Sumitomo Mitsui Financial Group 1Q Results In Line; Maintaining FVE at JPY 4,500
No-moat-rated Sumitomo Mitsui Financial Group reported neutral first-quarter results with some positives as expected, and we plan to maintain our JPY 4,500 fair value estimate, along with our no-moat and stable moat trend ratings. The group’s more diversified business portfolio somewhat limited downside under the negative-interest-rate environment relative to its peers. Its domestic net interest margin fell 14 basis points year on year to 0.99%, which is largely attributed to the bank's more pri...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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