News Release


[Sumitomo Mitsui Financial Group, Inc.]Sumitomo Mitsui Financial Group Announces Revision of Earnings and Dividends Forecasts of a Consolidated Subsidiary (The Minato Bank, Limited)(2/2)

                                                                                                                                            (Appendix)                                                                                                                                                     

Minato Bank Announces

Revision of Earnings and Dividends Forecast for Fiscal Year 2007

                                                                                                                                                                                     

 

KOBE, Japan, April 4, 2008 --- The Minato Bank, Limited ("Minato Bank") announces its revision of earnings and dividends forecast for the fiscal year 2007 ended March 31, 2008, which was previously published on November 14, 2007.   

                                                                                                                                                         

1.      Revision of earnings forecast (Fiscal year ended March 31, 2008)                                          

(Consolidated) (Millions of yen, except percentages and per share amounts)             

 

Total income

Ordinary profit

Net income

Net income per share

Previous forecast (A)

80,200

13,800

7,300

17.78

Revised forecast (B)

81,300

8,200

5,900

14.37

Difference (B)|(A)

1,100

(5,600)

(1,400)

(3.41)

Percentage change

1.4%

(40.6)%

(19.2)%

(19.2)%

(Reference) Fiscal year 2006

75,703

12,153

6,948

17.76

(Non-consolidated) (Millions of yen, except percentages and per share amounts) 

 

Total income

Ordinary profit

Net income

Net income per share

Previous forecast (A)

72,200

12,600

6,500

15.83

Revised forecast (B)

73,300

7,000

4,800

11.69

Difference (B)|(A)

1,100

(5,600)

(1,700)

(4.14)

Percentage change

1.5%

(44.4)%

(26.2)%

(26.1)%

(Reference) Fiscal year 2006

67,698

10,368

5,577

14.25

                                                                                                                                                         

2. Reason for the revision of earnings forecast

                                                       

"Minato Bank expects ordinary profit to have decreased 5.6 billion yen both on consolidated and non-consolidated bases to 8.2 billion yen and 7.0 billion yen, respectively, due to a 3.6 billion yen increase in disposal of problem loans and a 2.6 billion yen increase in provision for general reserve for possible loan losses compared with the previous forecast mainly due to the deterioration of some borrowers with large-exposure.

Net income on consolidated and non-consolidated bases are expected to be 5.9 billion yen and 4.8 billion yen, respectively.

                                                                                                                                                         

 

3.Revision of dividends forecast                                                                                                      

 

 

Dividends per share (yen)

Year-end

Fiscal 2007

Previous forecast

5.00

5.00

Revised forecast 

4.00

4.00

(Reference) Fiscal year 2006

4.00

              4.00

             

4. Reason for the revision of dividends forecast                                                                                                                                                                  

"Minato Bank expects net income on a non-consolidated basis to have decreased 0.7 billion yen to 4.8 billion yen year on year, 1.7 billion yen below the previous forecast.

Accordingly, Minato Bank, under the stable dividend policy, has revised the year-end dividend forecast to 4 yen, unchanged from the previous fiscal year.

 



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