The Bank of Nagoya, Ltd., First Half Ordinary Profit Increases by 64%

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Tue Nov 12, 2024 3:20 pm JST Earnings

8522 The Bank of Nagoya, Ltd. 【J-GAAP】

Earnings Report

The Bank of Nagoya, Ltd. <8522> [TSE-P] announced its financial results in the afternoon session on November 12th (15:20). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 10.3 billion yen, an increase of 63.7% compared to the same period last year, exceeded the previous forecast of 8.2 billion yen.

The progress rate against the 17.3 billion yen full-year plan was 59.5%, also surpassing the five-year average of 48.9%.

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 decrease by 14.9% from the same period last year to 6.99 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 2.0 times that of the same period last year, reaching 4.44 billion yen.

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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	39,810	ー	6,469	4,794	276.4	56.3	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	48,206	ー	6,291	4,501	264.4	43.3	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	48,381	ー	10,301	7,509	456.2	59.5	Nov 12, 2024	J-GAAP
YoY	+0.4%	－	+63.7%	+66.8%	+72.6%

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	46,300	ー	8,200	5,900	359.9	110	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	48,381	ー	10,301	7,509	456.2	110	Nov 12, 2024	J-GAAP
Revision Rate	+4.5%	－	+25.6%	+27.3%	+26.8%

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	53,070	ー	8,222	5,535	327.7	100	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	41,519	ー	6,999	4,591	280.1	110	Nov 12, 2024	J-GAAP
YoY	-21.8%	－	-14.9%	-17.1%	-14.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	79,765	ー	11,495	8,377	484.0	120	May 12, 2023	J-GAAP
Mar, 2024	101,276	ー	14,513	10,036	594.1	180	May 14, 2024	J-GAAP
Mar, 2025 Guidance	89,900	ー	17,300	12,100	738.1	220	May 14, 2024	J-GAAP
YoY	-11.2%	－	+19.2%	+20.6%	+24.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	26,106	ー	2,183	1,556	91.4	0.0	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	31,355	ー	5,025	3,397	200.3	0.0	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	21,715	ー	3,197	2,138	126.6	0.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	25,186	ー	5,860	4,063	245.8	0.0	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	23,195	ー	4,441	3,446	209.4	0.0	Nov 12, 2024	J-GAAP
YoY	-11.2%	－	+103.4%	+121.5%	+129.1%