Revenue growth is accelerating with NII up 28.1% YoY to $802.3B in 2027Q1, but NIM remains at 0.2% and fee income is volatile, swinging from -47.8% of revenue in 2025Q1 to 28.6% in 2027Q1.
Sumitomo Mitsui Financial Group, Inc. (SMFG) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Net Interest Income | 4.19T | 2.88T | 2.34T | 1.88T | 1.72T | 1.53T | 1.34T | 1.31T | 1.33T | 1.39T | 1.36T | 1.42T | 1.51T | 1.48T | 1.4T | 1.4T | 1.41T | 1.42T | 1.49T | 1.21T | 1.17T | 1.16T | 1.17T | 1.28T | 1.4T | 1.45T | 669.99B | 653.39B |
| NII Growth % | 308.56% | 23.33% | 24.33% | 9.48% | 12.42% | 14.44% | 2.16% | -1.84% | -4.23% | 2.33% | -4.52% | -5.46% | 1.42% | 5.7% | 0.53% | -0.88% | -0.71% | -4.61% | 22.92% | 3.58% | 0.6% | -0.83% | -8.57% | -8.46% | -3.47% | 116.39% | 2.54% | - |
| Net Interest Margin % | 1.29% | 0.87% | 0.76% | 0.64% | 0.64% | 0.59% | 0.55% | 0.59% | 0.65% | 0.7% | 0.71% | 0.76% | 0.82% | 0.94% | 0.94% | 0.98% | 1.02% | 1.15% | 1.24% | 1.08% | 1.16% | 1.09% | 1.17% | 1.25% | 1.34% | 1.34% | 1.29% | 1.35% |
| Interest Income | 11.03T | 7.66T | 6.93T | 6.21T | 3.78T | 1.91T | 1.85T | 2.49T | 2.49T | 2.17T | 1.9T | 1.87T | 1.89T | 1.71T | 1.71T | 1.63T | 1.61T | 1.77T | 2.09T | 2.15T | 1.98T | 1.66T | 1.52T | 1.59T | 1.82T | 2.18T | 1.11T | 1.4T |
| Interest Expense | 6.83T | 4.78T | 4.59T | 4.33T | 2.06T | 380B | 517.82B | 1.18T | 1.16T | 775.55B | 502.34B | 445.38B | 386.75B | 320.51B | 314.87B | 290.22B | 294.95B | 346.81B | 748.89B | 935.07B | 810.47B | 500.99B | 350.38B | 310.27B | 417.4B | 726.9B | 437.84B | 745.55B |
| Loan Loss Provision | 233.4B | 173.47B | 344.5B | 274B | 210.21B | 274.4B | 360.51B | 170.6B | -1.16T | -556.6B | -1.35T | -267.62B | -245.88B | -141.06B | 798.24B | 766.42B | 605.97B | -346.81B | -748.89B | -935.07B | -810.47B | -500.99B | -350.38B | -310.27B | -417.4B | -726.9B | -437.84B | -745.55B |
| Non-Interest Income | 4.83T | 3.16T | 2.73T | 2.55T | 2T | 1.9T | 1.72T | 1.79T | 1.89T | 2.62T | 1.45T | 2.31T | 2.31T | 1.52T | 2.12T | 2.04T | 1.96T | 908.4B | 340.24B | 957.23B | 824.92B | 1.2T | 1.72T | 1.77T | 1.28T | 905.54B | 227.94B | 12.61B |
| Non-Interest Income % | 53.52% | 52.31% | 53.85% | 57.58% | 53.82% | 55.36% | 56.23% | 57.76% | 58.64% | 65.36% | 51.59% | 61.86% | 60.52% | 50.67% | 60.17% | 59.42% | 58.11% | 39.03% | 18.61% | 44.16% | 41.38% | 50.87% | 59.46% | 57.98% | 47.85% | 38.45% | 25.39% | 1.89% |
| Total Net Revenue | 9.02T | 6.05T | 5.07T | 4.43T | 3.72T | 3.42T | 3.05T | 3.09T | 3.22T | 4.01T | 2.81T | 3.73T | 3.81T | 3.01T | 3.53T | 3.44T | 3.36T | 2.33T | 1.83T | 2.17T | 1.99T | 2.36T | 2.89T | 3.05T | 2.68T | 2.36T | 897.93B | 666B |
