Japan’s SMFG reports higher Tier 1 capital and ratio for 2024

But its total capital ratio was slightly lower than a year ago.

Sumitomo Mitsui Financial Group (SMFG) reported a Tier 1 capital ratio of 14.34% as of end-June 2024, almost equal to the 14.33% in June 2023.

The group’s Tier 1 capital is JPY13.87t as of June, a JPY500b increase from a year earlier.

Total capital ratio is 15.26% over the same period, a 0.03 percentage point (ppt) decrease.

Its banking subsidiary Sumitomo Mitsui Banking Corporation (SMBC) has a Tier 1 capital ratio of 15% in end-June on a consolidated basis, a 0.2 ppt increase from a year ago.

SMBC reported a Tier 1 capital of over JPY12.58t for the period, higher by JPY650.1b than a year ago.

SMBC’s total capital ratio is 16.26% as of June 2024, 0.15 ppt higher than in June 2023.