FY2011 3rd Quarter Financial Results    (April 1 - December 31, 2011)            January 30, 2012             いつも、あおぞらを。  ...
(Note)   Unless otherwise stated, all figures are on a consolidated basis and amounts                                     ...
Ⅱ. PL: Summary       Financial‘      highlights        p. 1                                                               ...
Ⅱ. PL: Net interest income       Financial‘      highlights        p. 1                                  Net interest inco...
Ⅱ. PL: Net fees and commissions                                       Net trading revenues       Financial‘      highlight...
Ⅱ. PL: Net other ordinary income       Financial‘      highlights        p. 1      PL Summary           2       Gains/loss...
Ⅱ. PL: G&A Expenses       Financial‘      highlights        p. 1                                  G&A expenses were reduce...
Ⅱ. PL: Credit-related expenses       Financial‘      highlights        p. 1     Credit-related expenses were a net profit ...
Ⅲ. Balance Sheet: Summary       Financial‘      highlights        p. 1                                  Total assets were ...
Ⅲ. Balance Sheet: Funding       Financial‘      highlights        p. 1                                       The percentag...
Ⅲ. Balance Sheet: Funding rate       Financial‘      highlights        p. 1                                       The Bank...
Ⅲ. Balance Sheet: Loans - Overall       Financial‘      highlights        p. 1                                  Loans decr...
Ⅲ. Balance Sheet: Loans - Overseas       Financial‘      highlights        p. 1         Portfolio well diversified by indu...
Ⅲ. Balance Sheet: Loans - Real estate sector(1/2)       Financial‘      highlights        p. 1      PL Summary           2...
Ⅲ. Balance Sheet: Loans - Real estate sector(2/2)       Financial‘      highlights        p. 1     Tokyo-metro focused. Mo...
Ⅲ. Balance Sheet: FRL credit       Financial‘      highlights        p. 1                                  Financial Recon...
Ⅲ. Balance Sheet: Securities       Financial‘      highlights        p. 1      Securities decreased 131.0 billion yen, or ...
Ⅳ. Capital Adequacy Ratio                                   (As of end-September 2011)       Financial‘      highlights   ...
Ⅴ. Reference :                                   Consolidated, Non-Consolidated Difference       Financial‘      highlight...
Ⅴ. Reference : Share Status       Financial‘      highlights        p. 1      PL Summary           2      Common shares   ...
< Inquiries >AOZORA BANK, LTD.Corporate Communication DivisionTEL:     03-5212-9253FAX:     03-3239-8065URL:      http://w...
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Aozora fy2011 3q_fr_pres

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Aozora fy2011 3q_fr_pres

  1. 1. FY2011 3rd Quarter Financial Results (April 1 - December 31, 2011) January 30, 2012 いつも、あおぞらを。 いつも、あおぞらを。 Always Aozora
  2. 2. (Note) Unless otherwise stated, all figures are on a consolidated basis and amounts stated in 100 million yen have been rounded to the nearest 100 million yen I. Financial highlights‘ Financial highlights p. 1 Net income of 31.7 billion yen for the first nine months of FY2011, an increase of 12.0 billion yen, or 60.8%, year on year PL Summary 2 11th consecutive quarterly profit Net interest 3 income Steady progress of 70% towards the revised full-year forecast of 45.0 billion yen Net fees and 4 Included the negative effect on deferred tax assets of approximately 2.5 billion yen resulting from the recent commissions, etc. revision of the corporate tax rate for the next fiscal year Net other ordinary income 5 Net interest income was 34.2 billion yen, representing the first year on year increase of a fiscal year to date result in five quarters Expenses 6 Continued disciplined balance sheet management Credit-related 7 expenses Continued improvement of the net interest margin; 10bps expansion year on year BS Summary 8 Reduced G&A expenses by 1.4 billion yen, or 4.6%, year on year, to 28.8 billion yen. Funding 9-10 OHR was 48.4% Loans 11 Credit-related expenses were a net profit