsui Financial Group

8. Classification based on self-assessment and the Banking Act and the Reconstruction Act,

and write-offs / reserves

LOGO


*1		Includes direct reduction of 123.0 billion yen.
*2		Includes reserve for assets that are not subject to disclosure based on the Banking Act and the Reconstruction Act. (Bankrupt/Effectively bankrupt borrowers: 3.0 billion yen, Potentially bankrupt borrowers: 8.6 billion yen)
*3		Reserve ratios for claims on Bankrupt borrowers, Effectively bankrupt borrowers, Potentially bankrupt borrowers, Substandard borrowers and Borrowers requiring caution including Substandard borrowers are the proportion of the reserve for possible loan losses to each category’s total claims, excluding the portion secured by collateral or guarantees, etc.
*4		Reserve ratios for claims on Normal borrowers and Borrowers requiring caution (excluding claims to Substandard borrowers) are the proportion of the reserve for possible loan losses to the respective claims of each category.
		The reserve ratio for unsecured claims on Borrowers requiring caution (excluding claims to Substandard borrowers) is shown in [ ].
*5		Includes Specific reserve for Borrowers requiring caution totaling 0.1 billion yen.
*6		The proportion of the reserve to the claims, excluding the portion secured by collateral or guarantees, etc.

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Sumitomo Mitsui Financial Group

9. Reserve for possible loan losses and reserve ratio



Consolidated					(Millions of yen, %)

		Mar. 31, 2023			Mar. 31, 2022
		(a)	Reserve Ratio (b)	(a) - (c)	(c)	Reserve Ratio (d)
Reserve for possible loan losses		750,369	80.87	(67,415)	817,784	70.65
	General reserve	541,907		29,627	512,280
	Specific reserve	186,923		(97,535)	284,458
	Loan loss reserve for specific overseas countries	21,538		494	21,044

	Amount of direct reduction	161,492		2,237	159,255


SMBC non-consolidated					(Millions of yen, %)

		Mar. 31, 2023			Mar. 31, 2022
		(a)	Reserve Ratio (b)	(a) - (c)	(c)	Reserve Ratio (d)
Reserve for possible loan losses		523,888	89.32	(65,320)	589,208	73.16
	General reserve	376,146		18,867	357,279
	Specific reserve	132,273		(84,405)	216,678
	Loan loss reserve for specific overseas countries	15,468		217	15,251

	Amount of direct reduction	122,973		7,778	115,195


Note:		Reserve ratio (Reserve for possible loan losses / NPLs based on the Banking Act and the Reconstruction Act (Excluding Normal Assets)) is after direct reduction.

- 8 -

Sumitomo Mitsui Financial Group

10. Non-performing loans (NPLs) based on the Banking Act and the Reconstruction Act, and coverage


Consolidated					(Millions of yen, %)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)
	Bankrupt and quasi-bankrupt assets		92,941	(6,315)	99,256
	Doubtful assets		494,158	(149,723)	643,881
	Substandard loans		340,732	(73,690)	414,422
		Past due loans (3 months or more)	19,944	6,391	13,553
		Restructured loans	320,788	(80,080)	400,868
Total (A)			927,833	(229,727)	1,157,560

	Normal assets		115,139,286	9,119,827	106,019,459
	Grand total (B)		116,067,120	8,890,101	107,177,019
NPL ratio (A/B)			0.80	(0.28)	1.08

					(Millions of yen)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)
Total coverage (C)			639,230	(136,054)	775,284
	Reserve for possible loan losses (D)		226,432	(127,276)	353,708
	Amount recoverable by guarantees, collateral and others (E)		412,797	(8,778)	421,575

					(%)
Coverage ratio (C) / (A)			68.89	1.91	66.98
Coverage ratio calculated with total reserve for possible loan losses included in the numerator			125.36	18.29	107.07

					(%)
Reserve ratio to unsecured assets (D) / (A - E)			43.96	(4.10)	48.06
Reserve ratio calculated with total reserve for possible loan losses included in the numerator			145.69	34.58	111.11

