1H16: SMFG Still Tested on its Ability to Contain Its Elevated Cost Structure in Asia and Japan
We have attended the analyst presentation after Sumitomo Mitsui Financial Group, or SMFG, reported better-than-expected semiannual results last week. The result, and recent events including the Bank of Japan’s policy shift to yield curve controls, had major impact on our estimates. We view positively that SMFG has been learning to cope with the negative interest rate environment with steady margin expansion on its domestic corporate clients. Furthermore, signs on a higher-term premium emerging o...
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