Summary of Financial Results
Summary of Financial Results for 1HFY2024
Sumitomo Mitsui Trust Group, Inc. (Consolidated)
- Net business profit before credit costs<1> increased by 3.2 billion yen YoY to 169.5 billion yen, in line with FY2024 forecast (50% progress), due to an improvement in Effective interest related earnings* resulting from the impact of yen interest rate hike, as well as strong performance of Net fees and commissions and related profit, mainly asset management and asset administration business.
- Net income attributable to parent company shareholders<3> fell in the previous fiscal year due to the reduction and restructuring of bear funds positions, but in addition to the elimination of this factor, steady business performance and the gains on sales of strategic shareholdings accompanying the steady progress in reduction of strategic shareholdings led to a significant improvement of 88.7 billion yen year on year. The performance is also progressing steadily against the FY24 forecast (55% progress).
(*)Including "Profit attributable to deployment of surplus foreign currency funds" recorded under "Other profit".
(Billions of Yen)
| 1HFY2023 | 1HFY2024 | Change | ||
|---|---|---|---|---|
| Net business profit before credit costs* | 1 | 166.3 | 169.5 | 3.2 |
| Ordinary profit | 2 | 51.5 | 183.0 | 131.4 |
| Net income attributable to owners of the parent | 3 | 44.0 | 132.8 | 88.7 |
| Total credit costs | 4 | (1.7) | (6.2) | (4.4) |
|---|---|---|---|---|
| Net gains on stocks | 5 | (95.4) | 39.9 | 135.4 |
| Shareholder ROE | 6 | 3.07% | 8.43% | 5.36% |
|---|
(Per share information)
| Earnings per common share (EPS) (Yen) | 7 | 60 | 184 | 124 |
|---|---|---|---|---|
| Net assets per common share (BPS) (Yen) | 8 | 4,316 | 4,419 | 102 |
*Consolidated net business profit before credit costs = Net business profit before credit costs of Sumitomo Mitsui Trust Bank (Non-consolidated) + Ordinary profit of other subsidiary companies (non-recurring effect adjusted) + Ordinary profit of affiliates (non-recurring effect adjusted) x Ratio of equity holdings – Intra-group transaction (dividends, etc.)
<Reference>Sumitomo Mitsui Trust Bank (Non-consolidated)
(Billions of Yen)
| 1HFY2023 | 1HFY2024 | Change | ||||
|---|---|---|---|---|---|---|
| Net business profit before credit costs | 9 | 152.1 | 123.2 | (28.4) | ||
| Net business profit before credit costs | Gross business profit | 10 | 294.3 | 275.4 | (18.8) | |
| Net business profit before credit costs | Gross business profit | Effective interest related earnings (*) | 11 | 154.7 | 162.6 | 7.9 |
| Net business profit before credit costs | Gross business profit | Net fees and commissions and related profit | 12 | 94.4 | 105.1 | 10.7 |
| Net business profit before credit costs | Gross business profit | Net trading profit Net gains on foreign exchange transactions |
13 | 23.9 | 6.5 | (17.3) |
| Net business profit before credit costs | Gross business profit | Net gains on bonds | 14 | (2.7) | 3.1 | 5.8 |
| Net business profit before credit costs | Gross business profit | Net gains from derivatives | 15 | 25.1 | (0.3) | (25.4) |
| Net business profit before credit costs | General and administrative expenses | 16 | (142.1) | (152.2) | (10.0) | |
| Total credit costs | 17 | (0.6) | (4.8) | (4.1) | ||
| Other non-recurring profit | 18 | (104.4) | 21.1 | 125.5 | ||
| Ordinary profit | 19 | 47.0 | 139.4 | 92.4 | ||
| Extraordinary profit | 20 | 1.0 | (0.8) | (1.8) | ||
| Net income | 21 | 48.9 | 101.7 | 52.8 | ||
(*)Including "Profit attributable to deployment of surplus foreign currency funds" recorded under "Net gains on foreign exchange transactions".