SMBC non-consolidated					(Millions of yen, %)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)
	Bankrupt and quasi-bankrupt assets		75,492	(3,676)	79,168
	Doubtful assets		375,843	(146,485)	522,328
	Substandard loans		135,214	(68,613)	203,827
		Past due loans (3 months or more)	5,355	1,189	4,166
		Restructured loans	129,859	(69,802)	199,661
Total (A)			586,550	(218,775)	805,325

	Normal assets		112,532,890	9,209,422	103,323,468
	Grand total (B)		113,119,440	8,990,646	104,128,794
NPL ratio (A/B)			0.52	(0.25)	0.77

					(Millions of yen)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)
Total coverage (C)			505,496	(135,897)	641,393
	Reserve for possible loan losses (D)		177,614	(105,851)	283,465
	Amount recoverable by guarantees, collateral and others (E)		327,882	(30,046)	357,928
					(%)
Coverage ratio (C) / (A)			86.18	6.54	79.64
Coverage ratio calculated with total reserve for possible loan losses included in the numerator			145.22	27.61	117.61

					(%)
Reserve ratio to unsecured assets (D) / (A - E)			68.66	5.30	63.36
Reserve ratio calculated with total reserve for possible loan losses included in the numerator			202.53	70.83	131.70
Note:	Reserve for possible loan losses is sum of general reserve for substandard loans and specific reserve.

- 9 -

Sumitomo Mitsui Financial Group

11. Results of off-balancing of NPLs

SMBC non-consolidated

(Billions of yen)


			Mar. 31, 2023 (a)

				(a) - (b)	NPLs newly classified during FY3/2023	Amount of off-balancing	Mar. 31, 2022 (b)

	Bankrupt and quasi-bankrupt assets		75.5	(3.7)	14.9	(18.6)	79.2

	Doubtful assets		375.8	(146.5)	259.1	(405.6)	522.3

	Total		451.3	(150.2)	(*1) 274.0	(*1) (424.2)	601.5

Result of measures connected to off-balancing (*2)			55.0				70.4


		Breakdown of off-balancing by factor (*3)	Disposition by borrowers’ liquidation			(3.2)
			Reconstructive disposition			(17.7)
			Improvement in debtors’ performance due to reconstructive disposition			(69.2)
			Loan sales to market			(124.6)
			Direct write-offs			(73.5)
			Others			(136.0)
				Collection / repayment, etc.		(109.3)
				Improvement in debtors’ performance		(26.7)

			Total			(424.2)


*1	The amount of NPLs newly classified during the six months ended Sep. 30, 2022 and off-balanced in the six months ended Mar. 31, 2023 was 112.3 billion yen.
*2	The measures connected to off-balancing are legal reorganizations and other similar measures, corporate splits to good companies and bad companies, partial direct write-offs of retail exposure to individuals and small- and medium-sized enterprises, and trusts to RCC for the purpose of revitalization which is scheduled to be off-balanced before the maturity.
*3	1.	“Disposition by borrowers’ liquidation” refers to abandonment or write-off of loans involved in bankruptcy liquidation proceedings (bankruptcy or special liquidations).
	2.	“Reconstructive disposition” refers to abandonment of loans involved in reconstructive bankruptcy proceedings (corporate reorganization and civil rehabilitation), debt forgiveness involved in special mediation or other types of civil mediation, or debt forgiveness for restructuring involved in private reorganization.

- 10 -

Sumitomo Mitsui Financial Group

12. Loan portfolio, classified by industry

SMBC non-consolidated


(1) Loans and bills discounted, classified by industry		(Millions of yen, %)


