Group 1 - The U.S. Commodity Futures Trading Commission (CFTC) has announced charges against multiple firms for compliance violations, resulting in a total fine of $8.3 million [1] - Citigroup was fined $1.5 million for failing to submit accurate large trader reports from at least 2015 to 2022 and for not maintaining regulatory records for 10 weeks in 2023 [1] - UBS was penalized $5 million for inadequate supervision of its trading monitoring program from at least 2015 to 2024 [1] Group 2 - SMBC Capital Markets, Santander Bank, and Bank of New York Mellon were each fined $500,000 for record-keeping and supervision violations [1] - The CFTC stated that the involved companies have completed or are nearing completion of remedial measures and have agreed to avoid further violations of the Commodity Exchange Act and CFTC regulations [1]

Core Insights - Investors in the Banks - Foreign sector may consider KB Financial (KB) or Sumitomo Mitsui (SMFG) for potential value investments [1] - The Zacks Rank system, which emphasizes companies with positive earnings estimate revisions, is a key tool for identifying value stocks [2][3] Valuation Metrics - KB Financial has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Sumitomo Mitsui has a Zacks Rank of 4 (Sell) [3] - KB's forward P/E ratio is 7.12, significantly lower than SMFG's forward P/E of 12.04, suggesting KB may be undervalued [5] - KB's PEG ratio is 0.60, compared to SMFG's PEG ratio of 0.74, indicating better expected earnings growth relative to its valuation [5] - KB's P/B ratio is 0.7, while SMFG's P/B ratio is 1.07, further supporting the notion that KB is undervalued [6] - Based on these metrics, KB earns a Value grade of B, while SMFG receives a Value grade of C, making KB the more attractive option for value investors [6]

Core Viewpoint - KB Financial (KB) is currently more attractive to value investors compared to Sumitomo Mitsui (SMFG) based on various financial metrics and analyst outlooks [1][3][7] Valuation Metrics - KB has a forward P/E ratio of 7.20, while SMFG has a forward P/E of 10.89 [5] - KB's PEG ratio is 0.61, indicating better expected EPS growth relative to its valuation compared to SMFG's PEG ratio of 0.67 [5] - KB's P/B ratio stands at 0.74, compared to SMFG's P/B of 0.90, suggesting KB is undervalued relative to its book value [6] Analyst Outlook - KB has a Zacks Rank of 2 (Buy), indicating positive earnings estimate revision trends, while SMFG has a Zacks Rank of 4 (Sell) [3][7] - The stronger estimate revision activity for KB suggests a more favorable analyst outlook compared to SMFG [7] Value Grades - KB has received a Value grade of A, while SMFG has a Value grade of C, reflecting KB's superior valuation metrics [6]

Financial Performance - Mizuho Financial Group raises its annual profit forecast [1] - Sumitomo Mitsui Financial Group's earnings exceeded expectations [1]

Financial Performance - The company's net consolidated business profit increased by JPY 75.5 billion in 1Q FY3/2026 compared to 1Q FY3/2025, reaching JPY 544.3 billion[3] - Bottom-line profit increased by JPY 5.5 billion YoY, reaching JPY 376.9 billion[6, 11] - Consolidated gross profit increased by JPY 57.9 billion YoY, reaching JPY 1,087.8 billion, driven by increased income on loans and deposits, strong performance in payment business and consumer finance, and increased fee income in domestic wholesale business[11] - The progress rates for both consolidated business profit and bottom-line profit are 29%[9] Business Unit Performance - Retail Business Unit's gross profit increased by JPY 27 billion YoY, reaching JPY 354.9 billion, driven by higher income on deposit from rising interest rates and strong performance in payment business and consumer finance[68, 69] - Wholesale Business Unit's net business profit increased by JPY 55.8 billion YoY, reaching JPY 219.3 billion, due to loan growth and improved spreads, with fee income also rising from increased corporate actions[3, 68, 69] - Global Business Unit's net business profit increased by JPY 57.6 billion YoY, reaching JPY 184.7 billion, driven by increased income on loans and deposits and loan-related fees, as well as equity in gains of affiliates due to receipt of insurance claims on aircraft leasing[3, 71, 74] - Global Markets Business Unit's net business profit decreased by JPY 11.9 billion YoY, reaching JPY 114.9 billion, facing challenges in trading during the market turmoil in April[3, 71, 74] Balance Sheet and Loans - Domestic loans increased by JPY 1.6 trillion to JPY 68.7 trillion[59] - Domestic deposits decreased by JPY 1.5 trillion to JPY 131 trillion[59] - The impact of rising interest rates may reach to JPY 200 billion (+JPY 110 billion YoY, o/w JPY 40 billion in 1Q)[17]

