Sumitomo Mitsui Financial Group

Inc. (Holding Company)

Sumitomo Mitsui Banking Corp. (Lead Bank)
Primary Credit Analyst:
Kiyoko Ohora, Tokyo (81) 3-4550-8704; kiyoko.ohora@standardandpoors.com
Secondary Contact:
Chizuru Tateno, Tokyo (81) 3-4550-8578; chizuru.tateno@standardandpoors.com

Table Of Contents
Major Rating Factors
Rationale
Outlook:
Related Criteria And Research
Note

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Sumitomo Mitsui Financial Group Inc. (Holding Company)

Sumitomo Mitsui Banking Corp. (Lead Bank)
SACP

Anchor

a-

Business
Position

+
+1

Capital and
Earnings

Moderate

-1

Risk Position

Adequate

Additional
Factors

GRE Support

A+/Negative/A-1
Group
Support

0
Bank Holding Company Rating

Above
Average

+1
Liquidity

Issuer Credit Rating

Strong

Funding

+1

Support

Strong

Sovereign
Support

+1

A/Negative/A-1

Major Rating Factors

Strengths:

Weaknesses:

Strong business position backed by its leading

market position in Japan
Strong liquidity and stable funding backed by a
large retail deposit base
High likelihood of receiving government support

Moderate capitalization in terms of projected RAC

ratio
Modest profitability in terms of return on assets
compared to global peers

Rationale
Standard & Poor's Ratings Services bases its ratings on Sumitomo Mitsui Financial Group Inc. (SMFG) on the
company's "strong" business position, "moderate" capital and earnings, "adequate" risk position, "above average"
funding, "strong" liquidity, and a "high" likelihood of government support. The stand-alone credit profile (SACP) on the
operating bank, Sumitomo Mitsui Banking Corp. (SMBC), is 'a'.

Anchor: 'a-' for banks operating in Japan

Our bank criteria use our Banking Industry Country Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor SACP, the starting point in assigning an issuer credit rating (ICR). Our anchor SACP for a
bank operating only in Japan is 'a-'. The BICRA score is informed by our evaluation of economic risk. We view Japan
as a developed and diverse economy with strong net external balance, which offsets the high level of government debt,
and limited fiscal flexibility. With regard to industry risk, the banking sector is underpinned by a high and stable share

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of core deposits in funding and prudent regulatory monitoring. On the other hand, we consider the banking sector as
fragmented with overcapacity, and those factors are evidenced by generally low earnings capacity.
Table 1

Sumitomo Mitsui Financial Group Inc. Key Figures

Fiscal Year*
(Bil. )
Adjusted assets
Customer loans (gross)

2013

2012

2011

2010

2009

142,446

141,896

136,817

132,207

118,784

67,445

67,317

64,420

63,083

64,541

Adjusted common equity

5,445

4,872

4,309

4,128

3,913

Operating revenues

1,518

2,798

2,563

2,491

2,215

Noninterest expenses

741

1,421

1,355

1,291

1,106

Core earnings

575

1,050

754

709

442

*Fiscal year ended March 31 of the following year. Data as of Sept. 30.

Business position: Strong in domestic commercial and retail banking business

SMFG maintains a "strong" competitive position in the markets in which it operates, which leads us to our "strong"
assessment of its business position. With total assets of 149 trillion as of Sept. 30, 2013, SMFG is a financial services
bank holding company that ranks among the largest banking institutions in Japan. SMBC has a nationwide network
and conducts traditional commercial banking. As a group, its revenue is well diversified by region and business lines
including leasing, brokerage and investment services, and consumer finance. SMFG's overseas branch and subsidiary
network is relatively small, but their contribution to the group's revenue and profit is rising. For fiscal 2012 (ended
March 31, 2013), overseas banking profits contributed to more than 30% of the total banking profit generated by
SMBC and major overseas subsidiary banks. It has a stable customer base for both retail and corporate banking. Retail
deposits are adhesive and not sensitive to pricing. SMFG has held a strong "main bank relationship" with corporate
customers for decades and they have stayed with the bank through cyclical ups and downs.

