BW20030421002003  20030422T060510Z UTC


( BW)(SUMITOMO-MITSUI-BNKG)(SBK) Statement re

    Business Editors
    UK REGULATORY NEWS

    TOKYO--(BUSINESS WIRE)--April 22, 2003--

Sumitomo Mitsui Financial Group Announces Revision of Fiscal Year 2002
Earnings Estimates For Its Consolidated Subsidiary, Sakura KCS
Corporation

Sumitomo Mitsui Financial Group, Inc. (`SMFG') announced today that
its consolidated subsidiary, Sakura KCS Corporation, has revised its
earnings estimates for the fiscal year 2002 ended March 31, 2003,
which were published on November 22, 2002 (see Appendix).
                                                                                                                                            
    
                                                          (Appendix)

Sakura KCS Corporation Announces Revision of Earnings Estimates for
Fiscal Year 2002

Sakura KCS Corporation ("Sakura KCS") announces today a revision of
its earnings estimates for the fiscal year 2002 ended March 31, 2003,
which were originally published on November 22, 2002.


1.       Revision of earnings estimates (Fiscal year 2002 ended March 31, 2003)

(Consolidated)                                                                         (Millions of Yen)
---------------------------------------- ---------------------- --------------------- ----------------------
                                                 Sales            Operating Profit         Net Income
---------------------------------------- ---------------------- --------------------- ----------------------
Previous forecast (A)                            25,800                   770                    300
---------------------------------------- ---------------------- --------------------- ----------------------
Revised forecast (B)                             24,948                   731                     90
---------------------------------------- ---------------------- --------------------- ----------------------
Difference (B)-(A)                                  852                    39                    210
---------------------------------------- ---------------------- --------------------- ----------------------
Percent change                                      3.3%                  5.1%                  70.0%
---------------------------------------- ---------------------- --------------------- ----------------------
(Ref.) Fiscal year 2001                          26,501                   887                    465
---------------------------------------- ---------------------- --------------------- ----------------------


(Non-Consolidated)                                                                      (Millions of Yen)
---------------------------------------- ---------------------- --------------------- ----------------------
                                               Sales            Operating Profit         Net Income
---------------------------------------- ---------------------- --------------------- ----------------------
Previous forecast (A)                        25,200                   720                     280
---------------------------------------- ---------------------- --------------------- ----------------------
Revised forecast (B)                         24,322                   649                      93
---------------------------------------- ---------------------- --------------------- ----------------------
Difference (B)-(A)                              878                    71                     187
---------------------------------------- ---------------------- --------------------- ----------------------
Percent change                                  3.5%                  9.9%                   66.8%
---------------------------------------- ---------------------- --------------------- ----------------------
(Ref.) Fiscal year 2001                      25,845                   834                     460
---------------------------------------- ---------------------- --------------------- ----------------------


2. Factors behind the revisions

It is forecasted that there will be a year-on-year decline in revenue
and profit for the fiscal year 2002 ended March 31, 2003, owing to the
expected requests for greater efficiency and curtailment in investment
by major customers. However, as the impact from the curtailment in
investment and the consolidation of banking business within
finance-related fields and from the curtailment in IT investment
caused by economic stagnation within industrial-related fields is
expected to exceed the aforementioned, the sales figure is expected to
fall short of the target by a little more than 3%. 

Although cost reductions have contributed, it is expected that the
operating profit will be less than the previous forecast, as a result
of the fall in the gross margin rate through the decline in sales and
the increasingly severe competition. Moreover, from additional losses,
such as the write-down of our held stocks, it is expected that the net
income will be less than the previous forecast.

The dividend will be unchanged from the past level at 10.00 yen per
share.

   Short Name: Sumitomo Mitsui Bnkg.
   Category Code: STR
   Sequence Number: 00004147
   Time of Receipt (offset from UTC): 20030418T130817+0100

    --30--JGM/ny*

    CONTACT: Sumitomo Mitsui Bnkg

    KEYWORD: UNITED KINGDOM JAPAN INTERNATIONAL EUROPE ASIA PACIFIC
    INDUSTRY KEYWORD: BANKING
    SOURCE: Sumitomo Mitsui Bnkg

Today's News On The Net - Business Wire's full file on the Internet
                          with Hyperlinks to your home page.
                          URL: http://www.businesswire.com