Core Viewpoint - Sumitomo Mitsui Financial Group (SMFG) intends to increase its investment in the Indian listed banking giant Yes Bank, leading to a temporary rise in the bank's stock price by 3.3%, with the latest increase recorded at 1.5% [1] Group 1 - SMFG is looking to make additional investments in Yes Bank [1] - Yes Bank's stock price experienced a peak increase of 3.3% following the news [1] - The current increase in Yes Bank's stock price stands at 1.5% [1]

Group 1 - Sumitomo Mitsui Financial Group (SMFG) plans to invest an additional $1.1 billion in YES Bank [1] - SMFG seeks to acquire a 5% stake in YES Bank from Carlyle Group and other parties [1]

[Filing Information](index=1&type=section&id=Filing%20Information) Details the filing of Form 6-K by Sumitomo Mitsui Financial Group, Inc. for June 2025 [Form 6-K Details](index=1&type=section&id=Form%206-K%20Details) Sumitomo Mitsui Financial Group, Inc. filed Form 6-K for June 2025 as a foreign private issuer, incorporated into a Form F-3 - Sumitomo Mitsui Financial Group, Inc. filed Form 6-K for June 2025 as a foreign private issuer[1](index=1&type=chunk) - The report is incorporated by reference into the company's Form F-3 registration statement (File No. 333-276219)[1](index=1&type=chunk) [Signatures](index=2&type=section&id=Signatures) Report signed by Jun Okahashi, Executive Officer & General Manager, Financial Accounting, on June 30, 2025 - Report signed by Jun Okahashi, Executive Officer & General Manager, Financial Accounting Dept[5](index=5&type=chunk) - Signature date: **June 30, 2025**[6](index=6&type=chunk) [Notice Regarding Annual Report on Form 20-F Filing](index=3&type=section&id=Notice%20Regarding%20the%20Filing%20of%20Annual%20Report%20on%20Form%2020-F) Announces the filing of Sumitomo Mitsui Financial Group, Inc.'s annual report on Form 20-F with the U.S. SEC [Filing Announcement](index=3&type=section&id=Filing%20Announcement) Sumitomo Mitsui Financial Group, Inc. filed its Form 20-F annual report with the U.S. SEC on June 27, 2025 - Sumitomo Mitsui Financial Group, Inc. filed its annual report on Form 20-F with the U.S. SEC on **June 27, 2025**[8](index=8&type=chunk) - The report is available on the company's website and EDGAR[9](index=9&type=chunk) - Holders of American Depositary Receipts can request a hard copy of audited financial statements free of charge[9](index=9&type=chunk) [Important Disclosures and Forward-Looking Statements](index=3&type=section&id=Important%20Disclosures%20and%20Forward-Looking%20Statements) Summarizes IFRS consolidated financial information from Form 20-F, with forward-looking statements and inherent risks - Document summarizes IFRS consolidated financial information from the Form 20-F, not containing all information[10](index=10&type=chunk) - Contains forward-looking statements subject to risks and uncertainties, with actual results potentially differing[10](index=10&type=chunk) - Key risks include deterioration of economic conditions, declines in securities portfolio value, credit-related costs, and new business expansion risks[10](index=10&type=chunk) [Consolidated Financial Statements (IFRS)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(IFRS)) Presents the company's consolidated financial position, income, and comprehensive income statements under IFRS [Consolidated Statements of Financial Position](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets increased to **¥292.2 trillion** in 2025, primarily from reverse repurchase agreements and investment securities Consolidated Statements of Financial Position (Selected Items, In millions) | Item | At March 31, 2024 (¥) | At March 31, 2025 (¥) | Change (¥) | | :------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | | **Assets:** | | | | | Cash and deposits with banks | 78,750,443 | 76,669,401 | (2,081,042) | | Reverse repurchase agreements and cash collateral on securities borrowed | 14,148,667 | 22,076,009 | 7,927,342 | | Investment securities | 30,149,837 | 33,546,133 | 3,396,296 | | Loans and advances | 121,716,465 | 125,190,819 | 3,474,354 | | Total assets | 281,271,637 | 292,165,070 | 10,893,433 | | **Liabilities:** | | | | | Deposits | 182,097,319 | 190,022,742 | 7,925,423 | | Repurchase agreements and cash collateral on securities lent | 20,166,958 | 27,791,101 | 7,624,143 | | Borrowings | 16,107,158 | 12,697,699 | (3,409,459) | | Total liabilities | 264,992,539 | 275,676,476 | 10,683,937 | | **Equity:** | | | | | Total equity | 16,279,098 | 16,488,594 | 209,496 | [Consolidated Income Statements](index=5&type=section&id=Consolidated%20Income%20Statements) Net profit decreased to **¥516.4 billion** in 2025, due to negative net trading income and higher impairment charges Consolidated Income Statements (Selected Items, In millions, except per share data) | Item | For the fiscal year ended March 31, 2024 (¥) | For the fiscal year ended March 31, 2025 (¥) | Change (¥) | | :-------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net interest income | 1,890,763 | 2,514,434 | 623,671 | | Net fee and commission income | 1,236,132 | 1,316,388 | 80,256 | | Net trading income (loss) | 349,520 | (186,688) | (536,208) | | Impairment charges on financial assets | 205,096 | 411,278 | 206,182 | | General and administrative expenses | 2,229,701 | 2,421,732 | 192,031 | | Net profit | 895,750 | 516,444 | (379,306) | | Basic Earnings per share | 219.04 | 122.40 | (96.64) | - Net profit decreased by **¥379,306 million** (approx. **42.3%**) year-over-year[13](index=13&type=chunk) - Basic earnings per share decreased from **¥219.04** to **¥122.40**, reflecting the lower net profit and the impact of a **3-for-1 stock split** effective October 1, 2024[13](index=13&type=chunk)[15](index=15&type=chunk) [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income decreased to **¥490.9 billion** in 2025, due to a negative shift in non-reclassifiable items Consolidated Statements of Comprehensive Income (Selected Items, In millions) | Item | For the fiscal year ended March 31, 2024 (¥) | For the fiscal year ended March 31, 2025 (¥) | Change (¥) | | :------------------------------------------------------------------------------------------------ | :------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net profit | 895,750 | 516,444 | (379,306) | | Total items that will not be reclassified to profit or loss, net of tax | 1,175,424 | (150,104) | (1,325,528) | | Total items that may be reclassified subsequently to profit or loss, net of tax | 509,716 | 124,540 | (385,176) | | Other comprehensive income (loss), net of tax | 1,685,140 | (25,564) | (1,710,704) | | Total comprehensive income | 2,580,890 | 490,880 | (2,089,990) | - Total comprehensive income decreased by over **¥2 trillion** year-over-year[14](index=14&type=chunk) - Equity instruments at fair value through other comprehensive income shifted from a gain of **¥1,646,992 million** in 2024 to a loss of **¥137,279 million** in 2025, before tax[14](index=14&type=chunk) [Reconciliation with Japanese GAAP](index=7&type=section&id=Reconciliation%20with%20Japanese%20GAAP) Summarizes significant adjustments between IFRS and Japanese GAAP for total equity and net profit for FY2025 [Overview of Reconciliation Differences](index=7&type=section&id=Overview%20of%20Reconciliation%20Differences) Summarizes significant adjustments between IFRS and Japanese GAAP for total equity and net profit for FY2025 Reconciliation of Total Equity and Net Profit (IFRS vs. Japanese GAAP, In billions, as of and for FY ended March 31, 2025) | Item | Total equity (¥) | Net profit (¥) | | :-------------------------------------------------- | :--------------- | :------------- | | IFRS | 16,488.6 | 516.4 | | Differences arising from

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

Core Viewpoint - Sumitomo Mitsui (SMFG) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Recent Performance and Projections - For the fiscal year ending March 2026, Sumitomo Mitsui is projected to earn $1.46 per share, reflecting a 20.7% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Sumitomo Mitsui has surged by 224.4%, indicating strong upward revisions in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Sumitomo Mitsui to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].