		Mar. 31, 2023			Mar. 31, 2022
		(a)	Ratio	(a) - (b)	(b)	Ratio
Domestic offices (excluding Japan offshore banking accounts)		61,087,462	100.0	3,107,732	57,979,730	100.0
	Manufacturing	8,984,759	14.7	490,873	8,493,886	14.6
	Agriculture, forestry, fisheries and mining	215,150	0.4	(67,306)	282,456	0.5
	Construction	804,339	1.3	91,464	712,875	1.2
	Transportation, communications and public enterprises	5,890,063	9.6	279,111	5,610,952	9.7
	Wholesale and retail	5,015,418	8.2	307,600	4,707,818	8.1
	Finance and insurance	7,956,696	13.0	610,221	7,346,475	12.7
	Real estate	9,936,836	16.3	1,023,454	8,913,382	15.4
	Goods rental and leasing	2,352,785	3.9	201,248	2,151,537	3.7
	Various services	4,788,522	7.8	7,778	4,780,744	8.2
	Municipalities	597,066	1.0	91,363	505,703	0.9
	Others	14,545,825	23.8	71,927	14,473,898	25.0
Overseas offices and Japan offshore banking accounts		33,219,935	100.0	3,528,371	29,691,564	100.0
	Public sector	247,173	0.7	(29,983)	277,156	0.9
	Financial institutions	2,465,322	7.4	174,591	2,290,731	7.7
	Commerce and industry	28,556,142	86.0	3,236,333	25,319,809	85.3
	Others	1,951,296	5.9	147,429	1,803,867	6.1
Total		94,307,397	-	6,636,103	87,671,294	-

- 11 -

Sumitomo Mitsui Financial Group

(2) NPLs based on the Banking Act and the Reconstruction Act, classified by industry, and reserve ratio


					(Millions of yen, %)
		Mar. 31, 2023			Mar. 31, 2022
		(a)	Reserve ratio	(a) - (b)	(b)
Domestic offices (excluding Japan offshore banking accounts)		343,904	66.3	(226,608)	570,512
	Manufacturing	70,451	65.4	(195,292)	265,743
	Agriculture, forestry, fisheries and mining	1,343	99.0	(2,451)	3,794
	Construction	6,846	57.5	(159)	7,005
	Transportation, communications and public enterprises	37,872	100.0	2,041	35,831
	Wholesale and retail	54,022	53.8	(15,682)	69,704
	Finance and insurance	6,510	75.9	(1,334)	7,844
	Real estate	34,477	50.8	(7,118)	41,595
	Goods rental and leasing	464	47.9	51	413
	Various services	98,856	52.6	523	98,333
	Municipalities	-	-	-	-
	Others	33,060	100.0	(7,185)	40,245
Overseas offices and Japan offshore banking accounts		242,646	70.7	7,833	234,813
	Public sector	-	-	-	-
	Financial institutions	-	-	-	-
	Commerce and industry	229,868	71.6	21,773	208,095
	Others	12,777	60.0	(13,941)	26,718
Total		586,550	68.7	(218,775)	805,325

Note:

Reserve ratio

= (Reserve for possible loan losses) / (Assets excluding amounts recoverable due to guarantees, collateral and others) X 100

Reserve for possible loan losses is sum of general reserve for substandard loans and specific reserve.

(3) Consumer loans outstanding


					(Millions of yen)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)
Consumer loans			11,755,392	(26,130)	11,781,522
	Housing loans		11,014,171	(31,397)	11,045,568
		Self-residential purpose	9,065,561	68,584	8,996,977
	Other consumer loans		741,220	5,266	735,954
(4) Loans to small- and medium-sized enterprises, etc.
					(Millions of yen, %)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)
Outstanding balance			35,424,758	1,558,222	33,866,536
Ratio to total loans			58.0	(0.4)	58.4

Note: Outstanding balance includes loans to individuals.

- 12 -

Sumitomo Mitsui Financial Group

13. Loan portfolio, classified by country

SMBC non-consolidated

(1) Loans outstanding, classified by major domicile

(Millions of yen, %)


