Sumitomo Mitsui Financial (SMFG) 6-K Current report (foreign)

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 November 2021

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  ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):	☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):	☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.	Yes  ☐	No  ☒
*If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):	82-

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NO. 333-228913) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED, EXCEPT FOR THE STATEMENTS REGARDING OUR EARNINGS FORECAST UNDER THE CAPTION “3.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, 2022).”

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:	General Manager, Financial Accounting Dept.

Date:        November 12, 2021

  Sumitomo Mitsui Financial Group, Inc. Consolidated Financial Results for the Six Months Ended September 30, 2021 <Under Japanese GAAP> November 12, 2021  

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: Jun Ohta

Quarterly Securities Report (Shihanki hokokusho) issuing date: November 29, 2021

Dividend payment date: December 3, 2021

Investors meeting presentation for quarterly 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, 2021)

   (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, 2021	¥ 1,965,482	0.8%	¥630,028	81.9%	¥456,068	68.8%
Six months ended September 30, 2020	1,949,441	(17.0)	346,294	(38.0)	270,130	(37.5)

Notes:	1.	Comprehensive income:
		(a) for the six months ended September 30, 2021: ¥614,901 million [ (11.0)%]
		(b) for the six months ended September 30, 2020: ¥690,749 million [70.3%]
	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, 2021	¥ 332.74	¥ 332.59
Six months ended September 30, 2020	197.18	197.08

   (2) Financial position

	(Millions of yen, except percentages)
	Total assets	Net assets	Net assets ratio
As of September 30, 2021	¥ 241,341,831	¥ 12,376,017	5.1%
As of March 31, 2021	242,584,308	11,899,046	4.9

Notes:	1.	Stockholders’ equity:
		(a) as of September 30, 2021: ¥12,300,152 million          (b) as of March 31, 2021: ¥11,826,418 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, 2021	¥    —	¥  95.00	¥    —	¥ 95.00	¥190.00
Fiscal year ending March 31, 2022	—	105.00
Fiscal year ending March 31, 2022(Forecast)			—	105.00	210.00

  Note:   Dividend forecast which was announced in May 2021 is revised.

  3. Earnings forecast on a consolidated basis (for the fiscal year ending March 31, 2022)

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

	Profit attributable to owners of parent		Earnings per share
Fiscal year ending March 31, 2022	¥670,000	30.7%	¥488.76

Notes:	1.	Earnings forecast which was announced in May 2021 is revised.
	2.	Percentage shown in profit attributable to owners of parent is the increase (decrease) from the previous fiscal year.
	3.	Forecasted earnings per share is calculated by dividing forecasted profit attributable to owners of parent by the number of issued common stocks (excluding treasury stocks) as of September 30, 2021.

* Notes

 (1) There were no changes in material consolidated subsidiaries in the period.

 (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 2 “1. Matters related to summary information (Note).”

 (3) Number of shares issued (common stocks)

	As of September 30, 2021		As of March 31, 2021
(a) Number of shares issued (including treasury stocks)		1,374,362,102 shares		1,374,040,061 shares
(b) Number of treasury stocks		3,535,806 shares		3,612,302 shares
	Six months ended September 30, 2021		Six months ended September 30, 2020
(c) Average number of shares issued in the period		1,370,657,068 shares		1,369,997,916 shares

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

Non-consolidated financial results (for the six months ended September 30, 2021)

 (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, 2021		¥  143,717	(13.0)%		¥  43,883	(37.3)%		¥  38,309	(41.4)%		¥  41,886	(37.8)%
September 30, 2020		165,121	(35.5)		70,024	(56.7)		65,399	(58.0)		67,343	(57.7)
	Earnings per share
Six months ended
September 30, 2021		¥    30.56
September 30, 2020		49.16
Note:   Percentages shown in operating income, operating profit, ordinary profit and net income are the increase (decrease) from the same period in the previous year.
(2) Financial position	(Millions of yen, except percentages)

	Total assets	Net assets	Net assets ratio
As of September 30, 2021	¥  15,337,581	¥  5,896,524	38.4%
As of March 31, 2021	15,025,382	5,983,656	39.8

Note: Stockholders’ equity:

(a) as of September 30, 2021: ¥5,895,025 million     (b) as of March 31, 2021: ¥5,981,865 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.

