Sumitomo Mitsui Financial Group Inc. (SMFG; A/Stable/A-1) is one of three mega-bank groups in Japan, with consolidated total assets amounting to ¥111 trillion as of September 2008. SMFG has a broad customer base, including companies in the Mitsui and Sumitomo corporate groups. While banking operations account for the majority of SMFG's revenue, the group offers diversified financial services, including securities, credit card services, leasing, and consumer finance. SMFG's ratio of consolidated problem loans, net of loan loss reserves, to total loans was 0.82% as of September 2008, maintaining a level close to the average for major Japanese banks. Credit costs during the first half of fiscal 2008 (ended Sept. 30, 2008) doubled that of the previous year, accounting for 57%
