SMFG's operational efficiency remains susceptible to significant swings, with the efficiency ratio fluctuating between a lean 22.2% in 2025Q3 and a strained 66.0% in 2024Q4.
| Metric | 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 | 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 % | 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 % | 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 | 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 | 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 | 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 | 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 % | 29.22% | 28.25% | 29.12% | 34.62% | 49.83% | 48.07% | 41.81% | 43.13% | 54.77% | 43.24% | 55.26% | 54.95% | 47.07% | 55.41% | 55.62% | 54.8% | 33.97% | 14.02% | 30.85% | 29.42% | 41.98% | 53.03% | 52.63% | 41.41% | 29.38% | 17.06% | 0.89% |
| Total Revenue | 10.82T | 9.66T | 8.77T | 5.78T | 3.8T | 3.57T | 4.27T | 4.38T | 4.79T | 3.35T | 4.18T | 4.2T | 3.24T | 3.83T | 3.68T | 3.57T | 2.67T | 2.43T | 3.1T | 2.8T | 2.87T | 3.24T | 3.36T | 3.1T | 3.08T | 1.34T | 1.41T |
| Revenue Growth % | 12.08% | 10.16% | 51.63% | 52.02% | 6.57% | -16.5% | -2.35% | -8.61% | 43.04% | -19.83% | -0.56% | 29.67% | -15.42% | 4.15% | 3.04% | 33.4% | 10.17% | -21.76% | 10.65% | -2.14% | -11.55% | -3.57% | 8.33% | 0.61% | 130.74% | -5.37% | - |
| Non-Interest Expense | 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 | 32.2% | 31.29% | 32.13% | 41.7% | 58.35% | 56.55% | 47.61% | 46.98% | 45.48% | 57.93% | 47.74% | 44.99% | -48.12% | 42.63% | 43.65% | 54.88% | -49.02% | 14.02% | 60.31% | -44.42% | -48.19% | -94.11% | -79.95% | -66.4% | -55.28% | -57.72% | -36.93% |
| Operating Income | 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 % | 22.06% | 17.6% | 15.31% | 19% | 24.44% | 18.84% | 20.79% | 20.36% | 37.18% | 42.74% | 31.54% | 37.66% | 46.34% | 30.72% | 30.47% | 31.46% | 50.98% | 29.25% | 57.47% | 55.58% | 51.81% | 5.89% | 20.05% | 33.6% | 44.72% | 42.28% | 63.07% |
| 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 | 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 % | 22.06% | 17.6% | 15.31% | 19% | 24.44% | 18.84% | 20.79% | 25.67% | 23.16% | 26.3% | 23.47% | 31.18% | 40.33% | 27.79% | 25.92% | 23.19% | 42.43% | 1.21% | 29.94% | 28.77% | 36.41% | -3.35% | 12.05% | 19.06% | 19.61% | 9.89% | 8.94% |
| Income Tax | 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 % | 29.62% | 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 | 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 % | 15.51% | 12.2% | 10.98% | 13.94% | 18.58% | 14.37% | 16.47% | 16.61% | 15.34% | 18.99% | 15.49% | 17.95% | 23.66% | 20.74% | 14.1% | 13.34% | 19.77% | -15.38% | 14.88% | 15.74% | 23.97% | -7.23% | 9.84% | 15.01% | 15.05% | 3.66% | 4.43% |
| Net Income Growth % | 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) | 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) | 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 % | -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 | 6.41B | 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 |
Domestic rate policy sensitivity
According to recent financial disclosures, SMFG reported a significant NII expansion to $1.9T in 2026Q3, though this figure subsequently contracted to $787.7B by 2026Q4, highlighting the inherent volatility in the bank's interest-earning asset base as it navigates the shifting Japanese monetary policy environment.
The sharp fluctuation in NII suggests that the bank's revenue base remains highly sensitive to short-term adjustments in yield curves and potential shifts in loan demand. Investors should monitor whether the 2026Q3 peak represents a sustainable structural shift or merely a temporary benefit from asset repricing cycles.
As reported in quarterly filings, SMFG's efficiency ratio demonstrated notable variance, ranging from a lean 22.2% in 2025Q3 to a strained 66.0% in 2024Q4, indicating that the bank's operational leverage is currently susceptible to significant swings in non-interest expense relative to total revenue generation.
The inconsistency in the efficiency ratio may imply challenges in managing fixed costs against a backdrop of volatile revenue streams. This volatility warrants further investigation into whether the bank's digital integration efforts are successfully decoupling operating expenses from revenue cyclicality.
Based on the provided income statement data, SMFG experienced extreme swings in provision expenses, moving from a negative $1.2T in 2024Q4 to a positive $218.9B in 2026Q3, which suggests that the bank's credit cost management is currently subject to significant accounting adjustments and cyclical provisioning.
The erratic nature of these provisions makes it difficult to ascertain the underlying health of the loan portfolio without further clarity on specific write-off trends. Analysts should be cautious in interpreting these figures as a direct proxy for credit quality, as they appear heavily influenced by periodic accounting reversals.
Data from recent periods indicates that SMFG's non-interest fee income has been highly inconsistent, with the fee percentage of total revenue swinging from negative territory in 2024 to a peak of 32.8% in 2026Q3, reflecting a heavy reliance on volatile transactional and market-sensitive revenue sources.
The negative fee income reported in earlier periods suggests that the bank's non-interest revenue is not yet a reliable, recurring offset to interest income. This instability may indicate that the bank's wealth management and advisory arms are still struggling to provide a consistent earnings floor.
Quick answers to the most common questions about buying SMFG stock.
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 15.5%.
Sumitomo Mitsui Financial Group, Inc. (SMFG) reported an operating income of $2.39T, resulting in an operating profit margin of 22.1%. 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 54.3%. This demonstrates the company's core pricing power and production efficiency.