Sumitomo Mitsui Financial Group Reports 390 Billion Yen Loss

Sumitomo Mitsui Financial Group (SMFG) announced last week that it has an estimated 390 billion yen net loss and it plans to issue up to 800 billion yen in common shares.

With less value in equity holdings on its balance sheet compared to its 2 rival financial groups, SMFG was thought to have weathered this dislocation market fairly well - but that was not the case .

The majority of the loss comes from the decreased valuation of its stockholdings, notably Barclays Plc and increased reserves for non-performing loans.