Capital and earnings: Moderate with the RAC ratio expected to remain below 7%
SMFG's capital and earnings are "moderate" based on our expectations that the risk-adjusted capital (RAC) ratio will
remain in the 6.0%-7.0% range over the next two years. In SMFG's risk-weighted assets before adjustments based on
the RAC framework as of March 2013, about 30% was attributable to market risk, which includes its exposures to
equities and funds-related holdings. This makes SMFG's RAC ratio susceptible to the volatility of unrealized gains on
its securities holdings.
In our view, there is a large gap between SMFG's RAC ratio and its consolidated regulatory Tier 1 capital ratio, which
was 12.1% as of September 2013. The difference mainly reflects: 1) a material difference in the risk-weights applied to
the equity holdings in the banking book--for equity exposure in Japan, Standard & Poor's imposes risk-weights of 688%
for listed securities and 813% for unlisted securities, significantly higher than the regulatory risk weight, which is lower
than 150% on average; 2) higher risk weights applied to securitization exposures; and 3) the exclusion of regulatory
hybrid capital from Standard & Poor's total adjusted capital (TAC). We limit the inclusion of hybrids in TAC, based on
equity content classification. We assess SMFG's capital quality as "adequate" with hybrid securities accounting for
approximately 20% of the group's TAC in March 2013. The earnings buffer is projected to be around 100 basis points

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(bps) in the next one to two years, which is modest in global comparison. We expect the group's profitability to remain
modest but stable in terms of return on assets in comparison with global peers. Net interest income and fees and
commissions made up more than 80% of the group's revenues during fiscal 2012 and trading revenues made up a
limited share of approximately 10%, which was mainly derived from trading gains on government bonds.
Table 2

Sumitomo Mitsui Financial Group Inc. Capital And Earnings

Fiscal Year*
(%)

2013

2012

2011

2010

2009

Tier 1 capital ratio

12.1

10.9

12.3

12.5

11.2

Adjusted common equity/total adjusted capital

84.4

80.5

78.8

75.2

75.2

Double leverage

133.8

132.6

133.7

126.8

125.7

Net interest income/operating revenues

51.4

49.8

52.3

52.9

62.3

Fee income/operating revenues

32.4

32.5

32.2

30.8

27.6

8.3

10.0

13.7

15.4

10.4

48.8

50.8

52.9

51.8

49.9

Preprovision operating income/average assets

1.0

0.9

0.9

0.9

0.9

Core earnings/average managed assets

0.8

0.7

0.5

0.5

0.4

Market-sensitive income/operating revenues

Noninterest expenses/operating revenues

*Fiscal year ended March 31 of the following year. Data as of Sept. 30.

Risk position: Adequate with limited investment banking activities

Our risk position assessment for SMFG is "adequate." SMFG's loan portfolio growth is likely to be moderate, while we
expect its performance to remain rather stable. In our view, SMFG's major risk is the credit risk related to commercial
and retail banking. Among the group's credit risk assets of total RAC risk-weighted assets, corporate exposure is the
largest accounting for about 70% followed by retail exposure at around 10%. The group's credit risk has remained
stable during recent years with a reversal of credit losses provisions in the half year ended September 2013, and the
gross nonperforming loan (NPL) ratio at 2.3% as of September 2013. Credit losses have remained low mainly due to a
large amount of reversal in loan loss provisions that were recorded during the 2008 global financial crisis and low
historical loss rates on loans in recent years reflecting government measures to support the small and midsize
enterprise sector (SME) sector. As a base-case scenario, we expect credit costs to remain modest at around 30 bps in
the next two years. This is based on our assumption that the macroeconomic trend will stay stable with 1.2%-1.4%
GDP growth. Also we expect government support for SMEs, including the credit guarantee system of Credit Guarantee
Corporations, to continue to mitigate any negative impact to SMFG's credit costs from the weakening economy.
Nevertheless, credit costs generally reflect the past performance of loans and, therefore, a potential increase in credit
risk in the future may not be fully captured. In addition, Japan's banking industry is characterized by a "main bank"
business practice, where banks and corporations value long-term stable relationships. As such, if the business
performance of the group's "intimate" large borrowers deteriorates, it may incur large losses or increase in NPLs.
SMFG is focusing on expanding its overseas lending business. As of September 2013, approximately 20% of its loan
exposures are overseas exposures, which are currently focused on high-quality, large corporate entities and
asset-backed lending such as project finance mainly in Asia, Europe, and the U.S. We consider the assumed credit risks
to be manageable if economic stress remains within our expectation.

