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 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NO. 333-276219) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED, EXCEPT FOR THE STATEMENTS REGARDING OUR EARNINGS FORECAST UNDER THE CAPTION “3.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).”

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

	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.

[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.

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

- 1 -

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

- 2 -

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

- 3 -

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

- 4 -

(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

- 5 -

(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

- 6 -

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.

- 7 -