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Sumitomo Mitsui Financial Group AnnouncesRevision of Earnings Forecasts ofa Consolidated Subsidiary (Kansai Urban Banking Corporation)(1/1)
Sumitomo Mitsui Financial Group AnnouncesRevision of Earnings Forecasts ofa Consolidated Subsidiary (Kansai Urban Banking Corporation)
TOKYO, November 17, 2006 --- Sumitomo Mitsui Financial Group, Inc. (SMFG) hereby announces that Kansai Urban Banking Corporation, a consolidated subsidiary of SMFG, has revised its earnings forecast published on May 19, 2006 (see Appendix).
(Appendix)
Kansai Urban Banking Corporation Announces Revision of Earnings Forecast for Fiscal Year 2006
OSAKA, Japan, November 17, 2006--- Kansai Urban Banking Corporation (KUBC) announced today the revision of its previous earnings forecast for the fiscal year ending March 31, 2007, which was published on May 19, 2006.
1.Revision of Earnings Forecast (Fiscal year ending March 31, 2007)
| (Consolidated) | (Millions of Yen) | ||
|---|---|---|---|
| Total Income | Ordinary Profit | Net Income | |
| Previous Forecast (A) | 84,500 | 19,600 | 10,300 |
| Revised Forecast (B) | 94,000 | 19,600 | 10,300 |
| Difference (B) - (A) | + 9,500 | ― | ― |
| Percentage Change | + 11.2 | ― | ― |
| (Ref.) Year ended March 31, 2006 | 81,443 | 13,779 | 6,718 |
| (Non-consolidated) | (Millions of Yen) | ||
|---|---|---|---|
| Total Income | Ordinary Profit | Net Income | |
| Previous Forecast (A) | 73,500 |
18,600 | 10,000 |
| Revised Forecast (B) | 81,000 | 18,600 | 10,000 |
| Difference (B) - (A) | + 7,500 | ― | ― |
| Percentage Change | + 10.2 | ― | ― |
| (Ref.) Year ended March 31, 2006 | 72,546 | 15,629 | 8,726 |
2.Factors behind the revision
(1) Consolidated earnings
Mainly in banking business, interest income on loans and discounts is expected to increase mainly due to rise of interest rates as a result of the change in monetary policy of the Bank of Japan. As a result, KUBC expects total income to be 94.0 billion yen, an increase by 9.5 billion yen (+11.2%) compared with the previous forecast.
(2) Non-consolidated earnings
Interest income on loans and discounts is expected to increase mainly due to rise of interest rates as a result of the change in monetary policy of the Bank of Japan. As a result, KUBC expects total income to be 81.0 billion yen, an increase by 7.5 billion yen (+10.2%) compared with the previous forecast.