Sumitomo Mitsui Financial Group, Inc.

Table of contents

1.	Matters related to summary information (Note)		2
	Changes in accounting policies due to application of new or revised accounting standards	2
2.	Consolidated financial statements		3
	(1)     Consolidated balance sheets	3
	(2)     Consolidated statements of income and consolidated statements of comprehensive income	4
	(3)     Consolidated statements of changes in net assets	5
	(4)     Note on going concern	7

Appendix: Financial results for the six months ended September 30, 2021 supplementary information

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Sumitomo Mitsui Financial Group, Inc.

1. Matters related to summary information (Note)

Changes in accounting policies due to application of new or revised accounting standards

Application of Accounting Standard for Revenue Recognition etc.

The Company applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) etc. from the beginning of the period for the six months ended September 30, 2021, and has recognized revenue in an amount expected to be earned in exchange for goods or services at the time when controls of the promised goods or services are transferred to customers.

As for the application of Accounting standards for Revenue Recognition etc., in accordance with transitional treatment stipulated in the proviso of Paragraph 84 of “Accounting Standard for Revenue Recognition,” the cumulative effects by the retroactive application of the new accounting policy previous to the beginning of the period for the six months ended September 30, 2021 are adjusted to “Retained earnings” of the beginning of the period for the six months ended September 30, 2021.

As a result, “Retained earnings” decreased by ¥8,502 million at the beginning of the period for the six months ended September 30, 2021.

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Sumitomo Mitsui Financial Group, Inc.

2. Consolidated financial statements

    (1) Consolidated balance sheets

	Millions of yen
	March 31, 2021		September 30, 2021
Assets:
Cash and due from banks		¥        72,568,875		¥        70,940,025
Call loans and bills bought		2,553,463		2,760,584
Receivables under resale agreements		5,565,119		4,686,909
Receivables under securities borrowing transactions		5,827,448		5,805,985
Monetary claims bought		4,665,244		4,829,709
Trading assets		6,609,195		6,493,877
Money held in trust		309		309
Securities		36,549,043		36,278,557
Loans and bills discounted		85,132,738		85,037,573
Foreign exchanges		2,173,189		3,299,302
Lease receivables and investment assets		236,392		228,695
Other assets		8,590,785		8,476,457
Tangible fixed assets		1,458,991		1,478,934
Intangible fixed assets		738,759		744,165
Net defined benefit asset		565,534		584,177
Deferred tax assets		29,840		30,062
Customers’ liabilities for acceptances and guarantees		9,978,396		10,296,696
Reserve for possible loan losses		(659,017)		(630,194)
Total assets		¥      242,584,308		¥      241,341,831
Liabilities:
Deposits		¥      142,026,156		¥      141,340,182
Negotiable certificates of deposit		12,570,617		11,962,673
Call money and bills sold		1,368,515		1,723,491
Payables under repurchase agreements		15,921,103		14,291,544
Payables under securities lending transactions		2,421,353		1,813,833
Commercial paper		1,686,404		2,127,405
Trading liabilities		5,357,649		4,392,292
Borrowed money		17,679,690		18,104,699
Foreign exchanges		1,113,037		1,419,000
Short-term bonds		585,000		401,000
Bonds		9,043,031		9,461,894
Due to trust account		2,321,223		2,543,382
Other liabilities		7,741,638		8,192,422
Reserve for employee bonuses		89,522		59,184
Reserve for executive bonuses		4,408		—
Net defined benefit liability		35,334		35,413
Reserve for executive retirement benefits		1,081		965
Reserve for point service program		24,655		24,419
Reserve for reimbursement of deposits		9,982		7,714
Reserve for losses on interest repayment		140,758		121,960
Reserves under the special laws		3,902		4,083
Deferred tax liabilities		532,193		612,212
Deferred tax liabilities for land revaluation		29,603		29,338
Acceptances and guarantees		9,978,396		10,296,696
Total liabilities		230,685,262		228,965,814
Net assets:
Capital stock		2,341,274		2,341,878
Capital surplus		693,205		693,614
Retained earnings		6,492,586		6,809,834
Treasury stock		(13,698)		(13,409)
Total stockholders’ equity		9,513,367		9,831,917
Net unrealized gains (losses) on other securities		2,094,605		2,192,305
Net deferred gains (losses) on hedges		14,723		(10,828)
Land revaluation excess		36,251		36,345
Foreign currency translation adjustments		40,390		133,014
Accumulated remeasurements of defined benefit plans		127,080		117,398
Total accumulated other comprehensive income		2,313,051		2,468,234
Stock acquisition rights		1,791		1,498
Non-controlling interests		70,836		74,365
Total net assets		11,899,046		12,376,017
Total liabilities and net assets		¥      242,584,308		¥      241,341,831

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Sumitomo Mitsui Financial Group, Inc.

