First, we would like to extend our heartfelt thanks to all stakeholders for your invaluable support.
The global economic situation continues to be uncertain, as the financial problems in the major developed countries, including Europe’s sovereign debt crisis, have dragged on while signs of a slowdown in economic growth have started to appear in China and other emerging countries.
In this business environment, Sumitomo Mitsui Trust Group (the “Group”) has made a fresh start with the establishment of Sumitomo Mitsui Trust Bank, Limited in April 2012 through the merger of the three subsidiary trust banks. We have worked to enhance our earnings power by cooperation among group companies in order to achieve the early realization of synergy effects of the management integration.
In the first half of fiscal year 2012, net business profit before credit costs stood at ¥147.7 billion and net income amounted to ¥60.7 billion on a consolidated basis. Both figures showed steady progress, achieving over 50% of
the annual earnings forecast. This is attributable to the favorable result of market-related earnings and total credit costs that resulted in gains on the reversal of allowances for loan losses, offsetting a significant deterioration of net
losses on stocks. Net income was down year on year, however, due to the decrease in the one-time effects that were recorded during the previous fiscal year of consolidated accounting treatment following the management
integration as well as a decline in market-related earnings compared with the previous year.
We have set our interim dividend at ¥4.25 per share.
As a sole financial group in Japan that specializes in trust banking and as the largest in the industry in terms of major trust and asset administration operations, the Group will leverage its significant expertise and comprehensive capabilities to contribute to the development of its clients and society. In this way, we will seek to consolidate our position as “The Trust Bank,” with a solid presence not only in the trust industry but also in the financial industry.
We look forward to your continuing support.
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