BW20030528002057  20030528T131940Z UTC


( BW)(SUMITOMO-MITSUI-BNKG)(SBK) Final Results - Part 2

    Business Editors
    UK REGULATORY NEWS

    TOKYO--(BUSINESS WIRE)--May 28, 2003--

Part 2 of 2

CONSOLIDATED STATEMENT OF OPERATIONS

 Year ended March 31, 2003                                                (Millions of yen)
 ------------------------------------------------------------------------------------------
 Ordinary income:                                                                3,506,386
    Interest income                                                              1,816,908
        Interest on loans and discounts                                          1,262,092
        Interest and dividends on securities                                       268,261
        Interest on call loans and bills bought                                      4,179
        Interest on receivables under resale agreements                              1,352
        Interest on receivables under securities borrowing
         transactions                                                                  225
        Interest on deposits with banks                                             34,768
        Other interest income                                                      246,028
    Trust fees                                                                           7
    Fees and commissions                                                           424,238
    Trading profits                                                                206,496
    Other operating income                                                         946,957
        Lease-related income                                                       392,362
        Installment-related income                                                 178,671
        Other                                                                      375,923
    Other income                                                                   111,776

 Ordinary expenses:                                                              4,022,136
    Interest expenses                                                              417,404
        Interest on deposits                                                       152,373
        Interest on negotiable certificates of deposit                               7,576
        Interest on call money and bills sold                                        3,724
        Interest on payables under repurchase agreements                            18,185
        Interest on payables under securities lending
         transactions                                                               28,830
        Interest on commercial paper                                                   380
        Interest on borrowed money                                                  52,380
        Interest on bonds                                                           76,202
        Amortization of bond discounts                                                  77
        Interest on bonds with subscription rights                                      16
        Other interest expenses                                                     77,654
    Fees and commissions                                                            71,338
    Trading losses                                                                     725
    Other operating expenses                                                       721,134
        Lease-related expenses                                                     344,621
        Installment-related expenses                                               161,889
        Other                                                                      214,624
    General and administrative expenses                                            889,237
    Other expenses                                                               1,922,296
        Transfer to reserve for possible loan losses                               654,711
        Other                                                                    1,267,584

                                                           --------------------------------
 Ordinary loss                                                                     515,749

 Extraordinary gains                                                                11,906
    Gains on disposition of premises and equipment                                   5,578
    Collection of written-off claims                                                 1,833
    Transfer from reserve for contingent liabilities from
     securities transaction                                                             80
    Other extraordinary gains                                                        4,413
 Extraordinary losses                                                               87,071
    Losses on disposition of premises and equipment                                 38,880
    Other extraordinary losses                                                      48,190
                                                           --------------------------------
 Loss before income taxes and minority interests                                   590,914

 Income taxes, Current                                                              66,068
                        Deferred                                                  (225,190)
 Minority interests in net income                                                   33,567
                                                           --------------------------------
 Net loss                                                                          465,359
                                                           ================================


Notes to Consolidated Statement of Operations

1. Amounts less than one million yen have been omitted.

2. Net loss per share was 84,324.99 yen.

From this fiscal year, SMFG applies 'Accounting Standard for Earnings
Per Share' (Financial Accounting Standards No.2) and 'Implementation
Guidance for Accounting Standard for Earnings Per Share' (Financial
Accounting Standards Implementation Guidance No.4). This accounting
change has no impact on net loss per share.

3. Profits and losses on trading transactions are recognized on a
trade date basis, and recorded as 'Trading profits' and 'Trading
losses.' Both accounts include interest received or paid during the
fiscal year. The valuation differences of securities and money claims
between the previous fiscal year-end and this fiscal year-end are
recorded in the above-mentioned accounts. As for the derivatives,
assuming that the settlement will be made in cash, valuation
differences between this fiscal year-end and previous fiscal year-end
are recorded in the above-mentioned accounts.

4. Standards for recognizing rental income on lease transactions and
income/expenses on installment sales are as follows:

(1) Recognition of lease-related income on lease transactions

Basically, lease-related income is recognized on a straight-line basis
over the full term of the lease, based on the monthly rent revenue.

(2) Recognition of income and expenses on installment sales

Basically, installment-sales-related income and
installment-sales-related expenses are recognized on a due-date basis
over the full term of the installment sales.

5. 'Other income' includes gains on sales of stocks and other
securities of 54,004 million yen.

6. 'Other' in 'Other expenses' includes write-off of loans of 364,605
million yen and losses on devaluation of stocks of 507,624 million
yen.

7. 'Other extraordinary gains' are gains on return of the entrusted
portion of employee pension fund.

8. 'Other extraordinary losses' include amortized cost of unrecognized
net obligation from initial application of the new accounting standard
for employee retirement benefits of 23,158 million yen and losses on
disposal of software of 15,014 million yen.


 CONSOLIDATED STATEMENT OF RETAINED EARNINGS

 Year ended March 31, 2003                                    (Millions of yen)
 ------------------------------------------------------------------------------

 Capital surplus
 ----------------------------------------------------------

     Balance of capital surplus at beginning of year                 1,684,373
            Balance of capital reserve at beginning of year          1,326,758
            Balance of other capital surplus at beginning
             of year                                                   357,614
     Increase of capital surplus                                       577,465
            Increase due to establishment of SMFG by stock
             transfer                                                  326,746
            Stock issue due to capital increase                        247,650
            Increase due to merger                                       3,069
     Decrease of capital surplus                                     1,405,601
            Decrease due to mergers of consolidated
             subsidiaries                                            1,405,507
            Losses on disposition of treasury stock                         93
     Balance of capital surplus at end of year                         856,237
                                                              -----------------

 Retained earnings
 ----------------------------------------------------------
     Retained earnings at beginning of year                            117,743
     Increase of retained earnings                                     696,631
            Increase due to merger                                      15,813
            Increase due to merger of consolidated
             subsidiaries                                              658,443
            Increase due to increase of affiliates accounted
             for by the equity method                                    5,248
            Increase due to transfer of land revaluation
             excess                                                     17,125
     Decrease of retained earnings                                     502,710
            Net loss                                                   465,359
            Dividends paid                                              37,349
            Decrease due to decrease of consolidated
             subsidiaries                                                    2
     Balance of retained earnings at end of year                       311,664
                                                              -----------------

 (Note) Amounts less than one million yen have been omitted.


 CONSOLIDATED STATEMENT OF CASH FLOWS

 Year ended March 31, 2003                                                 (Millions of yen)
 -------------------------------------------------------------------------------------------
 1. Cash flows from operating activities:
      Loss before income taxes and minority interests                              (590,914)
      Depreciation of premises, equipment and others                                 89,414
      Depreciation of lease assets                                                  312,562
      Amortization of goodwill                                                       10,171
      Equity in earnings of affiliates                                               (5,718)
      Net change in reserve for possible loan losses                                 82,688
      Net change in reserve for possible losses on loans sold                       (65,706)
      Net change in reserve for employee bonuses                                       (140)
      Net change in reserve for employee retirement benefits                        (47,563)
      Interest income                                                            (1,816,908)
      Interest expenses                                                             417,404
      Net (gains) losses on securities                                              471,528
      Net (income) loss from money held in trust                                      4,003
      Net (gains) losses on foreign exchange                                        170,155
      Net (gains) losses from disposition of premises and equipment                  33,301
      Net (gains) losses from disposition of lease assets                             1,505
      Net change in trading assets                                               (1,253,569)
      Net change in trading liabilities                                             569,881
      Net change in loans and bills discounted                                    2,472,161
      Net change in deposits                                                     (2,024,876)
      Net change in negotiable certificates of deposit                           (1,806,894)
      Net change in borrowed money (excluding subordinated debt)                   (261,965)
      Net change in deposits with banks                                           2,947,705
      Net change in call loans, bills bought and receivables under resale
       agreements                                                                 1,280,173
      Net change in receivables under securities borrowing transactions           1,039,276
      Net change in call money, bills sold and payables under repurchase
       agreements                                                                   902,660
      Net change in commercial paper                                               (979,700)
      Net change in payables under securities lending transactions                1,632,445
      Net change in foreign exchanges (Assets)                                       42,144
      Net change in foreign exchanges (Liabilities)                                  99,013
      Issuance and redemption of bonds (excluding subordinated bonds)               457,319
      Net change in due to trust account                                              5,953
      Interest received                                                           1,956,975
      Interest paid                                                                (464,798)
      Other, net                                                                   (100,004)
                                                                           -----------------
    Subtotal                                                                      5,579,686
      Income taxes paid                                                            (136,485)
                                                                           -----------------
    Net cash provided by operating activities                                     5,443,200

