Sumitomo Mitsui Financial Group, Inc. Surveillance Report

Company Profile

With over $1.9 trillion in assets, Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG, “the group”) is one of the three largest financial institutions in Japan and the parent of Sumitomo Mitsui Banking Corporation (“SMBC”, “the bank”). Through the bank and other key subsidiaries SMFG offers a broad spectrum of financial services, including commercial banking, securities, consumer finance, and leasing.
SMBC was formed in April 2001 through the merger of two leading Japanese banks, The Sakura Bank and The Sumitomo Bank, with SMFG established in December 2002 as the holding company.
Of the reportable segments, the retail unit generated the largest share of revenues, while the wholesale unit contributed the highest share of profits in FY 2024. The Americas accounted for 34% of operating income (up from 29% in FY 2023). The majority of revenue comes from fee-based businesses, which have produced comparatively stable earnings over time
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