SMFG Results In Line With Our Expectations; Firm Announces Share Buyback Plan
No-moat Sumitomo Mitsui Financial Group's fiscal 2017 result was largely in line with our expectations. Full-year net profit of JPY 734.4 billion was slightly ahead of our JPY 717 billion forecast on higher net interest income. The result does not change our long-term view on the bank, and we maintain our fair value estimate of JPY 5,000.As expected, loan demand remains sluggish domestically, while loan spreads continue to face downward pressure in the low-interest-rate environment. In the near...
Sumitomo Mitsui Financial Group is a holding company of the group mainly engaged in the provision of finance services. Co. offers services include deposits, loans, securities transaction, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, security investment trust and insurance over-the-counter sales; leasing business; securities business; consumer finance, automobile sale finance business, venture capital business, business consulting, membership business, loan business, factoring, system development, information processing, money collection, swap related and investment adviser, among others.
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