of 2.0 billion yen, compared with a net Overseas loans 12 expense of 9.4 billion yen in the first nine months of FY2010 Real estate loans 13-14 Conservatively strengthened specific reserves, mainly for existing overseas credit FRL credit 15 Reversal of the loan loss reserve, reflecting preventative measures taken by the Bank to date, including the conservative allocation of reserves Securities 16 Domestic loans increased 24.4 billion yen from end-March 2011 CAR 17 Consolidated vs Stable base of retail funding Non-Consolidated 18 Percentage of retail funding to total core funding remained high at 68.1% Share Status 19 Sufficient level of liquidity reserves at approx. 600 billion yen Capital ratios among the highest in the Japanese banking industry Capital adequacy ratio and Tier 1 ratio are both expected to remain high (These ratios will be announced mid-February) Copyright © 2012 Aozora Bank, Ltd . All Rights Reserved. 1
  3. 3. Ⅱ. PL: Summary Financial‘ highlights p. 1 (100 million yen, %) PL Summary 2 FY2010 FY2011 Change B-A FY2011 full-year Progress Net interest 3 months 9 months 3 months 9 months Amount % forecast Page income 3 Oct.-Dec. Apr.-Dec. A Oct.-Dec. Apr.-Dec. B Net revenue 185 606 199 595 -11 -1.9% 810 73.4% Net fees and 4 commissions, etc. Net interest income 107 342 110 342 +0 +0.1% - - 3 Net other Net interest margin 0.89% 0.95% 1.02% 1.05% +0.10% - - - 3 5 ordinary income Net fees & commissions 21 74 20 63 -11 -15.3% - - 4 Expenses 6 Net trading revenues 16 74 13 53 -21 -27.8% - - 4 Credit-related Gains/losses on bond transactions 36 110 37 99 -11 -10.3% - - 5 expenses 7 Net other ordinary income excl. gains/losses on bond transactions 5 6 21 38 +32 +522.0% - - 5 BS Summary 8 General & administrative expenses -99 -302 -96 -288 +14 -4.6% -395 72.9% 6 Funding 9-10 Business profit 86 304 104 307 +2 +0.8% 415 73.9% Loans 11 Ordinary profit 43 196 90 295 +99 +50.3% 400 73.8% Overseas loans 12 Real estate loans 13-14 Net income 55 197 91 317 +120 +60.8% 450 70.4% Credit-related expenses incl. recoveries of written- FRL credit 15 off claims -31 -94 -6 20 +114 - 26 - 7 Securities 16 Taxes 2 -2 0 21 +23 - - - CAR 17 Net income before minority interests 56 198 91 317 +119 +60.4% Consolidated vs Non-Consolidated 18 Other comprehensive income -60 -6 -22 18 +24 - Share Status 19 Comprehensive income -4 192 70 335 +143 +74.8% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 2
  4. 4. Ⅱ. PL: Net interest income Financial‘ highlights p. 1 Net interest income was 34.2 billion yen, representing the first year on year PL Summary 2 increase of a fiscal year to date result in five quarters Net interest income 3 Net interest margin expanded while the average balance of interest earning assets Net fees and declined year on year 4 commissions, etc. Funding costs were reduced 19 bps to 0.60%, from 0.79% in the first nine months Net other ordinary income 5 of FY2010 Expenses 6 The net interest margin expanded to 1.05%, and the loan margin expanded to Credit-related expenses 7 1.34% Net interest income ( 100 million yen, % ) BS Summary 8 FY2010 FY2011 Change C-A Change D-B 3 months 9 months 3 months 9 months Funding 9-10 Amount % Amount % Oct.-Dec. A Apr.-Dec. B Oct.-Dec. C Apr.-Dec. D Net interest income 107 342 110 342 +2 +2.3% +0 +0.1% Loans 11 Interest income 180 579 165 517 -15 -8.6% -63 -10.8% Interest on loans and discounts 138 436 126 387 -12 -8.8% -49 -11.1% Overseas loans 12 Interest and dividends on securities 27 101 29 97 +2 +6.7% -4 -4.4% Other interest income 6 12 4 12 -2 -36.0% +0 +1.5% Interest on swaps 9 30 6 20 -3 -33.8% -10 -32.5% Real estate loans 13-14 Interest expenses -73 -238 -55 -175 +18 - +63 - Interest on deposits and NCDs -55 -174 -43 -136 +11 - +38 - FRL credit 15 Interest on debentures -9 -34 -6 -20 +2 - +14 - Interest on borrowings and rediscount -1 -4 -1 -3 +0 - +1 - Securities 16 Other interest expenses -6 -16 -2 -7 +3 - +9 - Interest on swaps -3 -10 -2 -8 +1 - +2 - Increases in expenses are shown as negative CAR 17 Net interest margin Consolidated vs FY2010 FY2011 Change Non-Consolidated 18 3 months 9 months 3 months 9 months C-A D-B Oct.-Dec. A Apr.-Dec. B Oct.-Dec. C Apr.-Dec. D Share Status 19 Yield on total investments (A) 1.63% 1.74% 1.57% 1.65% -0.06% -0.09% Yield on loans (B) 1.98% 2.00% 1.90% 1.94% -0.08% -0.06% Yield on securities 0.82% 1.08% 0.92% 1.01% +0.10% -0.07% Yield on funding (C) 0.74% 0.79% 0.55% 0.60% -0.19% -0.19% Net interest margin (A)-(C) 0.89% 0.95% 1.02% 1.05% +0.13% +0.10% Net loan margin (B)-(C) 1.24% 1.21% 1.35% 1.34% +0.11% +0.13% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 3