		Mar. 31, 2023			Mar. 31, 2022
		(a)	Ratio	(a) - (b)	(b)	Ratio
Asia		8,151,235	25.4	178,150	7,973,085	27.9
	Indonesia	228,927	0.7	(22,887)	251,814	0.9
	Thailand	1,063,221	3.3	48,900	1,014,321	3.6
	Korea	482,342	1.5	98,996	383,346	1.3
	Hong Kong	1,905,385	5.9	(130,533)	2,035,918	7.1
	China	190,625	0.6	(34,801)	225,426	0.8
	Taiwan	530,920	1.7	(36,360)	567,280	2.0
	Singapore	2,030,924	6.3	173,977	1,856,947	6.5
	India	869,292	2.7	96,669	772,623	2.7
	Others	849,599	2.7	(15,811)	865,410	3.0
Oceania		2,366,115	7.4	215,162	2,150,953	7.5
	Australia	2,267,340	7.1	217,451	2,049,889	7.2
	Others	98,775	0.3	(2,289)	101,064	0.3
North America		11,942,268	37.2	2,380,800	9,561,468	33.4
	United States	9,485,724	29.6	1,927,898	7,557,826	26.4
	Others	2,456,544	7.6	452,902	2,003,642	7.0
Central and South America		2,071,374	6.5	341,475	1,729,899	6.1
	Brazil	376,699	1.2	43,550	333,149	1.2
	Panama	432,786	1.4	37,560	395,226	1.4
	Others	1,261,889	3.9	260,365	1,001,524	3.5
Western Europe		5,088,548	15.9	288,125	4,800,423	16.8
	United Kingdom	1,353,489	4.2	(89,351)	1,442,840	5.0
	Ireland	798,446	2.5	285,525	512,921	1.8
	Netherlands	891,647	2.8	149,846	741,801	2.6
	Others	2,044,966	6.4	(57,895)	2,102,861	7.4
Eastern Europe		213,865	0.7	836	213,029	0.7
	Russia	169,021	0.5	3,227	165,794	0.6
	Others	44,844	0.2	(2,391)	47,235	0.1
Others		2,230,886	6.9	66,648	2,164,238	7.6

Total		32,064,291	100.0	3,471,196	28,593,095	100.0
Note: Classified by domicile of debtors. (2) NPLs based on the Banking Act and the Reconstruction Act, classified by domicile (Millions of yen, %)
		Mar. 31, 2023			Mar. 31, 2022
		(a)	Reserve Ratio	(a) - (b)	(b)
Overseas Offices and Japan offshore banking accounts		242,646	70.7	7,833	234,813
	Asia	155,185	83.3	57,082	98,103
	Oceania	1,756	-	1,756	-
	North America	53,380	39.5	(24,773)	78,153
	Central and South America	4,747	-	(15,986)	20,733
	Western Europe	13,813	61.4	(3,045)	16,858
	Eastern Europe	-	-	-	-
	Others	13,763	63.1	(7,201)	20,964

- 13 -

Sumitomo Mitsui Financial Group

14. Balance of deposits and loans

SMBC non-consolidated

(1) Average balance of deposits and loans


					(Millions of yen)
			FY3/2023 (a)		FY3/2022
			FY3/2023 (a)	(a) - (b)	(b)

Deposits			147,120,680	9,865,319	137,255,361

	Domestic units		115,547,037	4,728,811	110,818,226


Loans			93,262,164	8,180,471	85,081,693

	Domestic units		54,634,199	1,909,867	52,724,332
Note: Deposits do not include negotiable certificates of deposit. (2) Balance of deposits and loans, classified by type of depositor
					(Millions of yen)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)

Deposits			149,948,880	8,933,635	141,015,245
	Domestic deposits (excluding Japan offshore banking accounts)		122,972,235	4,268,879	118,703,356

		Individuals	57,887,037	1,764,978	56,122,059

		Corporates	65,085,198	2,503,901	62,581,297


Loans			94,307,397	6,636,103	87,671,294
	Domestic offices (excluding Japan offshore banking accounts)		61,087,462	3,107,732	57,979,730

	Overseas offices and Japan offshore banking accounts		33,219,935	3,528,371	29,691,564
Note: Deposits do not include negotiable certificates of deposit. Reference:
					(Billions of yen)
			Mar. 31, 2023		Mar. 31, 2022
			(a)	(a) - (b)	(b)

Balance of investment trusts			3,520.9	344.3	3,176.6

	Balance to individuals		2,881.2	296.7	2,584.5
Note: Balance of investment trusts is recognized on a contract basis and measured according to each fund’s net asset balance at the period-end.
					(Billions of yen)
			FY3/2023		FY3/2022
			(a)	(a) - (b)	(b)
Sales of investment trusts to individuals			771.4	(146.2)	917.6

