Growing Non-Banking Entities Offset Headwinds in Domestic Banking at SMFG, Shares Undervalued
Sumitomo Mitsui Financial Group, or SMFG, reported first-half results, which benefited from some cyclical upside and are in line with our expectation. On the bright side, the group’s non-banking entities, contributing about a quarter of its consolidated earnings, continued to offset downside from the negative interest rate environment. For the six months ended September 2017, net profit jumped 17% year on year to JPY 420 billion, outpacing net business profits and gross business profits increase...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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