  5. 5. Ⅱ. PL: Net fees and commissions Net trading revenues Financial‘ highlights p. 1 PL Summary 2 Net fees and commissions were 6.3 billion yen, a decrease of 1.1 billion yen or 15.3%, year on year Net interest income 3 The sale of investment products to mass affluent retail customers showed steady Net fees and commissions, etc. 4 progress Net other ordinary income 5 Net trading revenues were 5.3 billion yen, a decrease of 2.1 billion yen or Expenses 6 27.8% year on year Credit-related expenses 7 Earnings from sales of derivative-embedded products decreased, mainly due to changes in the market environment BS Summary 8 100 million yen, % ( ) Funding 9-10 FY2010 FY2011 Change C-A Change D-B Loans 11 3 months 9 months 3 months 9 months Amount % Amount % Oct.-Dec. A Apr.-Dec. B Oct.-Dec. C Apr.-Dec. D Overseas loans 12 Net fees and commissions 21 74 20 63 -2 -7.6% -11 -15.3% Real estate loans 13-14 Fees and commissions received 23 81 21 68 -2 -7.4% -12 -15.4% Loans, Deposits, Debentures 16 55 14 45 -2 -15.2% -10 -18.6% FRL credit 15 Securities 2 9 2 7 -1 -35.5% -2 -20.3% Securities 16 Agencies 1 7 3 9 +3 +295.3% +2 +28.8% CAR 17 Other 4 10 3 8 -1 -26.0% -3 -24.1% Fee and commission payments -2 -6 -2 -5 +0 - +1 - Consolidated vs Non-Consolidated 18 Of which, fees from investment trusts and annuity insurance 3 10 5 15 +2 +62.6% +5 +50.0% Share Status 19 Net trading revenues 16 74 13 53 -3 -20.8% -21 -27.8% Trading-related financial derivatives (net) 12 69 8 42 -4 -36.9% -27 -38.9% Others 4 5 5 11 +1 +31.2% +6 +122.8% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 4
  6. 6. Ⅱ. PL: Net other ordinary income Financial‘ highlights p. 1 PL Summary 2 Gains/losses on bond transactions decreased 1.1 billion yen, or 10.3%, to Net interest 9.9 billion yen year on year income 3 Net fees and 4 Net other ordinary income, excluding gains/losses on bond transactions, commissions, etc. improved 3.2 billion yen to 3.8 billion yen year on year Net other 5 ordinary income Mainly due to profit from limited partnerships Expenses 6 Income of 1.6 billion yen, recorded in ‘Others’ in the third quarter (Oct.-Dec.), was Credit-related expenses 7 mainly due to overseas investments BS Summary 8 (100 million yen, %) Funding 9-10 FY2010 FY2011 Change C-A Change D-B 3 months 9 months 3 months 9 months Amount % Amount % Loans 11 Oct.-Dec. A Apr.-Dec. B Oct.-Dec. C Apr.-Dec. D Net other ordinary income 41 116 58 136 +17 +40.8% +20 +17.3% Overseas loans 12 Gains/losses on bond transactions 36 110 37 99 +2 +4.3% -11 -10.3% Real estate loans 13-14 Japanese government bonds (JGB) 16 65 16 38 -0 -1.3% -26 -40.8% Foreign government bonds & mortgage-backed securities 5 48 36 89 +31 +610.5% +42 +87.7% FRL credit 15 Others 15 -2 -14 -29 -29 - -27 - Hedge fund investments (AFS) 0 25 1 6 +0 +103.6% -19 -76.7% Securities 16 Others 14 -27 -15 -34 -29 - -7 - Net other ordinary income excl. gains/losses on bond transactions 5 6 21 38 +15 +282.6% +32 +522.0% CAR 17 Gains/losses on foreign currency transactions -17 -41 1 -19 +18 - +22 - Gains/losses on derivatives other than trading, net 5 4 -0 -1 -5 - -5 - Consolidated vs Non-Consolidated 18 Profit from limited partnerships 9 16 0 23 -9 -96.6% +7 +42.2% Real estate related 3 2 5 16 +2 +60.8% +14 +591.0% Share Status 19 Distressed loan related 6 16 3 12 -3 -50.9% -4 -27.2% Other (venture capital, etc.) 1 -2 -7 -5 -8 - -3 - Gains on distressed loans (Aozora Loan Services) 7 22 4 16 -3 -42.3% -6 -26.3% Debenture issue cost -0 -0 -0 -0 +0 - +0 - Others 2 5 16 18 +14 +707.6% +13 +249.4% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 5