| Revenue Growth % | 76.55% | 19.34% | 14.28% | 19.19% | 8.66% | 12.21% | -1.39% | -3.89% | -19.79% | 43.01% | -24.78% | -2.15% | 26.72% | -14.66% | 2.45% | 2.29% | 44.53% | 27.33% | -15.67% | 8.73% | -15.68% | -18.16% | -5.24% | 13.62% | 13.93% | 162.31% | 34.83% | - |
| Non-Interest Expense | 5.03T | 3.49T | 3.02T | 2.82T | 2.41T | 2.22T | 2.02T | 2.03T | 2.06T | 2.18T | 1.94T | 1.99T | 1.89T | -1.56T | 1.63T | 1.6T | 1.96T | -1.31T | 340.29B | 1.87T | -1.25T | -1.38T | -3.05T | -2.69T | -2.06T | -1.7T | -771B | -521.34B |
| Efficiency Ratio | 55.76% | 57.64% | 59.65% | 63.54% | 64.82% | 64.83% | 66.15% | 65.76% | 63.88% | 54.27% | 69.11% | 53.43% | 49.56% | -51.79% | 46.29% | 46.63% | 58.2% | -56.32% | 18.62% | 86.32% | -62.48% | -58.4% | -105.52% | -88.08% | -76.73% | -72.35% | -85.86% | -78.28% |
| Operating Income | 3.76T | 2.39T | 1.7T | 1.34T | 1.1T | 929.59B | 672.24B | 888.65B | 890.83B | 1.78T | 1.43T | 1.32T | 1.58T | 1.5T | 1.18T | 1.12T | 1.12T | 1.36T | 710.08B | 1.78T | 1.56T | 1.48T | 190.86B | 673.56B | 1.04T | 1.38T | 564.77B | 890.21B |
| Operating Margin % | 41.66% | 39.49% | 33.55% | 30.28% | 29.53% | 27.16% | 22.04% | 28.72% | 27.68% | 44.37% | 50.99% | 35.31% | 41.49% | 49.88% | 33.37% | 32.55% | 33.36% | 58.58% | 38.84% | 82.26% | 78.17% | 62.79% | 6.61% | 22.09% | 38.83% | 58.52% | 62.9% | 133.67% |
| Operating Income Growth % | - | 40.45% | 26.64% | 22.2% | 18.17% | 38.28% | -24.35% | -0.24% | -49.97% | 24.43% | 8.64% | -16.73% | 5.39% | 27.59% | 5.01% | -0.19% | -17.68% | 92.03% | -60.18% | 14.41% | 4.98% | 677.81% | -71.66% | -35.35% | -24.4% | 144.03% | -36.56% | - |
| Pretax Income | 3.75T | 2.39T | 1.7T | 1.34T | 1.1T | 929.59B | 672.24B | 888.65B | 1.12T | 1.11T | 880.35B | 980.17B | 1.31T | 1.31T | 1.06T | 952.97B | 827.31B | 1.13T | 29.5B | 928.96B | 806.79B | 1.04T | -108.53B | 404.89B | 590.91B | 604.34B | 132.05B | 126.14B |
| Pretax Margin % | 41.6% | 39.49% | 33.55% | 30.28% | 29.53% | 27.16% | 22.04% | 28.72% | 34.91% | 27.63% | 31.37% | 26.27% | 34.34% | 43.41% | 30.18% | 27.69% | 24.59% | 48.75% | 1.61% | 42.86% | 40.47% | 44.13% | -3.76% | 13.28% | 22.02% | 25.66% | 14.71% | 18.94% |
| Income Tax | 1.09T | 707.13B | 513.07B | 373.66B | 282.15B | 214.53B | 156.35B | 167.68B | 331.42B | 270.52B | 139.77B | 225.05B | 441.36B | 414B | 145.97B | 311.34B | 240.77B | 488.04B | 334.64B | 386.44B | 306.59B | 296.72B | 74.68B | 32.88B | 159.12B | 187.44B | 77.99B | 82.08B |
| Effective Tax Rate % | 29.13% | 29.62% | 30.18% | 27.84% | 25.69% | 23.08% | 23.26% | 18.87% | 29.5% | 24.4% | 15.88% | 22.96% | 33.71% | 31.7% | 13.72% | 32.67% | 29.1% | 43.01% | 1134.58% | 41.6% | 38% | 28.44% | -68.81% | 8.12% | 26.93% | 31.02% | 59.06% | 65.07% |
