Sumitomo Mitsui Financial Group, Inc.

 

 

Revision of Dividend and Non-consolidated Earnings Forecasts for the Fiscal Year ending March 31, 2009

 

 

TOKYO, November 14, 2008 --- Sumitomo Mitsui Financial Group, Inc. (“SMFG”) announces revision of forecasts on its dividends on common stock and non-consolidated earnings for the fiscal year ending March 31, 2009 (“fiscal 2008”) which were announced in May 2008.

 

1. Revision of Dividend Forecast (Common Stock)

SMFG expects its consolidated earnings in fiscal 2008 to decrease from the previous fiscal year against a backdrop of the financial market turmoil and global economic slowdown. As a result, SMFG has regrettably revised its forecast on cash dividends on common stock for fiscal 2008 to \12,000 per share. This is a decrease of \2,000 compared with the previous forecast, but the same level as the previous fiscal year.

(Yen, per share)

		2nd Quarter	Year-end	Annual
Previous forecast (announced in May 2008)	(A)	\ 7,000	\ 7,000	\ 14,000
Revised forecast	(B)	7,000	5,000	12,000
Change	(B– A)	―	(2,000)	(2,000)
<Reference> Results for the previous fiscal year		5,000	7,000	12,000

(*1) Dividend forecast on preferred stock (1st to 4th series and 9th to 12th series type 4 and 1st series type 6) remains unchanged.

(*2) As announced on May 16, 2008, a 100 for 1 split of common stock will be implemented one day prior to the enforcement of the “Law for Partial Amendment of the Laws Related to Transfer of Bonds, etc., to Streamline Settlement with respect to Transactions of Stock, etc.” If the stock split had been implemented at the beginning of the fiscal year, interim and year-end common stock dividends per share for the fiscal year ending March 31, 2009 would be \70 and \50, respectively, and the total annual dividend per share would be \120.

2. Revision of non-consolidated earnings forecast

SMFG pays dividends to its shareholders by receiving the equivalent amount from its subsidiaries in dividends. As a result of the revision of dividend forecast mentioned above, the dividends from subsidiaries are expected to decrease as well. Accordingly, SMFG has revised its earnings forecast for fiscal 2008 on a non-consolidated basis as follows.

(Billions of yen, except percentages)

		Ordinary income	Operating profit	Ordinary profit	Net income
Previous forecast (announced in May 2008)	(A)	\ 150	\ 145	\ 130	\ 125
Revised forecast	(B)	135	130	110	105
Change	(B– A)	(15)	(15)	(20)	(20)
Percentage change	(%)	(10.0)%	(10.3)%	(15.4)%	(16.0)%