Sumitomo Mitsui's profit plunged 60.1% to $812.74m in April-June

The group’s earnings per share is at around 59 cents or ¥62.83.

Sumitomo Mitsui Financial Group’s profits attributable to shareholders dropped 60.1% YoY to $812.74m (¥86.095b) in the three months ending 30 June, the Japanese financial conglomerate’s latest financial results revealed. This is significantly lower than the more than $2.03b profits reported over the same period in 2019.

Gross profit came at almost $6.4b (¥677.9b) during the quarter and an ordinary profit came at $1.11b (¥118.131b).

The group’s earnings per share (EPS) for the period is at 59 cents or ¥62.83.

For the period ending 30 June, the group’s total assets amounted to almost $2.14t, whilst net assets came at $103.46b, with a net asset ratio of 4.8%.

The group said that it began applying the new accounting policy beginning the April-June period, resulting in millions of yen in decreases on the measured values for its trading assets, deferred tax assets, trading liabilities, deferred tax liabilities, and retained earnings, amongst others.