Sales of pension-type insurance to individuals			153.0	85.6	67.4

- 14 -

Sumitomo Mitsui Financial Group

15. Deferred tax assets and liabilities


(Billions of yen)

SMBC non-consolidated					Mar. 31, 2023	Change from Mar. 31, 2022	Mar. 31, 2022
(a)	Total deferred tax assets		(b-c)	1	319.4	(16.1)	335.5
	(b)	Subtotal of deferred tax assets		2	439.9	(109.4)	549.3
		Reserve for possible loan losses and write-off of loans		3	199.3	(17.9)	217.2
		Taxable write-off of securities		4	116.0	(92.6)	208.6
		Others		5	124.6	1.1	123.5
	(c) Valuation allowance			6	120.5	(93.3)	213.8
(d) Total deferred tax liabilities				7	469.6	(87.4)	557.0
	Net unrealized gains on other securities			8	388.2	(103.1)	491.3
	Others			9	81.4	15.7	65.7

Net deferred tax assets			(a-d)	10	(150.2)	71.3	(221.5)
	Amount corresponding to net deferred losses on hedges included in line 5 and net unrealized gains on other securities included in line 8			11	(369.0)	93.0	(462.0)
	Others			12	218.8	(21.7)	240.5

SMBC recognized deferred tax assets pursuant to paragraph 19 (classification 2) of the “Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No.26). This is due to the fact that SMBC has generated steady taxable income, excluding amounts arising from extraordinary factors, in all of the current and past three fiscal years.

Reference: Income of final tax return before deducting operating loss carryforwards for the last 3 years


			(Billions of yen)

	FY3/2021	FY3/2022	FY3/2023
Income of final tax return before deducting operating loss carryforwards	546.5	655.5	619.1
Note: The figure for FY3/2023 was estimated at fiscal year closing.

- 15 -

Sumitomo Mitsui Financial Group

16. Capital ratio (BIS guidelines)

(Basel III basis)


Consolidated			(Billions of yen, %)
	Mar. 31, 2023 [Preliminary]		Mar. 31, 2022
	(a)	(a) - (b)	(b)

(1) Total capital ratio (4) / (7)	15.98	(0.58)	16.56

(2) Tier 1 capital ratio (5) / (7)	14.94	(0.52)	15.46

(3) Common equity Tier 1 capital ratio (6) / (7)	14.02	(0.43)	14.45

(4) Total capital	12,350.8	367.0	11,983.8

(5) Tier 1 capital	11,548.9	362.7	11,186.2

(6) Common equity Tier 1 capital	10,839.0	380.6	10,458.4

(7) Risk weighted assets	77,285.0	4,935.0	72,350.1

(8) Required capital (7) X 8%	6,182.8	394.8	5,788.0

(9) Leverage Ratio	5.03	(0.14)	5.17

SMBC consolidated

(1) Total capital ratio	15.34	(0.44)	15.78

(2) Tier 1 capital ratio	14.15	(0.38)	14.53

(3) Common equity Tier 1 capital ratio	12.43	(0.24)	12.67

(4) Leverage Ratio	4.69	(0.13)	4.82

SMBC non-consolidated

(1) Total capital ratio	13.95	(0.82)	14.77

(2) Tier 1 capital ratio	12.61	(0.88)	13.49

(3) Common equity Tier 1 capital ratio	10.79	(0.74)	11.53

(4) Leverage Ratio	4.27	(0.24)	4.51

17. ROE
Consolidated			(%)
	FY3/2023		FY3/2022
	(a)	(a) - (b)	(b)

ROE (denominator: Total stockholders’ equity)	8.0	0.7	7.3

Note:

ROE (denominator: Total stockholders’ equity)

Profit attributable to owners of parent

X 100

{(Total stockholders’ equity at the beginning of the period) + (Total stockholders’ equity at the end of the period)} / 2

- 16 -

Sumitomo Mitsui Financial Group


18. Earnings targets and dividends forecast for FY3/2024
(1) Earnings targets
Consolidated		(Billions of yen)
	FY3/2024	FY3/2023 Result
Consolidated net business profit	1,340.0	1,276.4
Total credit cost	(230.0)	(210.2)
Ordinary profit	1,160.0	1,160.9
Profit attributable to owners of parent	820.0	805.8

