SMFG Notes to Consolidated Financial Statements 23. Other Comprehensive Income 24. Comprehensive Income  25. Deferred Tax Assets and Liabilities (1) Significant components of deferred tax assets and liabilities at March 31, 2011 and 2010 were as follows: (2) SMFG and its domestic consolidated subsidiaries are subject to Japanese national and local income taxes, which, in the aggregate, would  result in an effective statutory tax rate of approximately 40.69% for the years ended March 31, 2011 and 2010. A reconciliation of the  effective income tax rate reflected in the accompanying consolidated statements of income to the statutory tax rate for the years ended  March 31, 2011 and 2010 was as follows: SMFG  2011 92 Comprehensive income for the fiscal year ended March 31, 2010 consisted of the following: Other comprehensive income for the fiscal year ended March 31, 2010 consisted of the following: Millions of yen Year ended March 31 2010 Other comprehensive income ................................................................................................................................................. ¥424,477 Net unrealized gains on other securities ............................................................................................................................. 465,868 Net deferred losses on hedges ............................................................................................................................................. (19,065) Foreign currency translation adjustments ........................................................................................................................... (4,399) Share of other comprehensive income of associates accounted for by equity method ............................................................ (17,926) Millions of yen Year ended March 31 2010 Comprehensive income .......................................................................................................................................................... ¥803,705 Comprehensive income attributable to shareholders of the parent company ........................................................................ 707,804 Comprehensive income attributable to minority interests .................................................................................................. 95,900  Millions of yen Millions of  U.S. dollars March 31 2011 2010 2011 Deferred tax assets: Net operating loss carryforwards ............................................................ ¥ 273,415 ¥ 485,533 $ 3,288 Write-off of securities ............................................................................ 316,010  282,386 3,801 Reserve for possible loan losses ............................................................... 454,603  438,537 5,467  Write-off of loans ................................................................................... 161,174  140,597 1,938  Net unrealized gains (losses) on other securities ..................................... 33,236  20,707 400  Reserve for employee retirement benefits ............................................... 77,284  74,489 929  Net deferred losses on hedges ................................................................. 6,848  27,290 82  Depreciation .......................................................................................... 10,857  12,392 131  Other ..................................................................................................... 249,420  245,743 3,000  Subtotal ................................................................................................. 1,582,851  1,727,678 19,036  Valuation allowance ............................................................................... (739,055) (739,555) (8,888) Total deferred tax assets ......................................................................... 843,795  988,123 10,148  Deferred tax liabilities: Net unrealized gains (losses) on other securities ..................................... (101,791) (169,312) (1,224) Leveraged lease ...................................................................................... (23,459) (28,392) (282) Gains on securities contributed to employee retirement benefits trust .... (44,015) (42,261) (530) Securities returned from employee retirement benefits trust ................... (12,967) (13,956) (156) Undistributed earnings of overseas subsidiaries ...................................... (4,502) (3,388) (54) Other ..................................................................................................... (32,840) (28,746) (395) Total deferred tax liabilities ................................................................... (219,576) (286,057) (2,641) Net deferred tax assets ............................................................................... ¥ 624,219 ¥ 702,065 $ 7,507 2011 2010 Statutory tax rate ............................................................................................................................... 40.69% 40.69% Valuation allowance ....................................................................................................................... (11.53) (10.81) Dividends exempted for income tax purposes ................................................................................. (1.17) — Gains on step acquisitions .............................................................................................................. (0.62) — Equity in losses of affiliates ............................................................................................................ 0.66 1.91 Other ............................................................................................................................................. 1.07 0.26 Effective income tax rate .................................................................................................................... 29.10% 32.05%