  7. 7. Ⅱ. PL: G&A Expenses Financial‘ highlights p. 1 G&A expenses were reduced 1.4 billion yen, or 4.6%, year on year to 28.8 PL Summary 2 billion yen Net interest 3 income Continued strict control on costs including the implementation of a Bank-wide Net fees and 4 cost review commissions, etc. Net other OHR was 48.4%, well within the Banks mid-term target of 50% or below 5 ordinary income (100 million yen) 59.6% Jan. - Mar. Expenses 6 A - Dec. pr. Credit-related OHR (Apr.-Dec.) expenses 7 500 49.8% 48.4% BS Summary 8 448 Forecast (Revised) Funding 9-10 409 395 400 Loans 11 126 107 Overseas loans 12 107 Real estate loans 13-14 300 FRL credit 15 Securities 16 200 CAR 17 323 Consolidated vs 302 288 Non-Consolidated 18 100 Share Status 19 FY2009 FY2010 FY2011 Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 6
  8. 8. Ⅱ. PL: Credit-related expenses Financial‘ highlights p. 1 Credit-related expenses were a net profit of 2.0 billion yen, compared with a PL Summary 2 net expense of 9.4 billion yen in the first nine months of FY2010 Net interest income 3 Conservatively strengthened specific reserves mainly for existing overseas credit Net fees and commissions, etc. 4 Reversal of the loan loss reserve, reflecting both the absence of significant credit events and preventative measures taken by the Bank to date including the Net other ordinary income 5 conservative allocation of reserves (100 million yen, %) Expenses 6 FY2010 FY2011 Change Change Credit-related 3 months 9 months 3 months 9 months C-A D-B expenses 7 Oct.-Dec. A Apr.-Dec. B Oct.-Dec. C Apr.-Dec. D Write-off/loss on disposal of loans ① -41 -108 2 -13 +43 +95 BS Summary 8 Write-off of loans -0 -19 -3 -10 -3 +9 Provision of specific allowance for loan losses -54 -88 - - +54 +88 Funding 9-10 Provision of general allowance for loan losses * 14 -4 5 -1 -9 +4 Loans 11 Gains/losses on disposition of loans -1 3 0 -2 +1 -5 Reversal of allowance for loan losses ② - - -10 23 -10 +23 Overseas loans 12 Reversal of general allowance for loan losses - - 90 158 +90 +158 Reversal of specific allowance for loan losses - - -100 -135 -100 -135 Real estate loans 13-14 Reversal of reserve for credit losses on off-balance-sheet instruments ③ 9 9 - - -9 -9 FRL credit 15 Recoveries of written-off claims ④ 2 5 2 9 -0 +4 Credit-related expenses Securities 16 incl. recoveries of written-off claims + ④ ③ ② ①  ④ ③ ② ①  ④ ③ ② ①  ④ ③ ② ① + + -31 -94 -6 20 +25 +114 * Including provision for reserve for credit losses on off-balance sheet instruments CAR 17 Consolidated vs 18 The ratio of loan loss reserves to total loans outstanding was 3.42%, Non-Consolidated remaining one of the highest among major Japanese banks Share Status 19 (100 million yen, %) End-Mar. End-Sep. End-Dec. 2011 2011 2011 Allowance for loan losses ① 1,002 941 911 Loans outstanding ② 27,296 27,016 26,667 / ② ① 3.67% 3.48% 3.42% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 7
  9. 9. Ⅲ. Balance Sheet: Summary Financial‘ highlights p. 1 Total assets were 5,032.8 billion yen, an increase of 114.5 billion yen, or 2.3%, PL Summary 2 compared to end-March 2011 Net interest income 3 Total liabilities increased 85.7 billion yen, or 2.0%, to 4,438.8 billion yen as compared Net fees and commissions, etc. 4 to end-March 2011 Net other 5 Net assets were 594.0 billion yen, representing an increase of 28.8 billion yen, or 5.1%, ordinary income in comparison with end-March 2011 Expenses 6 (100 million yen, %) End-Mar. 11 End-Dec. 11 Change B-A Credit-related End-Sep. 11 expenses 7 A B Amount % Page BS Summary 8 Total assets 49,184 50,328 +1,145 +2.3% 50,520 Loans and bills discounted 27,296 26,667 -629 -2.3% 27,016 11-14 Funding 9-10 Securities 13,357 12,047 -1,310 -9.8% 12,939 16 Loans 11 Cash and due from banks 2,720 2,441 -278 -10.2% 1,773 Others 5,812 9,173 +3,361 +57.8% 8,792 Overseas loans 12 Total liabilities 43,532 44,388 +857 +2.0% 44,654 9 Real estate loans 13-14 Deposits 27,774 27,394 -380 -1.4% 27,754 Negotiable certificates of deposit 1,549 2,086 +537 +34.7% 1,788 FRL credit 15 Debentures 2,647 2,443 -204 -7.7% 2,676 Securities 16 Bonds payable 912 - -912 -100.0% - CAR Others 10,649 12,465 +1,816 +17.1% 12,436 17 Total net assets 5,652 5,940 +288 +5.1% 5,866 Consolidated vs Non-Consolidated 18 Capital stock 4,198 4,198 - - 4,198 Capital surplus 333 336 +2 +0.7% 333 Share Status 19 Retained earnings 1,324 1,589 +265 +20.0% 1,498 Valuation difference on available-for-sale securities 18 46 +28 +157.4% 66 16 Others -221 -229 -8 - -229 Total liabilities and net assets 49,184 50,328 +1,145 +2.3% 50,520 Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 8