SMBC non-consolidated		(Billions of yen)
	FY3/2024	FY3/2023 Result
Banking profit (before provision for general reserve for possible loan losses)	765.0	815.9
Total credit cost	(85.0)	(115.5)
Ordinary profit	745.0	865.8
Net income	520.0	634.2

(2) Dividends forecast
			(Yen)
	FY3/2024		FY3/2023

	Interim	Annual
Dividend per share for common stock	125	250	240
Reference:			(Billions of yen)
	FY3/2024		FY3/2023

	Interim	Annual
Total dividend	166.6	333.3	325.8

- 17 -

Sumitomo Mitsui Financial Group

Reference: Financial Statements of SMBC

1. Condensed balance sheet

SMBC non-consolidated

(Millions of yen)


	Mar. 31, 2023						Mar. 31, 2022
	(a)			(a) - (b)			(b)

Assets

Cash and due from banks		70,818,701			(22,108	)		70,840,809

Call loans		5,285,838			3,051,020			2,234,818

Receivables under resale agreements		1,437,595			(207,815	)		1,645,410

Receivables under securities borrowing transactions		1,598,124			(264,956	)		1,863,080

Monetary claims bought		1,944,291			(346,316	)		2,290,607

Trading assets		2,379,930			354,163			2,025,767

Securities		32,210,394			(6,028,185	)		38,238,579

Loans and bills discounted		94,307,397			6,636,103			87,671,294

Foreign exchanges		1,824,364			(897,371	)		2,721,735

Other assets		7,129,287			1,837,313			5,291,974

Tangible fixed assets		737,253			(29,224	)		766,477

Intangible fixed assets		285,986			36,236			249,750

Prepaid pension cost		496,328			68,164			428,164

Customers’ liabilities for acceptances and guarantees		15,405,856			3,120,390			12,285,466

Reserve for possible loan losses		(523,888	)		65,320			(589,208	)

Total assets		235,337,464			7,372,735			227,964,729

Note: Amounts less than 1 million yen are rounded down.

- 18 -

Sumitomo Mitsui Financial Group

(Millions of yen)


	Mar. 31, 2023						Mar. 31, 2022
	(a)			(a) - (b)			(b)

Liabilities

Deposits		149,948,880			8,933,635			141,015,245

Negotiable certificates of deposit		12,929,824			(178,973	)		13,108,797

Call money		774,968			94,075			680,893

Payables under repurchase agreements		12,041,367			(2,584,870	)		14,626,237

Payables under securities lending transactions		370,514			64,735			305,779

Commercial paper		1,292,198			63,018			1,229,180

Trading liabilities		1,643,213			84,534			1,558,679

Borrowed money		21,905,262			(4,794,953	)		26,700,215

Foreign exchanges		1,516,160			176,997			1,339,163

Bonds		641,410			(79,437	)		720,847

Due to trust account		2,277,046			(44,653	)		2,321,699

Other liabilities		6,991,747			2,735,983			4,255,764

Reserve for employee bonuses		13,542			958			12,584

Reserve for executive bonuses		1,202			52			1,150

Reserve for point service program		1,140			270			870

Reserve for reimbursement of deposits		9,998			5,024			4,974

Deferred tax liabilities		150,223			(71,280	)		221,503

Deferred tax liabilities for land revaluation		27,952			(1,241	)		29,193

Acceptances and guarantees		15,405,856			3,120,390			12,285,466

Total liabilities		227,942,508			7,524,262			220,418,246

Net assets

Capital stock		1,770,996			-			1,770,996

Capital surplus		1,774,554			-			1,774,554

Capital reserve		1,771,043			-			1,771,043

Other capital surplus		3,510			-			3,510

Retained earnings		3,276,915			197,055			3,079,860

Other retained earnings		3,276,915			197,055			3,079,860

Voluntary reserve for retirement allowances		1,656			-			1,656

Voluntary reserve		219,845			-			219,845

Retained earnings brought forward		3,055,413			197,055			2,858,358

Treasury stock		(210,003	)		-			(210,003	)

Total stockholders’ equity		6,612,463			197,055			6,415,408

Net unrealized gains (losses) on other securities		1,040,472			(247,942	)		1,288,414

Net deferred gains (losses) on hedges		(282,793	)		(99,891	)		(182,902	)

Land revaluation excess		24,813			(750	)		25,563

Total valuation and translation adjustments		782,492			(348,582	)		1,131,074

Total net assets		7,394,955			(151,528	)		7,546,483

Total liabilities and net assets		235,337,464			7,372,735			227,964,729

Note: Amounts less than 1 million yen are rounded down.