 2. Cash flows from investing activities:
      Purchases of securities                                                   (49,938,065)
      Proceeds from sale of securities                                           37,711,992
      Proceeds from maturity of securities                                        7,907,363
      Purchases of money held in trust                                              (14,622)
      Proceeds from sale of money held in trust                                      23,624
      Purchases of premises and equipment                                           (69,884)
      Proceeds from sale of premises and equipment                                   73,677
      Purchases of lease assets                                                    (336,512)
      Proceeds from sale of lease assets                                             33,900
      Purchases of stocks of subsidiaries                                           (15,444)
      Proceeds from sale of stocks of subsidiaries                                       53
                                                                           -----------------
    Net cash used in investing activities                                        (4,623,917)

 3. Cash flows from financing activities:
      Proceeds from issuance of subordinated debt                                   165,000
      Repayment of subordinated debt                                               (286,500)
      Proceeds from issuance of subordinated bonds, bonds with subscription
       rights for shares and notes                                                  223,950
      Repayment of subordinated bonds, bonds with subscription rights for
       shares and notes                                                            (565,522)
      Proceeds from issuance of stocks                                              495,300
      Dividends paid                                                                (37,348)
      Income from minority stockholders                                                 220
      Dividends paid to minority stockholders                                       (39,621)
      Purchases of treasury stock                                                    (7,875)
      Proceeds from sale of treasury stock                                            8,479
                                                                           -----------------
    Net cash used in financing activities                                           (43,919)

 4. Foreign currency translation adjustments on cash and cash equivalents            (2,629)
                                                                           -----------------
 5. Net change in cash and cash equivalents                                         772,734
 6. Cash and cash equivalents at beginning of year                                2,128,742
 7. Change in cash and cash equivalents due to merger of consolidated
  subsidiaries                                                                            0
 8. Change in cash and cash equivalents due to decrease of consolidated
  subsidiaries                                                                         (486)
                                                                           -----------------
 9. Cash and cash equivalents at end of year                                      2,900,991
                                                                           =================


Notes to Consolidated Statement of Cash Flows

1. Amounts less than one million yen have been omitted.

2. For the purposes of presenting the consolidated statement of cash
flows, 'Cash and cash equivalents' are cash on hand and non-interest
earning deposits with banks.

3. Reconciliation of 'Cash and due from banks' of the consolidated
balance sheet to 'Cash and cash equivalents' at the fiscal year-end is
as follows: March 31, 2003


                               (Millions of yen)
Cash and due from banks               3,442,523
Interest-earning deposits              (541,532)
------------------------------------------------
Cash and cash equivalents             2,900,991
                             ===================

4. Reconciliation of the opening balance and the expense for
acquisition with respect to acquisition of five companies including
Meiko National Securities Co., Ltd. and MITSUI AUTO LEASING, LTD are
as follows:


Assets                                                          [including Lease assets of
                                                        191,318  82,346 million yen]
Liabilities                                                     [including Borrowed money of
                                                       (150,698)    (96,817) million yen]
Minority interests                                      (26,881)
Goodwill                                                  5,013
----------------------------------------------------------------
Acquisition costs for the five companies' stocks(a)      18,751
Cash and cash equivalents of the five companies'(b)
 stocks                                                  (3,306)
----------------------------------------------------------------
(a) - (b) Expense for acquisition of the five
 companies                                               15,444
                                                     ===========


 COMPARATIVE CONSOLIDATED BALANCE SHEETS (CONDENSED)

                                                                    March 31           (Millions of yen)
                                                --------------------------------------------------------
                                                          2003      2002 [SMBC]         Difference
                                                      (A)               (B)                (A-B)
 -------------------------------------------------------------------------------------------------------
 Assets:
 Cash and due from banks                             3,442,523         5,632,296             (2,189,773)
 Call loans and bills bought                           187,563           720,154               (532,591)
 Receivables under resale agreements                   109,710           793,266               (683,556)
 Receivables under securities borrowing
  transactions                                       1,981,243                 -              1,981,243
 Commercial paper and other debt purchased             363,981           461,879                (97,898)
 Trading assets                                      4,495,396         3,278,105              1,217,291
 Money held in trust                                    24,629            33,860                 (9,231)
 Securities                                         24,118,520        20,694,632              3,423,888
 Loans and bills discounted                         61,082,946        63,645,586             (2,562,640)
 Foreign exchanges                                     749,974           795,755                (45,781)
 Other assets                                        3,219,009         6,447,644             (3,228,635)
 Premises and equipment                              1,007,905         1,207,589               (199,684)
 Lease assets                                          996,344           927,120                 69,224
 Deferred tax assets                                 1,956,103         1,882,464                 73,639
 Deferred tax assets for land revaluation                  724               726                     (2)
 Goodwill                                               30,031            18,518                 11,513
 Customers' liabilities for acceptances and
  guarantees                                         3,084,383         3,625,047               (540,664)
 Reserve for possible loan losses                   (2,243,542)       (2,159,649)               (83,893)
                                                ---------------   ---------------  ---------------------
 Total assets                                      104,607,449       108,005,001             (3,397,552)
                                                ===============   ===============  =====================

 Liabilities:
 Deposits                                           62,931,007        64,985,976             (2,054,969)
 Negotiable certificates of deposit                  4,853,017         6,662,097             (1,809,080)
 Call money and bills sold                           8,953,084        10,775,484             (1,822,400)
 Payables under repurchase agreements                4,144,735         1,468,504              2,676,231
 Pledged money for securities lending
  transactions                                               -         3,174,799             (3,174,799)
 Payables under securities lending transactions      4,807,245                 -              4,807,245
 Commercial paper                                      187,800         1,167,500               (979,700)
 Trading liabilities                                 2,851,391         2,331,500                519,891
 Borrowed money                                      2,580,135         2,889,907               (309,772)
 Foreign exchanges                                     397,666           299,610                 98,056
 Bonds                                               3,583,754         3,505,820                 77,934
 Convertible bonds                                           -             1,106                 (1,106)
 Due to trust account                                    5,953                 -                  5,953
 Other liabilities                                   2,558,956         2,861,669               (302,713)
 Reserve for employee bonuses                           22,079            21,606                    473
 Reserve for employee retirement benefits              101,408           147,972                (46,564)
 Reserve for possible losses on loans sold              20,665            86,371                (65,706)
 Other reserves                                            649               336                    313
 Deferred tax liabilities                               43,930            39,206                  4,724
 Deferred tax liabilities for land revaluation          58,788            64,015                 (5,227)
 Acceptances and guarantees                          3,084,383         3,625,047               (540,664)
                                                ---------------   ---------------  ---------------------
 Total liabilities                                 101,186,654       104,108,534             (2,921,880)
                                                ---------------   ---------------  ---------------------
 Minority interests                                    996,720           983,847                 12,873
                                                ---------------   ---------------  ---------------------
 Total stockholders' equity                          2,424,074         2,912,619               (488,545)
                                                ---------------   ---------------  ---------------------
 Total liabilities, minority interests
                              and stockholders'
  equity                                           104,607,449       108,005,001             (3,397,552)
                                                ===============   ===============  =====================

(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.

2.  Amounts less than one million yen have been omitted.


COMPARATIVE CONSOLIDATED STATEMENTS OF OPERATIONS (CONDENSED)

                                                              Year                (Millions of yen)
                                                               ended
                                                               March
                                                                31,
                                                 --------------------------------------------------
                                                                       2002          Difference
                                                         2003          [SMBC]
                                                      (A)               (B)            (A-B)
---------------------------------------------------------------------------------------------------
Ordinary income:                                    3,506,386        3,779,702            (273,316)
Interest income                                     1,816,908        2,176,685            (359,777)
        Interest on loans and discounts             1,262,092        1,420,950            (158,858)
        Interest and dividends on securities          268,261          318,508             (50,247)
Trust fees                                                  7                -                   7
Fees and commissions                                  424,238          387,280              36,958
Trading profits                                       206,496          129,450              77,046
Other operating income                                946,957          845,583             101,374
Other income                                          111,776          240,702            (128,926)

Ordinary expenses:                                  4,022,136        4,360,330            (338,194)
Interest expenses                                     417,404          726,901            (309,497)
        Interest on deposits                          152,373          331,670            (179,297)
Fees and commissions                                   71,338           67,747               3,591
Trading losses                                            725               17                 708
Other operating expenses                              721,134          666,651              54,483
General and administrative expenses                   889,237          935,553             (46,316)
Other expenses                                      1,922,296        1,963,458             (41,162)

                                                 -------------       ----------  ------------------
Ordinary loss                                        (515,749)        (580,628)             64,879

Extraordinary gains                                    11,906           29,428             (17,522)
Extraordinary losses                                   87,071           53,138              33,933
                                                 -------------       ----------  ------------------
Loss before income taxes and minority interests      (590,914)        (604,338)             13,424
Income taxes, Current                                  66,068          101,860             (35,792)
Income taxes, Deferred                               (225,190)        (289,305)             64,115
Minority interests in net income                       33,567           46,993             (13,426)
                                                 -------------       ----------  ------------------
Net loss                                             (465,359)        (463,887)             (1,472)
                                                 =============       ==========  ==================
(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.

