Suruga Bank Ltd., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 7% Increase, Dividend Revised Upward by 7 yen

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Tue Nov 12, 2024 1:00 pm JST Earnings

8358 Suruga Bank Ltd. 【J-GAAP】

Earnings Report

Suruga Bank Ltd. <8358> [TSE-P] announced its financial results in the afternoon session on November 12th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 12.9 billion yen, a 0.8% increase compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 15.8%, from the previous forecast of 19 billion yen to 22 billion yen (compared to 20.6 billion yen in the previous period), turning to a 6.6% increase in the consolidated ordinary profit outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 16.1% from the same period last year, reaching 9.03 billion yen.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 22 yen to 29 yen (compared to 21 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 5.36 billion yen, a 33.5% 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	52,695	ー	18,270	16,391	87.0	137.7	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	43,994	ー	12,855	9,589	46.8	62.3	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	42,583	ー	12,962	11,084	57.9	58.9	Nov 12, 2024	J-GAAP
YoY	-3.2%	－	+0.8%	+15.6%	+23.7%

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	12,900	11,000	58.9	11	Nov 8, 2024	J-GAAP
Apr - Sep, 2024 Results	42,583	ー	12,962	11,084	57.9	14.50	Nov 12, 2024	J-GAAP
Revision Rate	－	－	+0.5%	+0.8%	-1.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	ー	ー	19,000	14,500	77.7	22	May 10, 2024	J-GAAP
Mar, 2025 New	ー	ー	22,000	17,500	93.7	29	Nov 12, 2024	J-GAAP
Revision Rate	－	－	+15.8%	+20.7%	+20.7%

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	47,453	ー	7,786	5,786	28.4	14	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	ー	ー	9,038	6,416	34.4	14.50	Nov 12, 2024	J-GAAP
YoY	－	－	+16.1%	+10.9%	+21.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	92,403	ー	13,266	10,576	56.2	9	May 12, 2023	J-GAAP
Mar, 2024	91,447	ー	20,641	15,375	75.4	21	May 10, 2024	J-GAAP
Mar, 2025 Guidance	ー	ー	22,000	17,500	93.7	29	Nov 12, 2024	J-GAAP
YoY	－	－	+6.6%	+13.8%	+24.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	23,031	ー	8,075	6,079	29.7	0.0	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	23,422	ー	4,878	3,908	18.9	0.0	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	24,031	ー	2,908	1,878	9.2	0.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	22,286	ー	7,594	6,810	35.4	0.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	20,297	ー	5,368	4,274	22.3	0.0	Nov 12, 2024	J-GAAP
YoY	-11.9%	－	-33.5%	-29.7%	-24.7%