(Alliance News) - Sumitomo Mitsui Financial Group Inc on Wednesday reported higher earnings for the 2026 financial year, and said it will launch a stock split and share buyback programme.

The Tokyo-based financial services holding company said attributable profit jumped 34% to JPY1.583 trillion, around USD10.03 billion, in the 12 months to the end of March from JPY1.178 trillion a year prior.

Diluted earnings per share climbed 37% to JPY411.88 from JPY301.48.

Sumitomo Mitsui said: "The primary reasons were increases in domestic net interest income and fee income in domestic wholesale business, as well as the strong performances of wealth management business, payment and consumer finance business."

Ordinary income climbed 6.1% to JPY10.791 trillion from JPY10.175 trillion.

The company said it will implement a stock split to "develop a more investor-friendly environment and expand the investor base".

Each share will be split into two shares at the end of September this year, taking the total number of shares to around 7.65 billion from 3.83 billion.

Sumitomo Mitsui also said it will repurchase up to JPY180.00 billion worth of shares, or around 1.0% of issued shares, by the end of July.

The firm raised its final dividend to JPY79.00 per share, up 27% from JPY62.00 a year prior. The total dividend for financial 2026 is JPY157.00.

Shares in Sumitomo Mitsui closed up 1.1% at JPY5,852.00 in Tokyo on Wednesday.

By Michael Hennessey, Alliance News reporter

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