(2) Consolidated statements of income and consolidated statements of comprehensive income

    (Consolidated statements of income)

	Millions of yen
Six months ended September 30	2020			2021
Ordinary income	¥	1,949,441		¥	1,965,482
Interest income		947,734			891,702
Interest on loans and discounts		699,690			643,762
Interest and dividends on securities		136,896			165,896
Trust fees		2,253			2,630
Fees and commissions		598,328			668,871
Trading income		139,797			122,300
Other operating income		180,705			124,489
Other income		80,622			155,487
Ordinary expenses		1,603,146			1,335,454
Interest expenses		315,673			179,504
Interest on deposits		89,975			40,751
Fees and commissions payments		99,807			113,999
Trading losses		462			142
Other operating expenses		75,502			85,061
General and administrative expenses		836,421			875,934
Other expenses		275,278			80,810
Ordinary profit		346,294			630,028
Extraordinary gains		407			1,413
Extraordinary losses		4,767			4,681
Income before income taxes		341,934			626,759
Income taxes-current		87,704			112,720
Income taxes-deferred		(16,322	)		54,679
Income taxes		71,381			167,399
Profit		270,553			459,359
Profit attributable to non-controlling interests		422			3,291
Profit attributable to owners of parent	¥	270,130		¥	456,068
(Consolidated statements of comprehensive income)
	Millions of yen
Six months ended September 30	2020			2021
Profit	¥	270,553		¥	459,359
Other comprehensive income		420,195			155,541
Net unrealized gains (losses) on other securities		358,489			97,429
Net deferred gains (losses) on hedges		24,261			(25,465	)
Foreign currency translation adjustments		(52,920	)		69,274
Remeasurements of defined benefit plans		91,672			(9,773	)
Share of other comprehensive income of affiliates		(1,307	)		24,075
Total comprehensive income		690,749			614,901
Comprehensive income attributable to owners of parent		688,797			611,157
Comprehensive income attributable to non-controlling interests		1,951			3,743

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Sumitomo Mitsui Financial Group, Inc.

(3) Consolidated statements of changes in net assets

	Millions of yen
	Stockholders’ equity
Six months ended September 30, 2020	Capital stock		Capital surplus		Retained earnings		Treasury stock		Total
Balance at the beginning of the period	¥	2,339,964	¥	692,003	¥	6,336,311	¥	(13,983)	¥	9,354,296
Cumulative effects of changes in accounting policies						(41,849)				(41,849)
Restated balance		2,339,964		692,003		6,294,462		(13,983)		9,312,447
Changes in the period
Issuance of new stock		1,309		1,308						2,618
Cash dividends						(136,952)				(136,952)
Profit attributable to owners of parent						270,130				270,130
Purchase of treasury stock								(21)		(21)
Disposal of treasury stock				(50)				311		261
Changes in shareholders’ interest due to transaction with non-controlling interests				(213)						(213)
Reversal of land revaluation excess						(161)				(161)
Transfer from retained earnings to capital surplus				50		(50)				—
Net changes in items other than stockholders’ equity in the period
Net changes in the period		1,309		1,095		132,966		290		135,661
Balance at the end of the period	¥	2,341,274	¥	693,098	¥	6,427,428	¥	(13,693)	¥	9,448,109
	Millions of yen
	Accumulated other comprehensive income
Six months ended September 30, 2020	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	¥	1,371,407	¥	82,257	¥	36,878	¥	(32,839)	¥	(92,030)	¥	1,365,673
Cumulative effects of changes in accounting policies
Restated balance		1,371,407		82,257		36,878		(32,839)		(92,030)		1,365,673
Changes in the period
Issuance of new stock
Cash dividends
Profit attributable to owners of parent
Purchase of treasury stock
Disposal 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		358,565		23,346		177		(54,706)		91,461		418,845
Net changes in the period		358,565		23,346		177		(54,706)		91,461		418,845
Balance at the end of the period	¥	1,729,972	¥	105,603	¥	37,056	¥	(87,545)	¥	(568)	¥	1,784,519
	Millions of yen
Six months ended September 30, 2020	Stock acquisition rights		Non- controlling interests		Total net assets
Balance at the beginning of the period	¥	2,064	¥	62,869	¥	10,784,903
Cumulative effects of changes in accounting policies						(41,849)
Restated balance		2,064		62,869		10,743,054
Changes in the period
Issuance of new stock						2,618
Cash dividends						(136,952)
Profit attributable to owners of parent						270,130
Purchase of treasury stock						(21)
Disposal of treasury stock						261
Changes in shareholders’ interest due to transaction with non-controlling interests						(213)
Reversal of land revaluation excess						(161)
Transfer from retained earnings to capital surplus						—
Net changes in items other than stockholders’ equity in the period		(255)		2,365		420,954
Net changes in the period		(255)		2,365		556,616
Balance at the end of the period	¥	1,808	¥	65,234	¥	11,299,671