2.  Amounts less than one million yen have been omitted.


  COMPARATIVE CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (CONDENSED)


                                                         Year ended March 31,      (Millions of yen)
                                                    ------------------------------------------------
                                                             2003    2002 [SMBC]     Difference
                                                         (A)             (B)            (A-B)
  --------------------------------------------------------------------------------------------------

  Balance of retained earnings at beginning of year             -        319,924         (319,924)
  Increase of retained earnings                                 -        741,468         (741,468)
  Decrease of retained earnings                                 -        122,148         (122,148)
  Net loss                                                      -       (463,887)         463,887
                                                    --------------  -------------  ---------------
  Balance of retained earnings at end of year                   -        475,357         (475,357)
                                                    ==============  =============  ===============

  Capital surplus
  --------------------------------------------------
  Balance of capital surplus at beginning of year       1,684,373              -        1,684,373
       Balance of capital reserve at beginning of
        year                                            1,326,758              -        1,326,758
       Balance of other capital surplus at beginning
        of year                                           357,614              -          357,614
  Increase of capital surplus                             577,465              -          577,465
  Decrease of capital surplus                           1,405,601              -        1,405,601
                                                    --------------  -------------  ---------------
  Balance of capital surplus at end of year               856,237              -          856,237
                                                    ==============  =============  ===============

  Retained earnings
  --------------------------------------------------
  Retained earnings at beginning of year                  117,743              -          117,743
  Increase of retained earnings                           696,631              -          696,631
  Decrease of retained earnings                           502,710              -          502,710
                                                    --------------  -------------  ---------------
  Balance of retained earnings                            311,664              -          311,664
                                                    ==============  =============  ===============

(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.

2.  Amounts less than one million yen have been omitted.


 COMPARATIVE CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                        Year ended     (Millions of yen)
                                                                         March 31,
                                                           ------------------------------------------------
                                                                  2003  2002 [SMBC]        Difference
                                                               (A)          (B)              (A-B)
 ----------------------------------------------------------------------------------------------------------
 1. Cash flows from operating activities:
     Income (Loss) before income taxes and minority
      interests                                               (590,914)    (604,338)                13,424
     Depreciation of premises, equipment and others             89,414       96,374                 (6,960)
     Depreciation of lease assets                              312,562      306,044                  6,518
     Amortization of goodwill                                   10,171        4,806                  5,365
     Equity in earnings of affiliates                           (5,718)      (2,964)                (2,754)
     Net change in reserve for possible loan losses             82,688      884,174               (801,486)
     Net change in reserve for possible losses on loans
      sold                                                     (65,706)     (58,895)                (6,811)
     Net change in reserve for employee bonuses                   (140)      21,606                (21,746)
     Net change in reserve for employee retirement benefits    (47,563)     (42,469)                (5,094)
     Interest income                                        (1,816,908)  (2,176,685)               359,777
     Interest expenses                                         417,404      726,901               (309,497)
     Net (gains) losses on securities                          471,528      (64,057)               535,585
     Net (income) loss from money held in trust                  4,003           56                  3,947
     Net (gains) losses on foreign exchange                    170,155     (160,717)               330,872
     Net (gains) losses from disposition of premises and
      equipment                                                 33,301       23,052                 10,249
     Net (gains) losses from disposition of lease assets         1,505          995                    510
     Gain on sale of business operation                              -       (5,000)                 5,000
     Net change in trading assets                           (1,253,569)    (757,328)              (496,241)
     Net change in trading liabilities                         569,881    1,030,514               (460,633)
     Net change in loans and bills discounted                2,472,161    1,794,503                677,658
     Net change in deposits                                 (2,024,876)   1,887,932             (3,912,808)
     Net change in negotiable certificates of deposit       (1,806,894)  (4,989,141)             3,182,247
     Net change in borrowed money (excluding subordinated
      debt)                                                   (261,965)    (456,519)               194,554
     Net change in deposits with banks                       2,947,705    2,018,942                928,763
     Net change in call loans, bills bought and receivables
      under resale agreements                                1,280,173    1,904,425               (624,252)
     Net change in pledged money for securities borrowing
      transactions                                                   -   (2,196,808)             2,196,808
     Net change in receivables under securities borrowing
      transactions                                           1,039,276            -              1,039,276
     Net change in call money, bills sold and payables
      under repurchase agreements                              902,660   (3,020,667)             3,923,327
     Net change in commercial paper                           (979,700)    (569,827)              (409,873)
     Net change in pledged money for securities lending
      transactions                                                   -   (1,715,984)             1,715,984
     Net change in payables under securities lending
      transactions                                           1,632,445            -              1,632,445
     Net change in foreign exchanges (Assets)                   42,144      (56,299)                98,443
     Net change in foreign exchanges (Liabilities)              99,013       48,749                 50,264
     Net change in bonds (excluding subordinated bonds)        457,319      359,901                 97,418
     Net change in due to trust account                          5,953            -                  5,953
     Interest received                                       1,956,975    2,342,208               (385,233)
     Interest paid                                            (464,798)    (829,888)               365,090
     Other, net                                               (100,004)  (1,070,901)               970,897
                                                           ------------ ------------ ----------------------
   Subtotal                                                  5,579,686   (5,327,304)            10,906,990
     Income taxes paid                                        (136,485)     (54,205)               (82,280)
                                                           ------------ ------------ ----------------------
   Net cash provided by (used in) operating activities       5,443,200   (5,381,510)            10,824,710

 2. Cash flows from investing activities:
     Purchases of securities                               (49,938,065) (39,722,661)           (10,215,404)
     Proceeds from sale of securities                       37,711,992   32,828,672              4,883,320
     Proceeds from maturity of securities                    7,907,363   12,828,207             (4,920,844)
     Purchases of money held in trust                          (14,622)      (5,011)                (9,611)
     Proceeds from sale of money held in trust                  23,624       42,663                (19,039)
     Purchases of premises and equipment                       (69,884)     (73,354)                 3,470
     Proceeds from sale of premises and equipment               73,677      134,704                (61,027)
     Purchases of lease assets                                (336,512)    (342,964)                 6,452
     Proceeds from sale of lease assets                         33,900       37,736                 (3,836)
     Purchases of stocks of subsidiaries                       (15,444)        (599)               (14,845)
     Proceeds from sale of stocks of subsidiaries                   53          416                   (363)
     Proceeds from sale of business operation                        -        5,000                 (5,000)
                                                           ------------ ------------ ----------------------
   Net cash provided by (used in) investing activities      (4,623,917)   5,732,808            (10,356,725)

 3. Cash flows from financing activities:
     Proceeds from issuance of subordinated debt               165,000      128,000                 37,000
     Repayment of subordinated debt                           (286,500)    (278,000)                (8,500)
     Proceeds from issuance of subordinated bonds,
      convertible bonds and notes                                    -      201,198               (201,198)
     Proceeds from issuance of subordinated bonds, bonds
      with subscription rights for shares and notes            223,950            -                223,950
     Repayment of subordinated bonds, convertible bonds and
      notes                                                          -     (262,361)               262,361
     Repayment of subordinated bonds, bonds with
      subscription rights for shares and notes                (565,522)           -               (565,522)
     Proceeds from issuance of stocks                          495,300            -                495,300
     Dividends paid                                            (37,348)     (11,101)               (26,247)
     Payment of delivered money due to merger                        -      (17,839)                17,839
     Income from minority stockholders                             220        9,000                 (8,780)
     Dividends paid to minority stockholders                   (39,621)     (39,064)                  (557)
     Purchases of treasury stock                                (7,875)      (8,539)                   664
     Proceeds from sale of treasury stock                        8,479        8,286                    193
     Proceeds from sale of parent bank stocks held by
      subsidiaries                                                   -        1,607                 (1,607)
                                                           ------------ ------------ ----------------------
   Net cash used in financing activities                       (43,919)    (268,813)               224,894

 4. Foreign currency translation adjustments on cash and
  cash equivalents                                              (2,629)       3,595                 (6,224)
                                                           ------------ ------------ ----------------------
 5. Net change in cash and cash equivalents                    772,734       86,079                686,655
 6. Cash and cash equivalents at beginning of year           2,128,742      868,132              1,260,610
 7. Change in cash and cash equivalents due to merger                -    1,075,527             (1,075,527)
 8. Change in cash and cash equivalents due to merger of
  consolidated subsidiaries                                          0        2,544                 (2,544)
 9. Change in cash and cash equivalents due to newly
  consolidated subsidiaries                                          -       96,459                (96,459)
 10. Change in cash and cash equivalents due to decrease of
  consolidated subsidiaries                                       (486)           -                   (486)
                                                           ------------ ------------ ----------------------
 11. Cash and cash equivalents at end of year                2,900,991    2,128,742                772,249
                                                           ============ ============ ======================

(Notes) 1. Amounts for March 31, 2002 are those of former SMBC.