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Although SMFG's consumer finance subsidiaries such as SMBC Consumer Finance and Cedyna have been facing
difficulties due to large claims for refunds of so-called gray zone overpaid interest and the amended Money Lending
Business Law, the consumer finance market has recently shown signs of stabilization, in our opinion. While the
consumer finance segment may need additional provisions, we expect the scale of such provisions to be well within a
manageable level for the group. We also expect the performance of SMFG's consumer finance business to stabilize.
In our view, SMFG faces high market risk from its cross-shareholdings and government bond portfolio. However, its
equity exposures-related risk is sufficiently covered by the RAC ratio through a high risk-weight. The bank is sensitive
to interest rate risk, which is not captured in the RAC ratio. It holds approximately 17 trillion of yen-denominated
bonds on a nonconsolidated operating bank basis as of September 2013, which could hurt its financial standing if the
interest rate were to rise. The average duration of its yen bond portfolio was 1.4 years as of September 2013.
Nevertheless, we note that SMFG has reduced its interest rate risk most significantly among Japanese major banks in
2013, and believe that SMFG will be able to manage the interest rate risk as long as any increase in the yen-based
interest rate remains within one percentage point.
For SMFG, our adjustment for concentration and diversification of risks is strong. The RAC ratio after adjustment
improved 0.8 percentage point; the effect of risk diversification from business and risk type surpassed the effect of risk
concentration.
In our view, the group's business complexity is average compared to its peers; the complexity of its large size is offset
by its limited investment banking business. The majority of its revenue from the securities subsidiaries is derived from
the retail business, which is relatively stable.
Table 3

Sumitomo Mitsui Financial Group Inc. Risk Position

Fiscal Year*
(%)

2013

2012

2011

2010

2009

0.4

4.5

2.1

(2.3)

(3.8)

Total managed assets/adjusted common equity (x)

27.4

30.5

33.2

33.4

31.5

New loan loss provisions/average customer loans

(0.1)

0.3

0.2

0.3

0.7

0.4

0.6

(0.2)

0.3

0.7

Growth in customer loans

Net charge-offs/average customer loans

Gross nonperforming assets/customer loans + other real estate owned
Loan loss reserves/gross nonperforming assets

2.3

2.5

2.8

2.6

2.4

52.8

55.1

54.2

64.3

69.8

*Fiscal year ended March 31 of the following year. Data as of Sept. 30.

Funding and liquidity: Strong and backed by a sizable retail deposit base and ample liquidity
SMFG's funding is "above average" and its liquidity position is "strong," in our opinion. SMFG's large retail branch
network provides it with a stable base of core deposits that it draws from to meet its funding needs. As of March 2013,
core customer deposits made up 72% of its funding base. Individual deposits, which are more stable, made up 42% of
its total deposits on a nonconsolidated basis.
Its ratio of total loans to customer deposits was 75% as of March 2013 (not including certificates of deposits),
indicating strong liquidity. Unrestricted cash and Japanese government bond holdings more than covered its

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short-term wholesale funding, which is also an indicator of strong liquidity.

SMFG's foreign currency funding is limited but growing. Given its lack of a retail deposit base in overseas markets, it is
dependent on wholesale funding. We expect the group to increase its overseas exposure, which will spur its foreign
currency funding needs. Nevertheless, we expect it to control the expansion of its foreign currency assets, in light of
funding conditions and its capacity for additional foreign currency funding.
Table 4

Sumitomo Mitsui Financial Group Inc. Funding And Liquidity

Fiscal Year*
(%)

2013

2012

2011

2010

2009

Core deposits/funding base

73.0

72.4

71.0

71.1

76.2

Customer loans (net)/customer deposits

73.8

74.5

75.4

75.6

80.7

*Fiscal year ended March 31 of the following year. Data as of Sept. 30.

External Support: Highly systemic importance in Japan

One notch of government support has been factored into our ICR on SMFG, reflecting our expectation that the group
has a "high likelihood" of receiving government support in a time of need. We view SMFG as having "high systemic
importance" in Japan, which we consider a "highly supportive" system. This assessment is based on SMFG's large
presence in the Japanese financial system as one of the three megabank groups and laws and track record of support
by the Japanese government to the banking sector.

SMFG's core subsidiaries

We consider SMBC Nikko Securities Inc. (A+/Negative/A-1), Sumitomo Mitsui Banking Corp. Europe Ltd.
(A+/Negative/A-1), and Sumitomo Mitsui Banking Corporation (China) Ltd. (A+/Negative/A-1) as "core" subsidiaries
of SMFG since the three subsidiaries meet all of the characteristics for core entities outlined in our criteria (for more
details, please see "Group Rating Methodology," published Nov. 19, 2013). Therefore, we equalize the ratings on these
subsidiaries with SMFG's Group Credit Profile, which is equal to the rating on the main operating bank, SMBC.
Although Sumitomo Mitsui Banking Corp. Europe Ltd. and Sumitomo Mitsui Banking Corporation (China) Ltd. do not
constitute a significant portion of the consolidated group, they are considered to be fully integrated into the group
because they share a common infrastructure and customer bases that are dependent on the group.