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Sumitomo Mitsui Financial Group, Inc.

(Continued)

	Millions of yen
	Stockholders’ equity
Six months ended September 30, 2021	Capital stock		Capital surplus		Retained earnings		Treasury stock		Total
Balance at the beginning of the period	¥	2,341,274	¥	693,205	¥	6,492,586	¥	(13,698)	¥	9,513,367
Cumulative effects of changes in accounting policies						(8,502)				(8,502)
Restated balance		2,341,274		693,205		6,484,083		(13,698)		9,504,865
Changes in the period
Issuance of new stock		603		603						1,207
Cash dividends						(130,190)				(130,190)
Profit attributable to owners of parent						456,068				456,068
Purchase of treasury stock								(37)		(37)
Disposal of treasury stock				(32)				327		295
Changes in shareholders’ interest due to transaction with non-controlling interests				(195)						(195)
Reversal of land revaluation excess						(94)				(94)
Transfer from retained earnings to capital surplus				32		(32)				—
Net changes in items other than stockholders’ equity in the period
Net changes in the period		603		408		325,751		289		327,052
Balance at the end of the period	¥	2,341,878	¥	693,614	¥	6,809,834	¥	(13,409)	¥	9,831,917
	Millions of yen
	Accumulated other comprehensive income
Six months ended September 30, 2021	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	¥	2,094,605	¥	14,723	¥	36,251	¥	40,390	¥	127,080	¥	2,313,051
Cumulative effects of changes in accounting policies
Restated balance		2,094,605		14,723		36,251		40,390		127,080		2,313,051
Changes in the period
Issuance of new stock
Cash dividends
Profit attributable to owners of parent
Purchase of treasury stock
Disposal 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		97,699		(25,552)		94		92,624		(9,682)		155,183
Net changes in the period		97,699		(25,552)		94		92,624		(9,682)		155,183
Balance at the end of the period	¥	2,192,305	¥	(10,828)	¥	36,345	¥	133,014	¥	117,398	¥	2,468,234
	Millions of yen
Six months ended September 30, 2021	Stock acquisition rights		Non- controlling interests		Total net assets
Balance at the beginning of the period	¥	1,791	¥	70,836	¥	11,899,046
Cumulative effects of changes in accounting policies						(8,502)
Restated balance		1,791		70,836		11,890,544
Changes in the period
Issuance of new stock						1,207
Cash dividends						(130,190)
Profit attributable to owners of parent						456,068
Purchase of treasury stock						(37)
Disposal of treasury stock						295
Changes in shareholders’ interest due to transaction with non-controlling interests						(195)
Reversal of land revaluation excess						(94)
Transfer from retained earnings to capital surplus						—
Net changes in items other than stockholders’ equity in the period		(292)		3,529		158,420
Net changes in the period		(292)		3,529		485,473
Balance at the end of the period	¥	1,498	¥	74,365	¥	12,376,017

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Sumitomo Mitsui Financial Group, Inc.

(4) Note on going concern

Not applicable.

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