Net Assets 3. Assets, Liabilities and Net Assets Assets Liabilities Assets, Liabilities and Net Assets SMBC’s assets as of March 31, 2011 increased by  ¥11,948.5 billion from the previous fiscal year-end to a total  of ¥115,484.9 billion. This increase was due chiefly to a  ¥11,317.2 billion increase in securities due to an increase in  the balance of Japanese government bonds held. Liabilities as of March 31, 2011 amounted to ¥109,925.6  billion, an increase of ¥11,787.1 billion from the previous  fiscal year-end. The main reason for the increase in liabilities  was a ¥3,579.2 billion increase in deposits due to the rising  total value of deposits held by individuals and of corporate  deposits in Japan, and increases in fund procurement in the  borrowed money and other markets. Net assets at fiscal year-end amounted to ¥5,559.2 billion.  Of this total, stockholders’ equity amounted to ¥5,188.2 bil- lion, consisting of ¥1,770.9 billion in capital stock, ¥2,481.2  billion in capital surplus (including ¥710.2 billion in other  capital surplus), and ¥935.9 billion in retained earnings.  Valuation and translation adjustments were ¥371.0 billion,  comprising ¥229.8 billion in net unrealized gains on other  securities, ¥121.1 billion in net deferred gains on hedges,  and ¥20.0 billion in land revaluation excess. Millions of yen March 31 2011  (A) 2010 (B) Increase (decrease) (A) – (B) Assets ............................................................................................................................ ¥115,484,907 ¥103,536,394 ¥11,948,513 Securities ................................................................................................................... 39,853,432 28,536,200 11,317,232 Loans and bills discounted ........................................................................................ 55,237,613 56,619,058 (1,381,445) Liabilities ........................................................................................................................ 109,925,614 98,138,445 11,787,169 Deposits..................................................................................................................... 74,036,469 70,457,266 3,579,203 Negotiable certificates of deposit .............................................................................. 8,406,816 7,173,373 1,233,443 Net assets ..................................................................................................................... 5,559,293 5,397,949 161,344 SMFG  2011 28