Hybrid issue rating

The preferred securities issued by SMFG's special-purpose corporations are rated 'BBB', three notches lower than
SMBC's SACP. The instrument contains a mandatory dividend deferral clause in the event that: 1) SMFG's Tier 1
capital ratio falls below 4% or its total capital ratio falls below 8%; or 2) SMFG's distributable amount falls below the
preferred payment amount. The notching from the bank's SACP reflects subordination risk; partial or untimely
payment risk on the dividends; and structural subordination because they are issued by the non-operating holding
company.
Junior subordinated bonds issued by SMBC are rated 'BBB+', two notches below the bank's SACP. The instrument
contains an optional dividend deferral clause. The notching from the bank's SACP reflects subordination risk and
partial or untimely payment risk on the dividends. Subordinated bonds issued by SMBC are rated 'A', one notch lower

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than the bank's ICR, reflecting subordination risk. The bonds are conventional non-deferrable subordinated debt.

Outlook:
The negative outlook reflects our view that the ICR on SMFG, which incorporates one notch of government support,
would be lowered should the sovereign rating on Japan be lowered. The outlook on the sovereign rating on Japan is
negative. A downward revision in the SACP would also result in a downgrade for SMFG, although we do not expect
material deterioration in the bank's SACP in the medium term because it is largely supported by an adequate financial
profile. We expect the RAC ratio to remain at 6.0%-7.0%, and profitability in terms of return on assets is likely to
remain low but stable at approximately 0.3%-0.4%. We expect SMFG's credit risk profile to remain close to the current
level with credit loss provisions to loans at approximately 0.3%. Conversely, we could raise the rating if the group's
capitalization and earnings improve substantially, which we consider an unlikely scenario in the near future given the
low interest rate environment and intense competition in lending markets.

Related Criteria And Research

Related Criteria

Group Rating Methodology, Nov. 19, 2013

Banks: Rating Methodology And Assumptions, Nov. 9, 2011
Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
Commercial Paper I: Banks, March 23, 2004

Note
The Ratings Detail section below should also contain a commercial paper foreign currency rating of 'A-1' for Sumitomo
Mitsui Banking Corp.
Anchor Matrix
Economic Risk

Industry
Risk

1
2

10

a-

bbb+

bbb+

a-

a-

bbb+

bbb

bbb

bbb

bbb-

a-

a-

bbb+

bbb+

bbb

bbb-

bbb-

bb+

bbb+

bbb+

bbb+

bbb

bbb

bbb-

bb+

bb

bb

bbb+

bbb

bbb

bbb

bbb

bbb

bbb-

bbb-

bb+

bb

bb-

b+

bbb-

bbb-

bbb-

bb+

bb

bb

bb-

b+

bbb-

bbb-

bb+

bb+

bb

bb

bb-

b+

b+

bb+

bb

bb

bb

bb-

bb-

b+

9
10

bb

bb-

bb-

b+

b+

b+

b+

b+

b+

b-

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Ratings Detail (As Of December 25, 2013)

Sumitomo Mitsui Financial Group Inc.
Counterparty Credit Rating

A/Negative/A-1

Counterparty Credit Ratings History

29-Nov-2011

A/Negative/A-1

18-Jun-2007

A/Stable/A-1

19-Mar-2007

A-/Watch Pos/A-2

Sovereign Rating
Japan (Unsolicited Ratings)

AA-/Negative/A-1+

Related Entities
SMBC Derivative Products Ltd.
Issuer Credit Rating

AA/Negative/--

SMBC Nikko Securities Inc.

Issuer Credit Rating

A+/Negative/A-1

SMFG Preferred Capital GBP 1 Ltd.

Preferred Stock

BBB

SMFG Preferred Capital GBP 2 Ltd.

Preferred Stock

BBB

SMFG Preferred Capital JPY 3 Ltd.

Preferred Stock

BBB

SMFG Preferred Capital USD 1 Ltd.

Preferred Stock

BBB

SMFG Preferred Capital USD 3 Ltd.

Preferred Stock

BBB

Sumitomo Mitsui Banking Corp.

Issuer Credit Rating

A+/Negative/A-1

Certificate Of Deposit
Foreign Currency

A+/A-1

Junior Subordinated

BBB+

Senior Unsecured

A+

Short-Term Debt

A-1

Subordinated

Sumitomo Mitsui Banking Corp. (China) Ltd.

Issuer Credit Rating
Greater China Regional Scale

A+/Negative/A-1
cnAAA/--/cnA-1+

Sumitomo Mitsui Banking Corp. Europe Ltd.

Issuer Credit Rating

A+/Negative/A-1

ZAO Sumitomo Mitsui Rus Bank

Issuer Credit Rating
Russia National Scale

BBB/Stable/A-2
ruAAA/--/--

*Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable
across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country.

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