  10. 10. Ⅲ. Balance Sheet: Funding Financial‘ highlights p. 1 The percentage of retail funding to total core funding remained high at PL Summary 2 68.1% as of end-December 2011 Net interest income 3 Maintained sufficient liquidity reserves of approximately 600 billion yen as Net fees and commissions, etc. 4 of end-December 2011 Net other 5 ordinary income 70.3% (100 million yen) 68.1% Financial Institutions (Deposits, etc.) Expenses 6 Financial Institutions (Debentures) 63.1% Corporate and Public Institutions Credit-related Retail expenses 7 40,000 Retail Funding Ratio 37,409 BS Summary 8 3,322 32,883 Funding 9-10 31,924 2,194 Loans 11 30,000 6,275 3,411 3,333 2,296 Overseas loans 12 4,209 4,238 4,472 Real estate loans 13-14 20,000 FRL credit 15 Securities 16 23,118 23,603 21,744 CAR 17 10,000 Consolidated vs Non-Consolidated 18 Share Status 19 End-Mar. 10 End-Mar. 11 End-Dec. 11 Loan-to-deposit ratio incl. CD 99% 93% 90% Liquidity reserve 8,282 5,832 6,001 (100 million yen) Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 9
  11. 11. Ⅲ. Balance Sheet: Funding rate Financial‘ highlights p. 1 The Bank’s overall yield on funding has steadily declined, reflecting its PL Summary 2 ongoing effort to reduce funding costs Net interest income 3 Net fees and 4 commissions, etc. Retail deposit Debenture ‘Direct’ deposit rate (1Y) Debenture coupon (2Y) Yield on funding (Overall) * Net other 5 (100 million yen) ordinary income 25,000 Debenture issuance Expenses 6 was suspended from Oct.08 to Aug.09 1.50% Credit-related expenses 7 20,000 BS Summary 8 Funding 9-10 15,000 1.00% Loans 11 Overseas loans 12 10,000 Real estate loans 13-14 0.50% FRL credit 15 Securities 5,000 16 CAR 17 Consolidated vs Non-Consolidated 18 End-Mar. 08 End-Mar. 09 End-Mar. 10 End-Mar. 11 End-Dec. 11 Share Status 19 Coupon / Interest rate Jan. 2012 2 year debenture 1.10% Suspended 1.00% 0.50% 0.35% 0.35% 1 year retail time deposit 0.80% 1.10% 0.60% 0.25% 0.35% 0.35% * Interest expenses / Average balance of interest-bearing liabilities Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 10
  12. 12. Ⅲ. Balance Sheet: Loans - Overall Financial‘ highlights p. 1 Loans decreased slightly from end-March 2011 by 62.9 billion yen, or 2.3%, PL Summary 2 to 2,666.7 billion yen Net interest income 3 While overseas loans were deliberately decreased by 87.3 billion yen or 20.6%, Net fees and commissions, etc. 4 domestic lending increased 24.4 billion yen, or 1.1% Net other 5 Continued focus on middle market business showed positive results, including an ordinary income increase in the number of new clients Expenses 6 (100 million yen, %) Credit-related End-Mar. 11 End-Dec. 11 End-Sep. 11 expenses 7 Change B-A Loans and bills discounted A B by industry Balance % Balance % Amount % Balance % BS Summary 8 Loans by domestic offices Funding 9-10 (excluding Japan offshore market accounts) 25,350 92.9% 25,378 95.2% +28 +0.1% 25,667 95.0% Manufacturing 2,436 8.9% 2,810 10.5% +374 +15.4% 2,926 10.8% Loans 11 Agriculture, forestry and fisheries 39 0.1% 36 0.1% -3 -6.7% 51 0.2% Mining, quarry, gravel extraction 37 0.1% 33 0.1% -4 -11.0% 33 0.1% Overseas loans 12 Construction 376 1.4% 453 1.7% +77 +20.6% 380 1.4% Electricity, gas, heat supply and water 90 0.3% 66 0.2% -25 -27.2% 69 0.3% Information and communications 664 2.4% 449 1.7% -215 -32.3% 449 1.7% Real estate loans 13-14 Transport, postal services 1,748 6.4% 1,597 6.0% -152 -8.7% 1,651 6.1% Wholesale and retail sale 1,446 5.3% 1,204 4.5% -242 -16.7% 1,306 4.8% FRL credit 15 Financial and insurance 3,888 14.2% 4,305 16.1% +418 +10.7% 4,238 15.7% Real estate 8,936 32.7% 8,727 