6-K

UNITED STATES SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of June 2023

Commission File Number 001-34919

SUMITOMO MITSUI FINANCIAL GROUP, INC.

(Translation of registrant’s name into English)

1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:	Form 20-F ☒	Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Sumitomo Mitsui Financial Group, Inc.
By:	/s/ Jun Okahashi
	Name:	Jun Okahashi
	Title:	General Manager, Financial Accounting Dept.

Date:    June 30, 2023

Sumitomo Mitsui Financial Group, Inc.

Notice Regarding the Filing of Annual Report on Form 20-F

with the U.S. Securities and Exchange Commission

TOKYO, June 30, 2023 --- Sumitomo Mitsui Financial Group, Inc. (the “Company,” President and Group Chief Executive Officer: Jun Ohta) hereby announces that, on June 29, 2023 (Eastern Daylight Time), the Company filed an annual report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”).

A copy of the annual report on Form 20-F can be viewed and obtained at the Company’s website at https://www.smfg.co.jp/english/investor/financial/disclosure.html or on EDGAR, the SEC’s Electronic Data Gathering, Analysis, and Retrieval system. Holders of the Company’s American Depositary Receipts may request a hard copy of the Company’s complete audited financial statements free of charge through the Company’s website.

Attachment:

(Reference 1) Consolidated Financial Statements (IFRS)

(Reference 2) Reconciliation with Japanese GAAP

This document contains a summary of the Company’s consolidated financial information under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board that was disclosed in its annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on June 29, 2023. This document does not contain all of the information in the Form 20-F that may be important to you. You should read the entire Form 20-F carefully to obtain a comprehensive understanding of the Company’s business and financial data under IFRS and related issues.

This document contains “forward-looking statements” (as defined in the U.S. Private Securities Litigation Reform Act of 1995), regarding the intent, belief or current expectations of the Company and its management with respect to the Company’s future financial condition and results of operations. In many cases but not all, these statements contain words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “risk,” “project,” “should,” “seek,” “target,” “will” and similar expressions. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those expressed in or implied by such forward-looking statements contained or deemed to be contained herein. The risks and uncertainties which may affect future performance include: deterioration of Japanese and global economic conditions and financial markets; declines in the value of the Company’s securities portfolio; incurrence of significant credit-related costs; the Company’s ability to successfully implement its business strategy through its subsidiaries, affiliates and alliance partners; and exposure to new risks as the Company expands the scope of its business. Given these and other risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the date of this document. The Company undertakes no obligation to update or revise any forward-looking statements. Please refer to the Company’s most recent disclosure documents such as its annual report on Form 20-F and other documents submitted to the U.S. Securities and Exchange Commission, as well as its earnings press releases, for a more detailed description of the risks and uncertainties that may affect its financial conditions, its operating results, and investors’ decisions.

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(Reference 1) Consolidated Financial Statements (IFRS)

Consolidated Statements of Financial Position

				(In millions)
	At March 31,<br><br><br>2022			At March 31,<br><br><br>2023
Assets:
Cash and deposits with banks	¥	75,697,521		¥	76,465,511
Call loans and bills bought		1,965,135			5,684,812
Reverse repurchase agreements and cash collateral on securities borrowed		11,303,930			11,024,084
Trading assets		3,736,296			4,585,915
Derivative financial instruments		6,443,748			8,649,947
Financial assets at fair value through profit or loss		1,695,585			1,488,239
Investment securities		32,749,405			27,595,598
Loans and advances		104,635,815			111,891,134
Investments in associates and joint ventures		1,009,738			1,141,250
Property, plant and equipment		1,762,996			1,832,241
Intangible assets		992,849			905,028
Other assets		6,063,907			6,167,202
Current tax assets		44,941			190,267
Deferred tax assets		58,981			65,810
Total assets	¥	248,160,847		¥	257,687,038
Liabilities:
Deposits	¥	162,593,492		¥	172,927,810
Call money and bills sold		1,130,000			2,569,056
Repurchase agreements and cash collateral on securities lent		20,113,162			17,786,026
Trading liabilities		3,181,992			3,291,089
Derivative financial instruments		6,966,336			10,496,855
Financial liabilities designated at fair value through profit or loss		455,734			414,106
Borrowings		20,584,651			15,371,801
Debt securities in issue		11,428,437			11,984,994
Provisions		227,784			247,344
Other liabilities		8,386,774			8,703,413
Current tax liabilities		51,513			41,649
Deferred tax liabilities		259,280			315,930
Total liabilities		235,379,155			244,150,073
Equity:
Capital stock		2,341,878			2,342,537
Capital surplus		645,382			645,774
Retained earnings		6,434,605			7,199,479
Treasury stock		(13,403	)		(151,799)
Equity excluding other reserves		9,408,462			10,035,991
Other reserves		2,546,294			2,629,000
Equity attributable to shareholders of Sumitomo Mitsui Financial Group, Inc.		11,954,756			12,664,991
Non-controlling interests		93,325			106,172
Equity attributable to other equity instruments holders		733,611			765,802
Total equity		12,781,692			13,536,965
Total equity and liabilities	¥	248,160,847		¥	257,687,038

