The Bank of Iwate,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 22%, Dividend Revised Upward by 20 yen

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Tue Nov 12, 2024 2:00 pm JST Earnings

8345 The Bank of Iwate,Ltd. 【J-GAAP】

Earnings Report

The Bank of Iwate,Ltd. <8345> [TSE-P] announced its financial results in the afternoon session on November 12th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 10.2% from the same period last year, reaching 4.41 billion yen, resulting in an increase in profits compared to the previous forecast of a 5.2% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 21.5%, from the previous forecast of 7.9 billion yen to 9.6 billion yen (compared to 6.95 billion yen in the previous period), increasing the growth rate from 13.6% to 38.0%.

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 expand by 75.9% from the same period last year, reaching 5.18 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 100 yen to 120 yen (compared to 80 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.98 billion yen, a 13.3% 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	23,339	ー	4,283	3,069	177.1	66.3	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	21,519	ー	4,009	2,672	154.4	57.6	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	23,734	ー	4,417	3,122	182.5	46.0	Nov 12, 2024	J-GAAP
YoY	+10.3%	－	+10.2%	+16.8%	+18.2%

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	3,800	2,600	151.6	50	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	23,734	ー	4,417	3,122	182.5	60	Nov 12, 2024	J-GAAP
Revision Rate	－	－	+16.2%	+20.1%	+20.4%

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	7,900	5,500	320.4	100	May 14, 2024	J-GAAP
Mar, 2025 New	ー	ー	9,600	6,500	378.7	120	Nov 12, 2024	J-GAAP
Revision Rate	－	－	+21.5%	+18.2%	+18.2%

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	22,367	ー	2,946	1,553	90.4	40	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	ー	ー	5,183	3,378	196.8	60	Nov 12, 2024	J-GAAP
YoY	－	－	+75.9%	+117.5%	+117.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	47,591	ー	6,457	5,381	310.4	90	May 12, 2023	J-GAAP
Mar, 2024	43,886	ー	6,955	4,225	246.0	80	May 14, 2024	J-GAAP
Mar, 2025 Guidance	ー	ー	9,600	6,500	378.7	120	Nov 12, 2024	J-GAAP
YoY	－	－	+38.0%	+53.8%	+54.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,792	ー	2,291	1,530	88.4	0.0	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	10,635	ー	1,209	713	41.4	0.0	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	11,732	ー	1,737	840	48.9	0.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	11,796	ー	2,431	1,764	103.4	0.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	11,938	ー	1,986	1,358	79.4	0.0	Nov 12, 2024	J-GAAP
YoY	+10.6%	－	-13.3%	-11.2%	-10.2%