Suruga Bank hits new all-time high for first time in about 1.5 months after raising earnings and dividend forecasts
Suruga Bank Ltd. <8358> shares held firm, reaching a new all-time high for the first time in about 1.5 months. After market close on Sep 30, Suruga Bank raised its consolidated earnings forecast for the fiscal year ending Mar 2027, lifting its net profit projection to 44 billion yen from 32 billion yen (up 26.7% from the prior fiscal year). The revision marks a turnaround from a previously projected profit decline to a projected increase, with Suruga Bank expecting to post record-high profit for the first time in 10 fiscal years. The dividend forecast was also raised to 80 yen per share from 60 yen (compared with 60 yen in the prior fiscal year), drawing positive market reaction.
The upward revision reflects steady progress in new loan originations and the pricing-in of rising interest rates, expected to result in stronger-than-anticipated first-half earnings. In addition to favorable earnings momentum, Suruga Bank took into account the future financial and economic environment as well as earnings trends.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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