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Consolidated Income Statements

	(In millions, except per share data)
	For the fiscal year ended March 31,
	2022			2023
Interest income	¥	1,747,654		¥	3,696,076
Interest expense		303,716			1,941,006
Net interest income		1,443,938			1,755,070
Fee and commission income		1,248,225			1,262,734
Fee and commission expense		209,762			222,920
Net fee and commission income		1,038,463			1,039,814
Net trading income		280,339			626,043
Net income from financial assets and liabilities at fair value through profit or loss		200,249			173,311
Net investment income		65,744			15,611
Other income		108,727			180,827
Total operating income		3,137,460			3,790,676
Impairment charges on financial assets		279,978			148,464
Net operating income		2,857,482			3,642,212
General and administrative expenses		1,801,621			1,965,417
Other expenses		368,559			502,347
Operating expenses		2,170,180			2,467,764
Share of post-tax profit (loss) of associates and joint<br>ventures		(10,838	)		87,428
Profit before tax		676,464			1,261,876
Income tax expense		161,389			326,027
Net profit	¥	515,075		¥	935,849
Profit attributable to:
Shareholders of Sumitomo Mitsui Financial Group, Inc.	¥	499,573		¥	911,831
Non-controlling interests		4,771			12,708
Other equity instruments holders		10,731			11,310
Earnings per share:
Basic	¥	364.46		¥	668.12
Diluted		364.31			667.89

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Consolidated Statements of Comprehensive Income

	(In millions)
	For the fiscal year ended March 31,
	2022			2023
Net profit	¥	515,075		¥	935,849
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans:
Gains (losses) arising during the period, before tax		33,081			7,417
Equity instruments at fair value through other comprehensive income:
Gains (losses) arising during the period, before tax		102,183			77,223
Own credit on financial liabilities designated at fair value through profit or loss:
Gains (losses) arising during the period, before tax		5,729			12,847
Share of other comprehensive income (loss) of associates and joint ventures		944			(245)
Income tax relating to items that will not be reclassified		(43,341	)		(29,387)
Total items that will not be reclassified to profit or loss, net of tax		98,596			67,855
Items that may be reclassified subsequently to profit or loss:
Debt instruments at fair value through other comprehensive income:
Gains (losses) arising during the period, before tax		(512,814	)		(341,532)
Reclassification adjustments for (gains) losses included in net profit, before tax		113,334			94,803
Exchange differences on translating foreign operations:
Gains (losses) arising during the period, before tax		404,292			304,252
Reclassification adjustments for (gains) losses included in net profit, before tax		192			5,385
Share of other comprehensive income (loss) of associates and joint ventures		30,891			30,660
Income tax relating to items that may be reclassified		113,538			76,369
Total items that may be reclassified subsequently to profit or loss, net of tax		149,433			169,937
Other comprehensive income, net of tax		248,029			237,792
Total comprehensive income	¥	763,104		¥	1,173,641
Total comprehensive income attributable to:
Shareholders of Sumitomo Mitsui Financial Group, Inc.	¥	746,012		¥	1,149,318
Non-controlling interests		6,361			13,013
Other equity instruments holders		10,731			11,310

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(Reference 2) Reconciliation with Japanese GAAP

(In billions)
	At and for the<br>fiscal year ended<br> <br><br> <br>March 31, 2023
---	---	---
	Total equity	Net profit
IFRS	¥      13,537.0	¥        <br> 935.8
Differences arising from different accounting for:
1. Scope of consolidation	96.7	(4.9)
2. Derivative financial instruments	(504.3)	(374.0)
3. Investment securities	(428.3)	147.0
4. Loans and advances	407.7	(13.6)
5. Investments in associates and joint ventures	221.1	10.6
6. Property, plant and equipment	16.7	(1.6)
7. Lease accounting	2.6	0.5
8. Defined benefit plans	140.5	60.7
9. Deferred tax assets	(61.4)	(25.3)
10. Foreign currency translation	-	(6.6)
11. Classification of equity and liability	(770.4)	(11.3)
Others	40.9	29.8
Tax effect of the above	92.3	69.2
Japanese GAAP	¥      12,791.1	¥         816.3

A brief explanation of adjustments with significant impacts arising from differences in equity and/or net profit between Japanese GAAP and IFRS is provided below. For a more detailed explanation, please refer to “Item 5. Operating and Financial Review and Prospects – Reconciliation with Japanese GAAP” in the annual report on Form 20-F filed on June 29, 2023 (Eastern Daylight Time).