32.7% -210 -2.3% 8,845 32.7% Securities 16 Non-Recourse loans 5,929 66.3% 5,893 67.5% -36 -0.6% 5,909 66.8% (Ratio is % in Real estate sector) Leasing 865 3.2% 649 2.4% -215 -24.9% 748 2.8% CAR 17 Other services 1,566 5.8% 1,728 6.5% +163 +10.4% 1,708 6.3% Local governments 676 2.5% 659 2.5% -17 -2.5% 663 2.5% Consolidated vs Non-Consolidated 18 Others 2,585 9.5% 2,662 10.0% +77 +3.0% 2,599 9.6% Overseas (Headquarters booked) A 2,297 8.4% 2,080 7.8% -217 -9.4% 2,019 7.5% Loans by overseas offices incl. Japan offshore market accounts B 1,946 7.1% 1,289 4.8% -656 -33.7% 1,349 5.0% Share Status 19 Total 27,296 100.0% 26,667 100.0% -629 -2.3% 27,016 100.0% Domestic loans 23,053 84.5% 23,297 87.4% +244 +1.1% 23,647 87.5% Overseas loans A+B ( ( ( ( ) ) ) ) 4,243 15.5% 3,370 12.6% -873 -20.6% 3,368 12.5% Overseas loans with no final risk residing in Japan 3,429 12.6% 2,859 10.7% -570 -16.6% 2,811 10.4% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 11
  13. 13. Ⅲ. Balance Sheet: Loans - Overseas Financial‘ highlights p. 1 Portfolio well diversified by industry PL Summary 2 Net interest Overseas loans decreased in terms of size and as a proportion of total loans income 3 Net fees and 4 Overseas loans as of end-December 2011 (285.9 billion yen) * commissions, etc. Net other <By industry> <By region> 5 ordinary income Other services Manufacturing M ining, quarry, Expenses 6 12% 13% gravel extraction European countries Loans related to GIIPS 2% 17% (Billions of yen) Credit-related expenses 7 Real estate Electricity, gas, heat Ireland 3.3 Oceania 9% supply and water Greece 1.0 4% BS Summary 8 4% Spain 0.3 Others Funding 9-10 Information and 2% Total 4.6 communications Loans 11 16% Asia 11% Overseas loans 12 North America Transport, postal 66% Real estate loans 13-14 Financial and service insurance 13% FRL credit 15 30% * Overseas loans with no final risk residing in Japan Wholesale and retail trade 3% Securities 16 <Proportion of overseas loans and overseas LBO loans> CAR 17 (100 million yen,%) End-Mar. 11 End-Sep. 11 End-Dec. 11 Consolidated vs Loan total A   27,296 27,016 26,667 Non-Consolidated 18 3,429 2,811 2,859 Overseas loans B  B/A 12.6% 10.4% 10.7% Share Status 19 Overseas LBO loans Based on FSB ( ) 1,839 1,363 1,238 (100 million yen) FY2011 FY2012 FY2013 FY2014 FY2015 or later <Maturity Schedule> Legal maturity of overseas loans 47 786 447 753 828 Overseas LBO loans Based on FSB ( ) 8 43 281 586 320 Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 12
  14. 14. Ⅲ. Balance Sheet: Loans - Real estate sector(1/2) Financial‘ highlights p. 1 PL Summary 2 Loans to the real estate sector decreased 21.0 billion yen and non- Net interest 3 recourse loans decreased 3.6 billion yen income Net fees and 4 commissions, etc. Changes in loans to the real estate sector Non-recourse loans Net other 5 Others ordinary income 100 million yen ( ) Ratio of non-recourse loans Expenses 6 10,000 100.0% Credit-related expenses 7 8,936 8,845 8,727 BS Summary 8 5,929 5,909 5,893 Funding 9-10 7,500 66.3% 66.8% 67.5% Loans 11 Overseas loans 12 Real estate loans 13-14 5,000 50.0% FRL credit 15 Securities 16 CAR 17 2,500 3,007 2,936 Consolidated vs 2,833 Non-Consolidated 18 Share Status 19 End-Mar. 11 End-Sep. 11 End-Dec. 11 Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 13
  15. 15. Ⅲ. Balance Sheet: Loans - Real estate sector(2/2) Financial‘ highlights p. 1 Tokyo-metro focused. Most non-recourse loans are office or residential PL Summary 2 Net interest Non-recourse loans as of end-December 2011 income 3 <Area> <Sector> Net fees and 4 Hokkaido commissions, etc. Tokyo- 1% Retail Logistics Metro Net other 5 Osaka 12% 1% ordinary income 7% 7% Aichi Hotel Expenses 6 1% 1% Credit-related 7 Fukuoka Office Others expenses 1% 44% 7% BS Summary 8 Others Funding 9-10 1% Loans 11 Overseas loans 12 Residential Tokyo 35% Real estate loans 13-14 82% FRL credit 15 90% of the portfolio remains LTV 70% or below Securities 16 LTV Status As of end-Dec. 2011 ( ) CAR 17 Cumulative % of portfolio Consolidated vs 70% or below 90% Non-Consolidated 18 80% or below 96% Share Status 19 (100 million yen)        Legal maturity FY2011 FY2012 FY2013 FY2014 FY2015 or later Exposure Non-recourse loans as of end-Dec. 2011 4% 22% 12% 14% 48% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 14