2.  Amounts less than one million yen have been omitted.


V.  SEGMENT INFORMATION
-------------------------

(1) Business segment information

 Year ended March 31, 2003                                                                 (Millions of yen)
 -----------------------------------------------------------------------------------------------------------
                          Banking     Leasing   Other       Total       Elimination Consolidated
                           Business
 -----------------------------------------------------------------------------------------------------------
 Ordinary income
    (1) External
     customers              2,530,217   640,529     335,639   3,506,386           -               3,506,386
    (2) Intersegment           31,282     5,563     163,790     200,636    (200,636)                      -
                          ----------------------------------------------------------------------------------
    Total                   2,561,499   646,093     499,429   3,707,023    (200,636)              3,506,386
 Ordinary expenses          3,130,721   622,237     447,163   4,200,122    (177,986)              4,022,136
                          ----------------------------------------------------------------------------------
 Ordinary profit (loss)      (569,221)   23,855      52,265    (493,099)    (22,650)               (515,749)
                          ----------------------------------------------------------------------------------

 Assets                   102,058,264 1,789,697   6,158,720 110,006,682  (5,399,232)            104,607,449
 Depreciation                  73,505   329,478      18,908     421,892           1                 421,894
 Capital expenditure           85,829   319,716      30,145     435,690          29                 435,720

(Notes)

1.  The business segmentation is classified based on SMFG's internal
    administrative purpose. Ordinary income and ordinary profit are
    presented as counterparts of sales and operating profit of
    companies in other industries.

2.  Other' includes securities, credit card business, investment
    banking, loans, venture capital, system development and data
    processing.

3.  Amount of assets that are included in 'Elimination' is 3,373,529
    million yen, most of which are stocks of SMFG's subsidiaries and
    affiliates.


 Year ended March 31, 2002 [ Sumitomo Mitsui Banking Corporation ]
                                                                                           (Millions of yen)
 -----------------------------------------------------------------------------------
                          Banking     Leasing   Other       Total       Elimination             Consolidated
                           Business
 -----------------------------------------------------------------------------------------------------------
 Ordinary income
    (1) External
     customers              2,698,303   585,108     496,291   3,779,702           -               3,779,702
    (2) Intersegment          264,276     5,262     205,584     475,123    (475,123)                      -
                          ----------------------------------------------------------------------------------
    Total                   2,962,579   590,370     701,875   4,254,825    (475,123)              3,779,702
 Ordinary expenses          3,536,635   565,781     504,598   4,607,015    (246,684)              4,360,330
                          ----------------------------------------------------------------------------------
 Ordinary profit (loss)      (574,055)   24,589     197,277    (352,189)   (228,438)               (580,628)
                          ----------------------------------------------------------------------------------

 Assets                   105,898,627 1,723,850   6,766,939 114,389,418  (6,384,416)            108,005,001
 Depreciation                  79,019   345,405      19,623     444,048           -                 444,048
 Capital expenditure          101,295   305,198      25,238     431,732           -                 431,732



(2) Geographic segment information

 Year ended March 31, 2003                                                                    (Millions of yen)
 --------------------------------------------------------------------------------------------------------------
                             Japan        The       Europe    Asia and  Total       Elimination Consolidated
                                         Americas             Oceania
 --------------------------------------------------------------------------------------------------------------
 Ordinary income
           (1) External
            customers         3,033,860   173,224   174,353   124,948   3,506,386           -        3,506,386
           (2) Intersegment      66,249    48,741    32,144    26,912     174,048    (174,048)               -
                             ----------------------------------------------------------------------------------
           Total              3,100,110   221,966   206,498   151,860   3,680,435    (174,048)       3,506,386
 Ordinary expenses            3,804,777   149,894   134,985    82,652   4,172,309    (150,172)       4,022,136
                             ----------------------------------------------------------------------------------
 Ordinary profit (loss)        (704,666)   72,071    71,512    69,208    (491,873)    (23,876)        (515,749)
                             ----------------------------------------------------------------------------------

 Assets                      96,909,941 6,138,645 2,167,625 2,647,964 107,864,176  (3,256,726)     104,607,449

(Notes)

1.  Adjusted operating incomeThe geographic segmentation is classified
    based on the degrees of following factors:
    geographic proximity, similarity of economic activities and
    relationship of business activities among regions.
    Ordinary income and ordinary profit are presented as counterparts
    of sales and operating profit of companies in other industries.

2.  Assets The Americas includes the United States, Brazil, Canada and
    others; Europe includes the United Kingdom, Germany and France and
    others; Asia and Oceania includes Hong Kong, Singapore, Australia
    and others except Japan.

3.  Amount of assets that are included in 'Elimination' is 3,373,529
    million yen, most of which are stocks of SMFG's subsidiaries and
    affiliates.


 Year ended March 31, 2002 [ Sumitomo Mitsui Banking Corporation ]                            (Millions of yen)
 --------------------------------------------------------------------------------------------------------------
                             Japan      The       Europe    Asia and  Total       Elimination Consolidated
                                         Americas             Oceania
 --------------------------------------------------------------------------------------------------------------
 Ordinary income
           (1) External
            customers         2,934,322   418,104   210,831   216,443   3,779,702           -        3,779,702
           (2) Intersegment     276,404    85,450   122,428    76,812     561,096    (561,096)               -
                             ----------------------------------------------------------------------------------
           Total              3,210,727   503,554   333,260   293,256   4,340,799    (561,096)       3,779,702
 Ordinary expenses            3,895,821   290,884   304,545   240,295   4,731,546    (371,215)       4,360,330
                             ----------------------------------------------------------------------------------
 Ordinary profit (loss)        (685,093)  212,670    28,714    52,961    (390,746)   (189,881)        (580,628)
                             ----------------------------------------------------------------------------------

 Assets                      96,551,202 7,122,548 3,210,741 4,057,313 110,941,806  (2,936,804)     108,005,001


(3) Ordinary income from foreign operations

                                                                                              (Millions of yen)
           ----------------------------------------------------------------------------------------------------
                                           Consolidated          Consolidated
                                              Ordinary
                                            Income from        Ordinary Income
                                        Foreign Operations           (B)
                                                 (A)                                                  (A) / (B)
           ----------------------------------------------------------------------------------------------------
           Year ended March 31, 2003          472,525             3,506,386                              13.5 %
           ----------------------------------------------------------------------------------------------------
           Year ended March 31, 2002
            [SMBC]                            845,379             3,779,702                              22.4 %

(Notes)

1.  Consolidated ordinary income from foreign operations are presented
    as counterparts of overseas sales of companies in other
    industries.

2.  The above table shows ordinary income from transactions of
    overseas branches of SMBC and transactions of overseas
    consolidated subsidiaries, excluding internal income. These
    extensive transactions are not categorized by transaction party
    and the geographic segment information is not presented because
    such information is not available.


VI.  Products, Orders and Sales
----------------------------------------

This information is not available because of the specialty of banking
business.


[ Supplemental Information ]

Market Value Information on Securities
--------------------------------------------

[1] Securities

1. As of March 31, 2003

(Notes)

1.  In addition to 'Securities' stated in the consolidated balance
    sheet, the amounts below include trading securities, negotiable
    certificates of deposit bought and commercial paper classified as
    'Trading assets,' negotiable certificates of deposit bought
    classified as 'Cash and due from banks' and commercial paper and
    beneficiary claim on loan trust classified as 'Commercial paper
    and other debt purchased.'

2.  Stocks of subsidiaries and affiliates that have market value are
    presented in notes to nonconsolidated financial statements.

(1) Securities classified as trading purposes

  As of and for the year ended March 31, 2003                      (Millions of yen)
  ---------------------------------------------------------------------------------------------
                             Consolidated balance     Valuations gains (losses) included in
                                 sheet amount               profit/loss  during the year
  --------------------------------------------------------------------------------------------------------------
  Securities for trading
   purposes                       1,434,190                    (1,096)

 (2) Bonds classified as held-to-maturity

  As of March 31, 2003                                                          (Millions of yen)
  ----------------------------------------------------------------------------------------------
                                Consolidated    Market   Net unrealized Unrealized   Unrealized
                                  balance        value       gains         gains     losses
                                   sheet                   (losses)
                                   amount
  ---------------------------------------------------------------------------------------------------
  Japanese government bonds         311,391     315,414         4,023        4,023           -
  Japanese local government
   bonds                             23,091      23,920           828          828           -
  Japanese corporate bonds                -           -             -            -           -
  Other                              42,413      43,444         1,030        1,136         105
                                ---------------------------------------------------------------
  Total                             376,896     382,779         5,882        5,988         105

(Note) Market value is calculated using market prices at the year-end.