| Net Income | 2.65T | 1.68T | 1.18T | 962.95B | 805.84B | 706.63B | 512.81B | 703.88B | 726.68B | 734.37B | 635.8B | 646.69B | 753.61B | 766.37B | 794.06B | 518.54B | 475.89B | 528.69B | -373.46B | 461.54B | 441.35B | 686.84B | -234.2B | 330.41B | 465.36B | 463.89B | 48.94B | 62.58B |
| Net Margin % | 29.36% | 27.76% | 23.25% | 21.72% | 21.67% | 20.64% | 16.81% | 22.75% | 22.58% | 18.3% | 22.66% | 17.33% | 19.77% | 25.47% | 22.52% | 15.07% | 14.15% | 22.71% | -20.43% | 21.29% | 22.14% | 29.05% | -8.11% | 10.84% | 17.34% | 19.7% | 5.45% | 9.4% |
| Net Income Growth % | 123.79% | 42.48% | 22.33% | 19.5% | 14.04% | 37.8% | -27.15% | -3.14% | -1.05% | 15.5% | -1.68% | -14.19% | -1.66% | -3.49% | 53.13% | 8.96% | -9.99% | 241.57% | -180.92% | 4.57% | -35.74% | 393.27% | -170.88% | -29% | 0.32% | 847.89% | -21.8% | - |
| Net Income (Continuing) | 2.66T | 1.68T | 1.19T | 968.69B | 816.32B | 715.05B | 515.89B | 720.96B | 792.15B | 838.33B | 808.35B | 755.12B | 868.01B | 963.89B | 918.07B | 641.63B | 586.54B | 646.69B | -305.15B | 542.52B | 500.2B | 746.64B | -183.22B | 288.82B | -498.93B | 416.89B | 43.82B | 81.1B |
| EPS (Diluted) | 417.09 | 262.04 | 301.48 | 239.03 | 194.79 | 170.05 | 123.45 | 168.82 | 171.47 | 171.69 | 170.14 | 155.98 | 181.78 | 201.68 | 130.42 | 80.24 | 108.34 | 158.92 | -153.08 | 186.97 | 192.53 | 305.56 | -131.68 | 118.35 | -278.27 | 277.60 | 30.39 | 41.51 |
| EPS Growth % | 104.48% | -13.08% | 26.13% | 22.71% | 14.55% | 37.75% | -26.87% | -1.55% | -0.13% | 0.91% | 9.08% | -14.19% | -9.87% | 54.64% | 62.54% | -25.94% | -31.83% | 203.81% | -181.87% | -2.89% | -36.99% | 332.05% | -211.26% | 142.53% | -200.24% | 813.46% | -26.79% | - |
| EPS (Basic) | - | 262.04 | 301.55 | 239.10 | 194.85 | 170.12 | 123.51 | 168.92 | 171.58 | 171.82 | 170.28 | 156.09 | 181.89 | 201.78 | 130.59 | 80.47 | 108.35 | 168.80 | -159.56 | 195.68 | 192.53 | 305.56 | -131.68 | 172.64 | -278.27 | 277.60 | 30.43 | 41.51 |
| Diluted Shares Outstanding | 6.35B | 6.41B | 3.91B | 3.99B | 4.1B | 4.11B | 4.11B | 4.13B | 4.2B | 4.23B | 4.11B | 4.1B | 4.1B | 4.1B | 4.06B | 4.16B | 4.18B | 3.13B | 2.42B | 2.27B | 2.27B | 2.23B | 1.76B | 1.89B | 1.66B | 1.65B | 1.59B | 1.49B |
Quick answers to the most common questions about buying SMFG stock.
For fiscal year 2026, Sumitomo Mitsui Financial Group, Inc. (SMFG) reported total revenue of $6.05T. This represents a 807.8% increase compared to $666.00B in 2000.
Sumitomo Mitsui Financial Group, Inc. (SMFG) is profitable, generating $1.68T in net income for the fiscal year ending 2026 with a net profit margin of 27.8%.
