THE AKITA BANK,LTD., July-September (2Q) Ordinary Profit Decreases by 43%

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Fri Nov 8, 2024 2:50 pm JST Earnings

8343 THE AKITA BANK,LTD. 【J-GAAP】

Earnings Report

THE AKITA BANK,LTD. <8343> [TSE-P] announced its financial results in the afternoon session on November 8th (14:50). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 17.0% from the same period last year, reaching 3.71 billion yen, exceeded the previous forecast of 3.2 billion yen.

However, The progress rate against the 7.7 billion yen full-year plan was 48.3%, also falling below the five-year average of 59.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 16.4% from the same period last year, reaching 3.98 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 1.35 billion yen, a 43.0% decrease compared to the same period last year.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	24,394	ー	3,830	2,685	150.2	77.6	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	21,495	ー	3,177	2,267	129.0	48.2	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	26,377	ー	3,718	1,923	108.9	48.3	Nov 8, 2024	J-GAAP
YoY	+22.7%	－	+17.0%	-15.2%	-15.6%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	3,200	2,000	113.3	45	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	26,377	ー	3,718	1,923	108.9	45	Nov 8, 2024	J-GAAP
Revision Rate	－	－	+16.2%	-3.9%	-3.9%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	21,239	ー	3,420	2,274	129.3	45	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	ー	ー	3,982	3,077	174.1	45	Nov 8, 2024	J-GAAP
YoY	－	－	+16.4%	+35.3%	+34.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	46,861	ー	4,935	3,295	185.4	70	May 11, 2023	J-GAAP
Mar, 2024	42,734	ー	6,597	4,541	258.2	80	May 10, 2024	J-GAAP
Mar, 2025 Guidance	ー	ー	7,700	5,000	282.9	90	May 10, 2024	J-GAAP
YoY	－	－	+16.7%	+10.1%	+9.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,014	ー	2,379	1,670	95.1	0.0	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	9,273	ー	1,390	952	54.2	0.0	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	11,966	ー	2,030	1,322	75.2	0.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	12,870	ー	2,361	1,687	95.7	0.0	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	13,507	ー	1,357	236	13.4	0.0	Nov 8, 2024	J-GAAP
YoY	+34.9%	－	-43.0%	-85.9%	-85.9%