(3) Other securities which have market value

  As of March 31, 2003                                                           (Millions of yen)
  ----------------------------------------------------------------------------------------------
                                Acquisition Consolidated  Net unrealized Unrealized   Unrealized
                                       cost   balance       gains           gains     losses
                                               sheet       (losses)
                                               amount
  ---------------------------------------------------------------------------------------------------
  Stocks                          3,167,955   3,002,513      (165,442)     112,952     278,395
  Bonds                          14,024,014  14,135,179       111,164      117,093       5,928
     Japanese government bonds   12,516,061  12,590,255        74,193       79,479       5,286
     Japanese local government
      bonds                         342,798     352,112         9,314        9,415         101
     Japanese corporate bonds     1,165,153   1,192,811        27,657       28,197         540
  Other                           4,479,136   4,502,770        23,634       42,897      19,263
                                ---------------------------------------------------------------
  Total                          21,671,106  21,640,463       (30,643)     272,943     303,587

  (Notes)

  1. Market value is calculated as follows:
                   Stocks       Average market price during one month before the
                                 fiscal year-end
                   Bonds and    Market price at the fiscal year-end
                    other

  2.Other securities with no market value are considered as impaired if
    the market value decreases significantly below the acquisition
    cost and such decline is not considered as recoverable. The market
    value is recognized as the consolidated balance sheet amount and
    the amount of write-down is accounted for as valuation loss
    (impaired) for the current fiscal year. Valuation loss for this
    fiscal year was 494,815 million yen. The rule for determining
    'significant decline' is as follows and is based on the
    classification of issuing company under self-assessment of assets.
        Bankrupt/ Effectively bankrupt/ Potentially bankrupt issuers :
        Market value is lower than acquisition cost
        Issuers requiring caution :Market value is 30% or more lower
        than acquisition cost
        Normal issuers : Market value is 50% or more lower than
        acquisition cost
        Bankrupt issuers: Issuers that are legally bankrupt or
        formally declared bankrupt
        Effectively bankrupt issuers: Issuers that are not legally
        bankrupt but regarded as substantially bankrupt
        Potentially bankrupt issuers: Issuers that are perceived to
        have a high risk of falling into bankruptcy
        Issuers requiring caution: Issuers that are identified for
        close monitoring
        Normal issuers: Issuers other than the above four categories
        of issuers

(4) Bonds sold during the fiscal year that are classified as
    held-to-maturity

    There are no corresponding transactions.

(5) Other securities sold during the fiscal year

  Year ended March 31, 2003                            (Millions of yen)
  --------------------------------------------------------------------
                                   Sales        Gains       Losses
                                   amount       on sales     on sales
  --------------------------------------------------------------------
  Other securities               37,709,925     231,862     190,364

(6) Securities which do not have market value

  As of March 31, 2003                      (Millions of yen)
  --------------------------------------------------------------------
                                            Consolidated balance
                                            sheet amount
  --------------------------------------------------------------------
  Bonds classified as held-to-maturity
    Unlisted foreign securities                   4,105
    Other                                         6,463
  Other securities
    Unlisted foreign securities                 363,282
    Unlisted bonds                            1,176,885
    Unlisted stocks (except OTC trading
     stocks)                                    281,888
    Other                                       137,050

(7) Change in classification of securities

    There are no corresponding items.

(8) Redemption schedule of other securities that have maturities and
    bonds classified as held-to-maturity

  As of March 31, 2003                                           (Millions of yen)
  -----------------------------------------------------------------------------
                                1 year or   1 to 5 years  5 to 10     over 10
                                    less                    years       years
  -----------------------------------------------------------------------------
  Bonds                           3,482,943   8,134,230   3,769,404     260,826
    Japanese government bonds     3,303,635   6,306,161   3,034,984     256,865
    Japanese local government
     bonds                           11,935     138,933     223,723         612
    Japanese corporate bonds        167,372   1,689,135     510,695       3,349
  Other                             355,161   2,886,041     765,581     880,974
                               ------------------------------------------------
  Total                           3,838,104  11,020,271   4,534,985   1,141,800



[2] Money Held in Trust

 1. As of March 31, 2003

 (1) Money held in trust classified as trading purposes

  As of and for the year ended March 31, 2003                                                          (Millions of yen)
  ----------------------------------------------------------------------------------------------------------------------
                                                                  Consolidated balance     Valuations gains (losses)
                                                                        sheet amount      included in profit/loss during
                                                                                                     the year
  ----------------------------------------------------------------------------------------------------------------------
  Money held in trust for trading purposes                             1,629                     12

 (2) Money held in trust classified as held-to-maturity

          There are no corresponding transactions.


 (3) Other money held in trust (Money held in trust except for
 trading purposes and held-to-maturity)


  As of March 31, 2003                                                                                        (Millions
                                                                                                                 of yen)
  ----------------------------------------------------------------------------------------------------------------------
                                                                  AcquisitionConsolidated   Net     UnrealizedUnrealized
                                                                      cost     balance    unrealized gains     losses
                                                                                sheet       gains
                                                                                amount     (losses)
  ----------------------------------------------------------------------------------------------------------------------
  Other money held in trust                                           23,044      23,000        (44)      510       555

  (Note) Market value is calculated by using market prices at the
  consolidated fiscal year-end.


[3] Net Unrealized Gains (Losses) on Other Securities

 1. As of March 31, 2003

 Net unrealized gains (losses) on other securities that is reported
 on the consolidated balance sheet is shown as follows:

  As of March 31, 2003                                                          (Millions of yen)
  -----------------------------------------------------------------------------------------------
     Net unrealized gains                                                                (30,758)
             Other securities                                                            (30,713)
             Other money held in trust                                                       (44)
  (+)Deferred tax assets                                                                   2,004
                                                                     ----------------------------
  Net unrealized gains (losses) on other securities (before following
   adjustment)                                                                           (28,754)
                                                                     ============================
  (-)Minority interests                                                                   (4,557)
  (+)Parent company's share in net unrealized gains (losses) on other securities
     held by affiliates accounted for by the equity method                                    (1)
                                                                     ----------------------------
  Net unrealized gains (losses) on other securities                                      (24,197)

  (Note) Net unrealized gains (losses) included foreign currency
  translation adjustments on non-marketable securities denominated
  in foreign currency.


Market Value Information on Derivative Transactions
-------------------------------------------------------------------

1. As of March 31, 2003

(1) Interest Rate Derivatives

 As of March 31, 2003                                                                 (Millions of yen)
 ------------------------------------------------------------------------------------------------------
                                                                   Market value             Valuation
                                         Contract    (Over 1 year)                          gains (losses)
                                         amount
 ------------------------------------------------------------------------------------------------------
 Transactions listed on exchange
    Interest rate futures
        sold                              59,749,099     4,547,691    (103,623)               (103,623)
        bought                            57,633,988     5,676,922     109,474                 109,474
    Interest rate options
        sold                               1,230,739             -          76                      76
        bought                               600,964       205,802         (99)                    (99)
 Over-the-counter transactions
    Forward rate agreements
        sold                              13,389,231       590,000       1,076                   1,076
        bought                             3,469,855       455,000        (500)                   (500)
    Interest rate swaps                  305,031,482   214,079,553     250,498                 250,498
        Receivable fixed rate/Payable
         floating rate                   146,600,794   101,347,568   3,300,127               3,300,127
        Receivable floating rate/Payable
         fixed rate                      139,298,388    98,710,883  (3,040,142)             (3,040,142)
        Receivable floating rate/Payable
         floating rate                    18,990,156    13,890,272         850                     850
    Interest rate swaption
        sold                               1,720,503       798,669     (35,707)                (35,707)
        bought                             1,523,512     1,106,731      26,355                  26,355
    Caps
        sold                               5,352,002     3,331,808      (4,194)                 (4,194)
        bought                             3,616,992     2,536,627       6,682                   6,682
    Floors
        sold                                 317,281       207,279      (7,673)                 (7,673)
        bought                               351,199       195,322       9,027                   9,027
    Other
        sold                                  42,316        36,551      (6,526)                 (6,526)
        bought                               250,660        92,669       6,603                   6,603
                                         --------------------------------------------------------------
                  Total                                                251,467                 251,467

 (Notes)