  16. 16. Ⅲ. Balance Sheet: FRL credit Financial‘ highlights p. 1 Financial Reconstruction Law (FRL) claims were 130.5 billion yen, and the FRL PL Summary 2 Ratio was 4.79% Net interest income 3 Conducted a strict review of internal borrower ratings, mainly overseas borrowers Net fees and commissions, etc. 4 Limited impact on credit-related expenses due to the preventative measures taken by the Bank to date including the conservative allocation of reserves Net other 5 ordinary income The percentage of FRL claims covered by reserves, collateral and guarantees Expenses 6 remained high at 89.0% Non-consolidated Credit-related 7 expenses Non-consolidated BS Summary 8 (100 million yen) 5.52% Bankrupt Funding 9-10 1,718 4.79% Doubtful 4.59% 5% Loans 11 1,500 418 Special attention 1,275 1,305 4% Overseas loans 12 74 Ratio of coverage by reserves, 119 collateral and guarantees to FRL credit Real estate loans 13-14 1,000 3% FRL credit 15 880 804 950 2% Securities 16 500 CAR 17 1% 420 352 Consolidated vs 281 Non-Consolidated 18 Share Status 19 End-Mar. 10 End-Mar. 11 End-Dec. 11 Coverage 1,467 1,120 1,161 Reserves 403 354 495 Collateral and guarantees 1,064 766 666 Ratio of coverage by reserves, collateral and guarantees to FRL credit 85.4% 87.8% 89.0% Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 15
  17. 17. Ⅲ. Balance Sheet: Securities Financial‘ highlights p. 1 Securities decreased 131.0 billion yen, or 9.8%, to 1,204.7 billion yen from end- PL Summary 2 March 2011 Net interest 3 JGBs and money market funds decreased income Net fees and 4 Total unrealized gains amounted to 8.7 billion yen, reflecting unrealized gains on commissions, etc. JGBs and foreign bonds of 6.4 billion yen and 3.0 billion yen, respectively Net other (100 million yen, %) 5 ordinary income Book value Unrealized gains / losses Change B-A Expenses 6 End-Mar. End-Dec. End-Sep. End-Mar. End-Dec. Change End-Sep. 2011 A 2011 B amount % 2011 2011 C 2011 D D-C 2011 Credit-related JGBs 6,771 5,926 -845 -12.5% 6,987 57 64 +7 68 expenses 7 TDB only 603 1,258 +655 +108.6% 1,517 -0 -0 -0 -0 15Y floating rate only 1,495 1,486 -9 -0.6% 1,483 65 56 -9 52 BS Summary 8 Municipal bonds 103 120 +17 +16.1% 90 -0 1 +1 1 Corporate bonds 752 783 +31 +4.2% 698 -1 4 +5 -0 Funding 9-10 Equities 267 265 -2 -0.8% 265 -2 -3 -1 -2 Loans 11 Foreign bonds 3,404 3,305 -98 -2.9% 3,224 -38 30 +68 50 US Treasury 2,422 1,972 -450 -18.6% 1,775 -27 17 +44 30 Overseas loans 12 MBS 593 786 +193 +32.5% 775 -8 15 +23 24 Others 388 547 +159 +40.9% 674 -3 -2 +1 -3 Real estate loans 13-14 CDO 3 2 -1 -24.3% 2 1 1 -0 1 Others 385 545 +160 +41.4% 672 -4 -2 +2 -4 FRL credit 15 Others 2,061 1,648 -413 -20.0% 1,675 28 -9 -37 2 Hedge funds 146 108 -38 -26.2% 113 25 17 -8 19 Securities 16 ETFs (linked to Japanese stock indices) 25 21 -4 -14.8% 22 0 -3 -4 -3 CAR 17 Investments in limited partnerships 681 592 -89 -13.1% 609 3 0 -3 3 REIT 93 120 +27 +29.0% 129 7 -18 -25 -10 Consolidated vs Others 1,115 807 -309 -27.7% 802 -7 -4 +3 -8 Non-Consolidated 18 GMAC only 12 11 -1 -6.5% 11 - - - - Money market funds 995 697 -298 -30.0% 695 -5 -3 +2 -5 Share Status 19 Total 13,357 12,047 -1,310 -9.8% 12,939 44 87 +43 119 Floating rate JGBs as of end-December 2011, were valued in the same way as at March 31, 2011, on the basis of internal calculations pursuant to Practical Issues Task Force No.25, ‘Practical Solution on Measurement of Fair Value for Financial Assets issued by the Accounting Standards Board of Japan. A portion of beneficial interests in investment trusts within ‘monetary claims bought’ are marked at fair value from end-March 2010, but the amounts (balance sheet total 13.9 billion yen; valuation loss 0.3 billion yen as of end-December 2011) are not included in the table above. Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 16