Scope of Consolidation (Item 1)

•	Under IFRS, the Group consolidates an entity when it “controls” the entity. In general, the Group<br>considers that it controls an entity when it has the existing rights that give it the current ability to direct the operating and financing policies by owning more than half of the voting power, or by legal or contractual arrangements.<br>
•	All types of entities, irrespective of their purpose or legal form, are consolidated under IFRS when the<br>substance of the relationship between the entities and the Group indicates that the entities are controlled by the Group. Therefore, certain entities such as securitization vehicles which are not consolidated under Japanese GAAP are consolidated<br>under IFRS.
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Derivative financial instruments (Item 2)

(Hedge accounting)

•

The Group applies hedge accounting under Japanese GAAP. However, the qualifying criteria for certain hedge<br>accounting under IFRS are more rigorous than those under Japanese GAAP. Therefore, except for fair value hedge accounting and hedge accounting for net investments in foreign operations the Group applies under IFRS, the effects of hedge accounting<br>under Japanese GAAP have been reversed under IFRS.

Investment securities (Item 3)

(Fair value measurement of investment securities)

•	Under Japanese GAAP, stocks and financial instruments similar to stocks that are not traded in an active<br>market, such as unlisted stocks, are measured at cost if they are classified as available-for-sale, whereas, under IFRS, those are measured at fair values determined by<br>using valuation techniques.

(Changes in fair value of investment securities)

•	Under Japanese GAAP, the changes in fair value of available-for-sale financial assets are recognized in other comprehensive income and subsequently transferred to profit or loss on their disposal. Under IFRS, the Group made an irrevocable election for some<br>equity instruments to present subsequent changes in fair value in other comprehensive income. The changes in fair value of those equity instruments presented in other comprehensive income are not subsequently transferred to profit or loss.<br>
•	Some available-for-sale<br>financial assets under Japanese GAAP, including investment funds, are classified as financial assets measured at fair value through profit or loss, and therefore the changes in their fair values are recognized in profit or loss under IFRS.<br>
---	---

Loans and advances (Item 4)

(Impairment of loans and advances)

•	Under Japanese GAAP, the allowance for loan losses is calculated based on credit assessments at the end of the<br>reporting period. A collective allowance is calculated using historical loss experience based on historical results according to the obligor grade, adding forward looking information as appropriate. The allowance for specifically identified<br>significant loans is calculated by the discounted cash flow (“DCF”) method, which is based on the present value of reasonably estimated cash flows discounted at the original contractual interest rate of the relevant loan. For the remaining<br>loans, an individual allowance is calculated based on the estimated uncollectible amount considering historical loss experience and the recoveries from collateral, guarantees and any other collectible cash flows.
•	Under IFRS, measurement of expected credit losses (“ECL”) depends on whether the credit risk on the<br>financial asset has increased significantly since initial recognition. If there is not a significant increase in credit risk on that financial asset since initial recognition, an allowance is measured at an amount equal to 12-month expected credit<br>losses. Otherwise, an allowance is measured at an amount equal to lifetime expected credit losses. The allowance for loan losses for individually significant impaired loans is calculated by the DCF method based on the present value of estimated<br>future cash flows discounted at the financial asset’s original effective interest rate, which differs from the calculation of the DCF method under Japanese GAAP. The scope of loans that are subject to the DCF method under IFRS is wider than<br>that under Japanese GAAP. ECL are measured in a way that reflects not only past events, but also current conditions and forecasts of future economic conditions.
---	---

(Loan origination fees and costs)

•	Under Japanese GAAP, loan origination fees and costs are generally recognized in the consolidated income<br>statement as incurred. Under IFRS, loan origination fees and costs that are incremental and directly attributable to the origination of a loan are deferred and thus, included in the calculation of the effective interest rate.

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Deferred tax assets (Item 9)

•

Under IFRS, deferred tax assets are recognized to the extent that it is probable that future taxable profit<br>will be available against which the temporary differences can be utilized. For example, deferred tax assets for deductible temporary differences relating to impairment of financial instruments of which the timing of the reversal is difficult to<br>estimate cannot be recognized under Japanese GAAP, whereas they can be recognized under IFRS to the extent that it is probable that future taxable profit will be available.

Classification of equity and liability (Item 11)

•

Under IFRS, a financial instrument or its component parts are classified as equity instruments or financial<br>liabilities in accordance with the substance of the contractual arrangement and the definitions of financial liabilities and equity instruments. A financial instrument is classified as a financial liability if there is a contractual obligation to<br>deliver cash or another financial asset other than a fixed number of equity shares in exchange for a fixed amount of cash or another financial asset. In the absence of such a contractual obligation, the financial instrument is classified as an<br>equity instrument.

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