Sumitomo Mitsui Financial Group, Inc. (SMFG) reported an operating income of $2.39T, resulting in an operating profit margin of 39.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Sumitomo Mitsui Financial Group, Inc. (SMFG) generated $5.87T in gross profit for the year, representing a gross profit margin of 97.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Overseas CRE exposure
NII Growth Accelerates on BOJ Normalization
Net interest income surged 28.1% YoY in 2027Q1, reaching $802.3B, as the Bank of Japan's rate hikes begin to lift domestic lending spreads, according to SMFG's latest quarterly report.
The acceleration in NII growth, from 19.6% in the prior quarter to 28.1%, suggests that the bank is finally benefiting from the BOJ's exit from negative rates. However, the absolute NIM remains razor-thin at 0.2%, indicating that the pass-through to profitability is still limited. Investors should monitor whether deposit betas remain low enough to sustain this trajectory.
NIM Stuck at 0.2% Despite Rate Hikes
SMFG's net interest margin remains at 0.2% for the tenth consecutive quarter, as reported in financial statements, suggesting that the BOJ's rate normalization has yet to translate into meaningful spread expansion.
The persistent 0.2% NIM, despite a rising rate environment, indicates that the bank is facing intense competition for deposits or that the repricing of its loan book is lagging. This could be a sign that the market's expectations of a margin windfall are premature. The efficiency ratio, however, improved to 32.3% in 2027Q1, suggesting cost discipline is partially offsetting margin pressure.
Efficiency Ratio Shows Volatility
SMFG's efficiency ratio swung from 22.2% in 2025Q3 to 42.4% in 2025Q4, then improved to 32.3% in 2027Q1, based on reported figures, indicating unstable operating leverage.
The wide fluctuations in the efficiency ratio, driven by volatile non-interest income and one-off items, make it difficult to assess the bank's underlying cost structure. The 2027Q1 ratio of 32.3% is better than the 40.1% in 2026Q4, but the trend is not consistent. This volatility may reflect the impact of market-related revenues and suggests that the bank's cost base is not as predictable as peers.
Provisioning Remains Minimal
Provision for loan losses was zero in 2027Q1 and 2026Q4, but spiked to $218.9B in 2026Q3, as per SMFG's income statement, indicating a lumpy credit cost pattern.
The near-zero provisions in recent quarters suggest that credit conditions in Japan remain benign, but the $218.9B charge in 2026Q3 highlights the potential for sudden deterioration, possibly related to overseas commercial real estate. The negative provisions in 2025Q1 and 2024Q4 (reversals) indicate that the bank has been releasing reserves, which may not be sustainable. Investors should watch for any uptick in NPLs, especially in the Global Business Unit.
Fee Income Volatile but Recovering
Non-interest income rebounded to $785.2B in 2027Q1, representing 28.6% of total revenue, after a negative print in 2025Q1, according to SMFG's quarterly data, showing high volatility.
The fee income composition is heavily influenced by market-related activities, as evidenced by the negative non-interest income in 2025Q1 and 2024Q4, likely due to trading losses or mark-to-market on policy shareholdings. The recovery in 2027Q1 suggests improved market conditions, but the reliance on such income introduces earnings instability. The bank's efforts to grow recurring wealth management fees appear to be offset by this volatility.
2026Q3 Marks Earnings Inflection
In 2026Q3, SMFG reported a massive jump in revenue to $7.9T and net income to $1.4T, with EPS of $362.51, as per financial statements, representing a clear inflection point.
The 2026Q3 quarter stands out as an outlier, with revenue and net income multiples higher than any other period. This likely reflects one-time gains, possibly from the divestment of cross-shareholdings or a favorable tax item. The subsequent quarters have normalized to lower levels, suggesting that this was not a sustainable run-rate. Investors should treat this quarter as an anomaly and focus on the underlying trend.
What Could Invalidate the Base Case
Despite strong NII growth, the persistently low NIM of 0.2% and volatile fee income suggest that earnings quality may be weaker than headline numbers imply, based on reported data.
The reliance on one-time gains, as seen in 2026Q3, and the lumpy provisioning pattern raise questions about the sustainability of earnings. Additionally, the negative non-interest income in some quarters indicates exposure to market volatility, which could undermine the stability of the revenue stream. Investors should scrutinize the quality of earnings, particularly the contribution from non-recurring items and the potential for future credit costs from overseas CRE.