  18. 18. Ⅳ. Capital Adequacy Ratio (As of end-September 2011) Financial‘ highlights p. 1 PL Summary 2 Capital adequacy ratio and Tier 1 ratio are both expected to remain high Net interest (These ratios will be announced mid-February) income 3 Net fees and Risk-weighted assets Regulatory capital T 1 capital ier Total capital adequacy ratio Tier 1 capital ratio 4 commissions, etc. Net other (100 million yen) 19.37% 5 ordinary income 50,000 18.43% Expenses 6 18.07% Credit-related 15.22% expenses 7 16.93% 40,000 15% BS Summary 8 Funding 9-10 14.03% 30,000 Loans 11 10% Overseas loans 12 Real estate loans 13-14 20,000 34,776 FRL credit 15 30,165 29,832 5% Securities 16 10,000 CAR 17 Consolidated vs Non-Consolidated 18 4,879 5,294 5,109 5,561 5,393 5,781 0 0% Share Status 19 End-Mar.10 End-Mar.11 End-Sep.11 < As of end-September 2011 > Core Tier 1 ratio is 17.88%: (Tier 1 capital (excluding preferred securities and non-convertible preferred stock) minus deferred tax assets (net)) divided by risk-weighted assets Tangible equity ratio is 11.60%: Tangible equity divided by tangible assets Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 17
  19. 19. Ⅴ. Reference : Consolidated, Non-Consolidated Difference Financial‘ highlights p. 1 PL Summary 2 Difference between consolidated and non-consolidated net income Net interest income 3 (100 million yen) Net fees and commissions, etc. 4 Consolidated net income 317 Net other 5 ordinary income Non-consolidated net income 307 Expenses 6 Credit-related expenses 7 Difference 10 BS Summary 8 Company name Business group in charge Funding 9-10 Aozora Investment Co., Ltd. ( 100% ) CBG 1 Loans 11 Overseas loans 12 Aozora Trust Bank, Ltd. ( 100% ) FIG -0 Real estate loans 13-14 Aozora Securities Co., Ltd. ( 100% ) RBBG 0 FRL credit 15 Aozora Loan Services Co., Ltd. 67.6% ( ) SFG 1 Securities 16 Aozora Asia Pacific Finance Limited (AAPF) ( 100% ) SFG 2 CAR 17 AZB CLO 1-4 ( 100% ) SFG 2 Consolidated vs Non-Consolidated 18 Aozora GMAC ( 100% ) SFG 11 Share Status 19 Consolidation elimination - - -7 Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 18
  20. 20. Ⅴ. Reference : Share Status Financial‘ highlights p. 1 PL Summary 2 Common shares Net interest income 3 Number of shares Net fees and (Million shares) 4 commissions, etc. Number of shares issued 1,650 Common shares Net other Treasury shares 154 5 ordinary income Shares outstanding (After deduction of treasury shares) 1,496 Expenses 6 Credit-related expenses 7 BS Summary 8 Preferred shares (Public funds) Funding 9-10 Loans 11 Overseas loans 12 Accounting book value (100 million yen) Current number of common Conversion price Mandatory Real estate loans 13-14 Number of shares (Million) shares equivalent (yen) conversion Per share (yen) (Million shares) FRL credit 15 24 4th preferred stock 241 200 120 April 2018 Securities 16 @ 1,000 CAR 17 259 5th preferred stock 1,553 450 540 ~ 345 October 2012 @ 600 Consolidated vs Non-Consolidated 18 Total 1,794 - - 465 - Share Status 19 Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. . 19
  21. 21. < Inquiries >AOZORA BANK, LTD.Corporate Communication DivisionTEL: 03-5212-9253FAX: 03-3239-8065URL: http://www.aozorabank.co.jpMr. Hiroyuki Kajitani h.kajitani@aozorabank.co.jpMr. Richard Roylance r.roylance@aozorabank.co.jpMs. Junko Matsumoto j.matsumoto@aozorabank.co.jpMs. Ruriko Miura r.miura@aozorabank.co.jpMr. Yoshinari Shimizu y4.shimizu@aozorabank.co.jpThis presentation contains forward-looking statements regarding the Bank’s financial condition and resultsof operations. These forward-looking statements, which include the Bank’s views and assumptions withrespect to future events, involve certain risks and uncertainties. Actual results may differ from forecastsdue to changes in economic conditions and other factors including the effects of changes in generaleconomic conditions, changes in interest rates, stock markets and foreign currency, and any ensuingdecline in the value of our securities portfolio, incurrence of significant credit-related cost and theeffectiveness of our operational, legal and other risk management policies Copyright © 2012 Aozora Bank, Ltd All Rights Reserved. .
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