- 19 -

Sumitomo Mitsui Financial Group

2. Condensed income statement

SMBC non-consolidated


				(Millions of yen)


	FY3/2023				FY3/2022
	(a)		(a) - (b)		(b)
Ordinary income		4,133,627		1,656,340		2,477,287

Interest income		2,962,282		1,569,506		1,392,776

Interest on loans and discounts		1,868,741		923,598		945,143

Interest and dividends on securities		413,923		72,514		341,409

Trust fees		2,451		197		2,254

Fees and commissions		645,135		54,140		590,995

Trading income		4,315		(842)		5,157

Other operating income		310,067		61,992		248,075

Other income		209,376		(28,653)		238,029
Ordinary expenses		3,267,830		1,536,493		1,731,337

Interest expenses		1,798,082		1,496,403		301,679

Interest on deposits		648,542		611,555		36,987

Fees and commissions payments		189,174		(3,382)		192,556

Trading losses		58,229		(16,524)		74,753

Other operating expenses		179,290		88,200		91,090

General and administrative expenses		856,867		21,192		835,675

Other expenses		186,185		(49,397)		235,582

Ordinary profit		865,797		119,847		745,950

Extraordinary gains		2,292		927		1,365

Extraordinary losses		34,307		(14,546)		48,853

Income before income taxes		833,782		135,320		698,462

Income taxes - current		183,467		(6,111)		189,578

Income taxes - deferred		16,159		53,568		(37,409)

Total income taxes		199,627		47,459		152,168

Net income		634,154		87,860		546,294

Note: Amounts less than 1 million yen are rounded down.

- 20 -

Sumitomo Mitsui Financial Group

3. Statement of changes in net assets

SMBC non-consolidated


Year ended March 31, 2023																						(Millions of yen)
				Capital surplus						Retained earnings
										Other retained earnings
	Capital stock			Capital reserve			Other capital surplus			Voluntary reserve for retirement allowances			Voluntary reserve			Retained earnings brought forward			Treasury stock			Total stockholders’ equity
Balance at the beginning of the period		1,770,996			1,771,043			3,510			1,656			219,845			2,858,358			(210,003	)	6,415,408

Changes in the period

Cash dividends																	(437,849	)				(437,849)

Net income																	634,154					634,154
Reversal of land revaluation excess																	749					749
Net changes in items other than stockholders’ equity in the period

Net changes in the period		-			-			-			-			-			197,054			-		197,054
Balance at the end of the period		1,770,996			1,771,043			3,510			1,656			219,845			3,055,413			(210,003	)	6,612,463

														(Millions of yen	)
	Valuation and translation adjustments
	Net unrealized gains on other securities			Net deferred gains (losses) on hedges			Land revaluation excess			Total valuation and translation adjustments			Total net assets
Balance at the beginning of the period		1,288,414			(182,902	)		25,563			1,131,074			7,546,483

Changes in the period

Cash dividends														(437,849	)

Net income														634,154
Reversal of land revaluation excess														749
Net changes in items other than stockholders’ equity in the period		(247,941	)		(99,890	)		(749	)		(348,582	)		(348,582	)

Net changes in the period		(247,941	)		(99,890	)		(749	)		(348,582	)		(151,527	)
Balance at the end of the period		1,040,472			(282,793	)		24,813			782,492			7,394,955

Note: Amounts less than 1 million yen are rounded down.

- 21 -

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Sumitomo Mitsui Financial Group, Inc.

/s/ Jun Okahashi

Name: Jun Okahashi

Title: General Manager, Financial Accounting Dept.