1.  The above transactions are valuated at market value and the
    valuation gains (losses) are accounted for in the consolidated
    statement of income.
    Derivative transactions to which hedge accounting method is
    applied are not included in the amounts above.
    Some consolidated overseas subsidiaries account for interest rate
    derivatives in accordance with local accounting standards.
    Such transactions are not included in the amounts above, of which
    their net unrealized gains amount to 818 million yen.
2.  Market value of transactions listed on exchange is calculated
    mainly using the closing prices on the Tokyo International
    Financial Futures Exchange and others.
    Market value of OTC transactions is calculated mainly using
    discounted present value and option pricing models.
(2) Currency Derivatives

 As of March 31, 2003                                                                 (Millions of yen)
 ------------------------------------------------------------------------------------------------------
                                         Contract                     Market                Valuation
                                         amount                         value            gains (losses)
                                                     (Over 1 year)
 ------------------------------------------------------------------------------------------------------
 Over-the-counter transactions
    Currency swaps                        16,433,656     8,831,238     (39,389)                (39,389)
    Currency swaptions
        sold                                 330,238       330,238      (3,173)                 (3,173)
        bought                               865,005       865,005      13,724                  13,724
    Forward foreign exchange               2,935,846       547,699       1,518                   1,518
    Currency options
        sold                                  56,586        13,166      (1,375)                 (1,375)
        bought                                60,441        21,575       1,585                   1,585
    Other
        sold                                  15,310         2,855         153                     153
        bought                                     -             -           -                       -
                                         --------------------------------------------------------------
                  Total                                                (26,956)                (26,956)


 (Notes)

1. The above transactions are valuated at market value and the
    valuation gains (losses) are accounted for in the consolidated
    statement of income.
    The derivative transactions to which hedge accounting method is
    applied and the transactions shown in Notes 3 are not included in
    the amounts above.
    Some consolidated overseas subsidiaries account for currency
    derivatives in accordance with local accounting standards.
    Such transactions are not included in the amounts above, of which
    their net unrealized losses amount to 371 million yen.

2. Market value is calculated mainly using discounted present value.

3. Forward foreign exchange and currency options which are of the
    following types are not included in the figures above:

    1) Those that are revaluated at year-end and the revaluation gain
        (loss) is accounted for in the consolidated statement of
        income.

    2) Those that were allotted to financial assets/liabilities by
        foreign currency and whose market values are already reflected
        in the amount of the financial assets/liabilities on the
        consolidated balance sheet.

    3) Those that were allotted to financial assets/liabilities by
        foreign currency and the financial assets/liabilities are
        eliminated in the process of consolidation.

    The contract amount of currency derivatives which are revaluated
    at the consolidated balance sheet date are as follows:

 As of March 31, 2003                     (Millions of yen)
 -------------------------------------------------------------------
                                               Contract
                                                amount
 -------------------------------------------------------------------
 Transactions listed on exchange
    Currency futures
        sold                                         -
        bought                                       -
    Currency options
        sold                                         -
        bought                                       -
 Over-the-counter transactions
    Forward foreign exchange                37,271,679
    Currency options
        sold                                 3,001,518
        bought                               3,195,840


(3) Equity Derivatives

 As of March 31, 2003                                                            (Millions of yen)
 -------------------------------------------------------------------------------------------------
                                               Contract                     Market    Valuation gains
                                               amount                        value         (losses)
                                                          (Over 1 year)
 -------------------------------------------------------------------------------------------------
 Transactions listed on exchange
    Equity price index futures
        sold                                         -            -            -                -
        bought                                       -            -            -                -
    Equity price index options
        sold                                         -            -            -                -
        bought                                       -            -            -                -
 Over-the-counter transactions
    Equity options
        sold                                         0            -            0                0
        bought                                       0            -           (0)              (0)
    Equity price index swaps
        Receivable equity index/Payable
         floating rate                               -            -            -                -
        Receivable floating rate/Payable
         equity index                                -            -            -                -
    Other
        sold                                       477            -            0                0
        bought                                     477            -            0                0
                                          --------------------------------------------------------
                   Total                                                       0                0

 (Notes)

1. The above transactions are valuated at market value and the
    valuation gains (losses) are accounted for in the consolidated
    statement of income.
    Derivative transactions to which hedge accounting method is
    applied are not included in the amounts above.

2. Market value of transactions listed on exchange is calculated
    mainly using the closing prices on the Tokyo Stock Exchange.
    Market value of OTC transactions is calculated mainly using
    discounted present value and option pricing models.



(4) Bond Derivatives

 As of March 31, 2003                                                               (Millions of yen)
 ----------------------------------------------------------------------------------------------------
                                               Contract                     Market        Valuation
                                               amount                        value      gains (losses)
                                                              (Over 1 year)
 ----------------------------------------------------------------------------------------------------
 Transactions listed on exchange
  Bond futures
      sold                                      119,032            -         (388)              (388)
      bought                                    129,712            -          (67)               (67)
  Bond futures options
      sold                                        4,000            -           (8)                (8)
      bought                                          -            -            -                  -
 Over-the-counter transactions
  Bond options
      sold                                       16,010       15,617            0                  0
      bought                                      4,719        3,125            0                  0
                                           ----------------------------------------------------------
                   Total                                                     (463)              (463)

 (Notes)

1.  The above transactions are valuated at market value and the
    valuation gains (losses) are accounted for in the consolidated
    statement of income.
    Derivative transactions to which hedge accounting method is
    applied are not included in the amounts above.

2.  Market value of transactions listed on exchange is calculated
    mainly using the closing prices on the Tokyo Stock Exchange.
    Market value of OTC transactions is calculated mainly using
    discounted present value and option pricing models.

(5) Commodity Derivatives

 As of March 31, 2003                                                               (Millions of yen)
 ----------------------------------------------------------------------------------------------------
                                           Contract                         Market       Valuation
                                           amount                           value      gains (losses)
                                                        (Over 1 year)
 ----------------------------------------------------------------------------------------------------
 Over-the-counter transactions
  Commodity swaps
      Receivable fixed price / Payable
       floating price                            31,049       27,358       (1,607)            (1,607)
      Receivable floating price / Payable
       fixed price                               31,049       27,358        2,376              2,376
  Commodity options
      sold                                        6,369        4,063       (1,493)            (1,493)
      bought                                      6,369        4,063        1,521              1,521
                                           ----------------------------------------------------------
                   Total                                                      797                797

 (Notes)
1. The above transactions are valuated at market value and the
    valuation gains (losses) are accounted for in the consolidated
    statement of income.
    Derivative transactions to which hedge accounting method is
    applied are not included in the amounts above.

2.  Market value is calculated based on factors such as price of the
    relevant commodity and contract term.

3.  Commodity derivatives are transactions on oil and metal.

(6) Credit Derivative Transactions

 As of March 31, 2003                                                               (Millions of yen)
 ----------------------------------------------------------------------------------------------------
                                              Contract                     Market        Valuation
                                              amount                        value      gains (losses)
                                                        (Over 1 year)
 ----------------------------------------------------------------------------------------------------
 Over-the-counter transactions
  Credit default options
      sold                                       39,823       22,790       (1,767)            (1,767)
      bought                                     35,625       18,592        3,153              3,153
  Other
      sold                                        5,722        1,099        4,915              4,915
      bought                                     86,567       79,546          276                276
                                           ----------------------------------------------------------
                   Total                                                    6,578              6,578

 (Notes)
1.  The above transactions are valuated at market value and the
    valuation gains (losses) are accounted for in the consolidated
    statement of income.
    Derivative transactions to which hedge accounting method is
    applied are not included in the amounts above.

2.  Market value is calculated based on factors such as price of the
    relevant commodity and contract term.

3.  'Sold' are transactions in which SMFG accepts the credit risk,
    'Bought are transactions in which SMFG transfers the credit risk.

Related Party Transactions
--------------------------

There are no material transactions with related parties to be reported
for the fiscal year ended March 31, 2003.

There are no material transactions with related parties to be reported
for the fiscal year ended March 31, 2002.


Sumitomo Mitsui Financial Group, Inc (SMFG)
Nonconsolidated Financial Results for the Fiscal Year ended March 31, 2003

Head Office: 1-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo, Japan
Date of Approval by the Board of Directors: May 26, 2003
Date of General Meeting of Shareholders: June 27, 2003
Stock Exchange Listings: Tokyo, Osaka and Nagoya
URL: http://www.smfg.co.jp
President: Yoshifumi Nishikawa

1. Financial Results (Fiscal Year ended March 31, 2003)
 (1) Operating Results


                                            Amounts less than one million yen have been omitted.
                     Operating Income   Operating Profit    Ordinary Profit      Net Income
------------------------------------------------------------------------------------------------
Fiscal Year           (Yen)             (Yen)              (Yen)              (Yen)
                      million        %  million        %   million       %    million       %
 ended March 31,
  2003                 131,519       -  130,547         -  119,634         -  124,738         -
  ended March 31,
   2002                      -       -        -         -        -         -        -         -
------------------------------------------------------------------------------------------------


                      Net Income     Net Income   Return on Common  Ordinary    Ordinary Profit
                       per Share     per Share     Stockholders'    Profit on    on Operating
                                      (diluted)        Equity      Total Assets      Income
-----------------------------------------------------------------------------------------------
Fiscal Year              (Yen)          (Yen)            %              %              %
 ended March 31,
  2003                   18,918.33      15,691.82          8.5           4.0           91.0
 ended March 31,
  2002                           -              -            -             -              -
-----------------------------------------------------------------------------------------------

Notes: 1. Average number of common stock outstanding for the fiscal
          year ended March 31, 2003:  5,751,902 shares

       2. There is no change in accounting methods.


       3. Percentage shown in Operating Income, Operating Profit,
          Ordinary profit and Net Income are the increase (decrease)
          from the previous year.

