27/3 Q1 results: Strong growth in net business profits: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Strong growth in net business profits: Quick Note

Global Markets Research

30 July 2026Sumitomo Mitsui Trust Group

8309.T 8309 JP / EQUITY: JAPAN BANKS

27/3 Q1 results: Strong growth in net business Rating Buyprofits

Target price JPY 2,050Quick Note

Closing price

30 July 2026 JPY 1,672.0We reiterate our Buy rating, take positive view of strong growth in net business

profits (Note: Quick Note reports are not a

Sumitomo Mitsui Trust Group released 27/3 Q1 results after the market close on 30 July, vehicle for changes to ratings, target

posting a sharp rise in net business profits before provisioning and profits attributable to prices, or earnings forecasts)

owners of the parent equivalent to 37% of full-year guidance, leaving us with a positive

impression overall. We reiterate our Buy rating.

Looking ahead, our focus is on whether the company can sustain the kind of high ROE

that befits its status as a trust bank, for example by gradually reining in growth in Research Analysts

overheads and generating stronger net business profits, particularly non-interest income. Japan banks

27/3 Q1 results overview Ken Takamiya - NSC

We identify the following three takeaways from results. ken.takamiya@nomura.com

+81 3 6703 1140

(1) Overview: Profits attributable to owners of the parent were up 57% y-y and equivalent

to 37% of full-year guidance. This was mainly due to a 64% rise in net business profits

before provisioning. Equity-related income also rose, up ¥40.9bn. Extraordinary

gains/losses fell ¥21.9bn. While the company booked step acquisition gains on increased

investment in equity-method affiliates, overall gains fell because of the disappearance of

gains on the sale of shares in affiliates booked a year earlier.