(2) Dividends (common stock)

                       Dividends per Share (Annual)                              Ratio of
                     -------------------------------- Dividends    Dividend    Dividends to
                                 Interim   Year-End    (Annual)  Payout Ratio  Stockholders'
                                                                                   Equity
----------------------------------------------------------------------------------------------
Fiscal Year             (Yen)     (Yen)      (Yen)      (Yen)
                                                        million       %              %
 ended March 31, 2003     3,000         -      3,000      17,385        16.0          1.3
  ended March 31,
   2002                       -         -          -           -           -            -
----------------------------------------------------------------------------------------------

 (3) Financial Position


                                  Stockholders' Stockholders'  Stockholders'
                     Total Assets     Equity    Equity to Total  Equity per
                                                    Assets          Share
-----------------------------------------------------------------------------
                     (Yen) million(Yen) million               %    (Yen)
March 31, 2003          3,413,529    3,156,086            92.5    231,899.30
March 31, 2002                  -            -               -             -
-----------------------------------------------------------------------------

Notes: 1. Number of common stock outstanding as of March 31, 2003:
          5,795,037 shares

       2. Number of treasury stock as of March 31, 2003: 963 shares

2. Earnings Forecast (Fiscal Year ending March 31, 2004)


                                Operating   Ordinary    Net Income Dividends per Share (Annual)
                                  Income      Profit                Interim Year End
-----------------------------------------------------------------------------------------------
                                  (Yen)       (Yen)       (Yen)      (Yen)    (Yen)    (Yen)
                                  million     million     million
Six months ending September 30,
 2003                                7,000       5,000       5,000        0        -         -
-----------------------------------------------------------------------------------------------
Fiscal year ending March 31,
 2004                               55,000      50,000      50,000        -    3,000     3,000
-----------------------------------------------------------------------------------------------

Reference: Forecasted net income per share for the fiscal year ending
March 31, 2004 is 3,616.97 yen.

This document contains certain forward-looking statements. Such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and actual results may materially
differ from those contained in the forward-looking statements as a
result of various factors.

The following items are among the factors that could cause actual
results to differ materially from the forward looking statements in
this material: business conditions in the banking industry, the
regulatory environment, new legislation, competition with other
financial services companies, changing technology and evolving banking
industry standards and similar matters.

Average number of shares outstanding during the year

                                                   For the Fiscal Year
                                                    ended March, 31,
                                                           2003
----------------------------------------------------------------------
Common stock                                                5,751,902
----------------------------------------------------------------------
Preferred stock (type 1)                                       67,000
----------------------------------------------------------------------
Preferred stock (type 2)                                      100,000
----------------------------------------------------------------------
Preferred stock (type 3)                                      800,000
----------------------------------------------------------------------
Preferred stock (1st to 12th series type 4)                    21,710
----------------------------------------------------------------------
Preferred stock (13th series type 4)                           19,166
----------------------------------------------------------------------

Number of shares as of year-end

                                             As of March, 31, 2003
--------------------------------------------------------------------
Common stock                                              5,795,037
--------------------------------------------------------------------
Preferred stock (type 1)                                     67,000
--------------------------------------------------------------------
Preferred stock (type 2)                                    100,000
--------------------------------------------------------------------
Preferred stock (type 3)                                    800,000
--------------------------------------------------------------------
Preferred stock (1st to 12th series type 4)                  50,100
--------------------------------------------------------------------
Preferred stock (13th series type 4)                        115,000
--------------------------------------------------------------------

Note: Number of shares outstanding changed during the fiscal year
ended March 31, 2003 as follows:

                                            Number of shares    Issue price     Capitalized
                                                  issued                            amount
-----------------------------------------------------------------------------------------------

Increase due to merger
 with The Japan        Common stock             86,576 shares  (Yen) 460,314       (Yen) 0
 Research Institute                                              per share
 Holdings, Ltd.
-----------------------------------------------------------------------------------------------
                       Preferred stock                        (Yen) 3,000,000  (Yen) 1,500,000
                       (1st to 12th series      50,100 shares    per share        per share
Increase due to         type 4)
 issuance of stock     ------------------------------------------------------------------------
                       Preferred stock         115,000 shares (Yen) 3,000,000  (Yen) 1,500,000
                       (13th series type 4)                      per share        per share
-----------------------------------------------------------------------------------------------

Dividends per share and Total Dividends (For the fiscal year ended
March 31, 2003)


                                          Dividends per Share (Annual)       Total Dividends
Sumitomo Mitsui Banking Corporation -----------------------------------------   (Annual)
                                                     Interim      Year-end
--------------------------------------------------------------------------------------------
                                        (Yen)         (Yen)        (Yen)      (Yen) million
--------------------------------------------------------------------------------------------
Common stock                                3,000            -         3,000         17,385
--------------------------------------------------------------------------------------------
Preferred stock (type 1)                   10,500            -        10,500            703
--------------------------------------------------------------------------------------------
Preferred stock (type 2)                   28,500            -        28,500          2,850
--------------------------------------------------------------------------------------------
Preferred stock (type 3)                   13,700            -        13,700         10,960
--------------------------------------------------------------------------------------------
Preferred stock (1st to 12th series
 type 4)                                   19,500            -        19,500            976
--------------------------------------------------------------------------------------------
Preferred stock (13th series type 4)        3,750            -         3,750            431
--------------------------------------------------------------------------------------------

Forecasted annual dividends per share for the year ending March 31,
2004


                                                                       (Yen)
                                           Dividends per Share (Annual)
                                    -----------------------------------------
                                                     Interim      Year-end
-----------------------------------------------------------------------------
Common stock                                3,000            0         3,000
-----------------------------------------------------------------------------
Preferred stock (type 1)                   10,500            0        10,500
-----------------------------------------------------------------------------
Preferred stock (type 2)                   28,500            0        28,500
-----------------------------------------------------------------------------
Preferred stock (type 3)                   13,700            0        13,700
-----------------------------------------------------------------------------
Preferred stock (1st through 12th
 series type 4)                           135,000            0       135,000
-----------------------------------------------------------------------------
Preferred stock (13th series type 4)       67,500            0        67,500
-----------------------------------------------------------------------------

Calculation for Indicies

 (1) Financial Results for the Fiscal Year ended March 31, 2003

  - Net Income per Share:


              Net income - Preferred stock dividends
-------------------------------------------------------------------
    Average number of common stocks outstanding during the year

  - Dividend Payout Ratio:

         Common stock dividends
-----------------------------------------  X  100
 Net income - Preferred stock dividends


  - Ratio of Dividends to Stockholders' Equity:


                               Common stock dividends
------------------------------------------------------------------------------------ X  100
 Stockholders' equity at year end - Number of preferred stocks outstanding at year-
                                 end  X  Issue price


(2) Forecasted Financial Results for the Fiscal Year ending March 31,
2004

  - Forecasted Net Income per Share:


  Forecasted net income - Forecasted preferred stock dividends
----------------------------------------------------------------
  Number of common stocks outstanding at year-end (excluding
                         treasury stock)


     NONCONSOLIDATED BALANCE SHEET

     March 31, 2003                                           (Millions of yen)       (%)
     ------------------------------------------------------------------------------------

     Assets
       Current assets
          Cash and due from banks                    64,725
          Deferred tax assets                            35
          Accrued income                                315
          Accrued income tax refunds                 40,976
          Other current assets                           55
                                                  ----------
              Total current assets                              106,108              3.1
       Fixed assets
          Premises and equipment
              Buildings                                   0
                                                  ----------
              Total premises and equipment                0
       Intangible assets
          Software                                       26
                                                  ----------
              Total intangible assets                    26
       Investments and other assets
          Investments in subsidiaries and
           affiliates                             3,260,957
          Long-term loans to subsidiaries and
           affiliates                                40,000
          Deferred tax assets                         5,227
          Other investments                               0
                                                  ----------
              Total investments and other assets  3,306,185
       Total fixed assets                                     3,306,213             96.9
       Deferred charges
          Organization cost                           1,207
                                                  ----------
              Total deferred charges                              1,207              0.0
                                                             -----------
       Total assets                                           3,413,529            100.0
                                                             ===========

     Liabilities
       Current liabilities
          Short-term borrowings                     256,501
          Accrued expenses                              651
          Income taxes payable                            1
          Business office taxes payable                   1
          Consumption taxes payable                     106
          Reserve for employees bonuses                  83
          Other current liabilities                      96
                                                  ----------
       Total current liabilities                                257,442              7.5
                                                             -----------
       Total liabilities                                        257,442              7.5
                                                             ===========

     Stockholders' equity
       Capital stock                                          1,247,650             36.6
       Capital surplus
          Capital reserve                         1,747,266
                                                  ----------
              Total capital surplus                           1,747,266             51.2
       Retained earnings
          Earned surplus reserve                        496
          Voluntary reserve                          30,420
              Special voluntary earned reserves      30,420
          Unappropriated retained earnings          130,605
                                                  ----------
              Total retained earnings                           161,521              4.7
       Treasury stock                                              (351)            (0.0)
     Total stockholders' equity                               3,156,086             92.5
                                                             -----------
     Total liabilities and stockholders' equity               3,413,529            100.0
                                                             ===========


  NONCONSOLIDATED STATEMENT OF INCOME

  Year ended March 31, 2003                                             (Millions of yen)   (%)
  ---------------------------------------------------------------------------------------------

  Operating income
     Dividends on investments in subsidiaries and
      subsidiaries                                          128,265
     Fees and commissions received from subsidiaries          3,124
     Interest income on loans to subsidiaries and
      affiliates                                                128            131,519   100.0

  Operating expenses
     General and administrative expenses                        971
     Other operating expenses                                     0                971     0.7
                                                          ----------    ---------------
  Operating
   profit                                                                      130,547    99.3

  Non-operating income
     Interest income on deposits                                  9
     Fees and commissions income                                  4                 13     0.0
                                                          ----------

  Non-operating expenses
     Interest on borrowings                                     176
     Amortization of organization costs                         301
     Stock issuance costs                                     9,994
     Fees and commissions expenses                               73
     Other non-operating expenses                               380             10,926     8.3
                                                          ----------    ---------------
  Ordinary
   profit                                                                      119,634    91.0
  Income before income taxes                                                   119,634    91.0
  Income taxes, current                                         156
                         deferred                            (5,259)            (5,103)   (3.9)
                                                          ----------    ---------------
  Net income                                                                   124,738    94.8
  Unappropriated retained earnings inherited due to merger                       5,867     4.5
                                                                        ---------------
  Unappropriated retained earnings at end of year                              130,605    99.3
                                                                        ===============


Significant Accounting Policies

1. Valuation of securities
   Investments in subsidiaries and affiliates are carried at cost
   using the moving-average method.

2. Depreciation of fixed assets

   (1) Premises and equipment SMFG computes depreciation for
       buildings using the straight-line method.

   (2) Intangible assets SMFG computes depreciation for capitalized
       software for internal use using the straight-line method over
       its estimated useful life (five years).

3. Deferred charges

    Stock issuance cost is expensed as they are incurred. Organization
    cost is recognized as assets and depreciated using the
    straight-line method over five years pursuant to the Commercial
    Code.

4. Reserve

    Reserve for employee bonuses is provided, in provision for payment
    of bonuses to employees, by the amount of estimated bonuses
    attributable to this fiscal year.

5. Consumption taxes

    National and local consumption taxes are accounted for using the
    tax-excluded method.

Notes to Nonconsolidated Balance Sheet

1. Amounts less than one million yen have been omitted.

2. Accumulated depreciation of premises and equipment was 0 million
    yen.

3. Long-term loans to subsidiaries and affiliates are subordinated
    loans.

4. Assets and liabilities related to transactions with subsidiaries
    and affiliates are as follows: Deposits 64,646 million yen
    Short-term borrowings 256,501 million yen

5. Number of stocks authorized

    Common stock:      15,000,000
    Preferred stock:    1,767,000

   Number of stocks issued and outstanding
    Common stock:     5,796,000.92
    Preferred stock:  1,132,100

6. Number of treasury stock (common stock) as of year-end is 963.57.

7. Under the Articles of Incorporation of SMFG, followings are the
    maximum amounts of annual cash dividends to preferred
    shareholders:

        Preferred stock (type 1):  10,500 yen per share
        Preferred stock (type 2):  28,500 yen per share
        Preferred stock (type 3):  13,700 yen per share
        Preferred stock (type 4): Amount to be resolved at meeting of
         the Board of Directors (Max. 200,000 yen per share)
        Preferred stock (type 5): Amount to be resolved at meeting of
         the Board of Directors (Max. 200,000 yen per share)
        Preferred stock (type 6): Amount to be resolved at meeting of
         the Board of Directors (Max. 300,000 yen per share)

Notes to Nonconsolidated Statement of Income

1. Amounts less than one million yen have been omitted.

2. Non-operating income includes interest income on deposits with
    subsidiaries of 9 million yen.

3. General and administrative expenses include salaries and related
    expenses of 396 million yen, rent and lease expenses of 112
    million yen, publicity and advertising expenses of 241 million yen
    and outsourcing expenses of 91 million yen, respectively.


Securities

    SMFG has no marketable securities.

Tax Effect Accounting

1. Major components of deferred tax assets as of March 31, 2003 were
    as follows:


                            (Millions of yen)
Deferred tax assets
   Stock of subsidiaries         1,186,226
   Net operation loss carry
    forward                          5,947
   Other                                35
                                -----------
      Subtotal                   1,192,210
Valuation allowance             (1,186,947)
                                -----------
Deferred tax assets                  5,263
                                -----------
Net deferred tax assets              5,263
                                ===========


2. Reconciliation of the effective income tax rate reflected in the
    accompanying statement of income to the statutory tax rate for the
    year ended March 31, 2003 was as follows:

Statutory tax rate                 42.05%
  [Adjustments]
   Dividends excluded from
    income                       (65.47%)
   Valuation allowance             18.23%
   Other                            0.92%
                                ---------
Effective income tax rate         (4.27%)
                                =========

Per Share Data

    Stockholders' equity per share was 231,899.30 yen.
    Net income per share was 18,918.33 yen.
    Net income per share after fully diluted was 15,691.82 yen.


 NONCONSOLIDATED STATEMENT OF APPROPRIATION OF
 RETAINED EARNINGS FOR THE YEAR ENDED MARCH 31, 2003 (PROPOSAL)
                                                                                                  (Yen)
 ------------------------------------------------------------------------------------------------------
 Unappropriated retained earnings at end of year                                       130,605,339,692

 Retained earnings to be appropriated                                                   33,306,812,050
     Dividends on preferred stock (type 1)                       (10,500 yen per share)    703,500,000
     Dividends on preferred stock (type 2)                       (28,500 yen per share)  2,850,000,000
     Dividends on preferred stock (type 3)                       (13,700 yen per share) 10,960,000,000
     Dividends on preferred stock (first series type 4)          (19,500 yen per share)     81,412,500
     Dividends on preferred stock (second series type 4)         (19,500 yen per share)     81,412,500
     Dividends on preferred stock (third series type 4)          (19,500 yen per share)     81,412,500
     Dividends on preferred stock (fourth series type 4)         (19,500 yen per share)     81,412,500
     Dividends on preferred stock (fifth series type 4)          (19,500 yen per share)     81,412,500
     Dividends on preferred stock (sixth series type 4)          (19,500 yen per share)     81,412,500
     Dividends on preferred stock (seventh series type 4)        (19,500 yen per share)     81,412,500
     Dividends on preferred stock (eighth series type 4)         (19,500 yen per share)     81,412,500
     Dividends on preferred stock (ninth series type 4)          (19,500 yen per share)     81,412,500
     Dividends on preferred stock (tenth series type 4)          (19,500 yen per share)     81,412,500
     Dividends on preferred stock (eleventh series type 4)       (19,500 yen per share)     81,412,500
     Dividends on preferred stock (twelfth series type 4)        (19,500 yen per share)     81,412,500
     Dividends on preferred stock (thirteenth series type 4)      (3,750 yen per share)    431,250,000
     Dividends on common stock                                    (3,000 yen per share) 17,385,112,050

 Retained earnings carried forward to next year                                         97,298,527,642

   Short Name: Sumitomo Mitsui Bnkg
   Category Code: FR
   Sequence Number: 00005204
   Time of Receipt (offset from UTC): 20030527T142640+0100

    --30--KO/uk* JK/ny

    CONTACT: Sumitomo Mitsui Bnkg

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

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