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02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
02 15-14 aozora results-q3
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02 15-14 aozora results-q3

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  • 1. Summary of the 3rd Quarter Financial Statements for the First Nine Months of FY2013 [JGAAP] (Consolidated) January 31, 2014 Listed Exchange TSE Aozora Bank, Ltd. Company Name URL http://www.aozorabank.co.jp/ TSE Code 8304 Representative Shinsuke Baba, Representative Director and President Contact Person Ichiro Mizuno, Joint General Manager of Financial Control Division Scheduled Filing Date of Securities Report February 13, 2014 Dividend payable date March 17,2014 Reference Material Yes Trading Accounts Yes TEL (03)3263-1111 Investor Meeting Yes (Unit: JPY millions, rounded down) 1. Business highlights for the first nine months of FY2013 (Note: Percentages show year-on-year rates of change) (1) Consolidated business results Ordinary income Ordinary profit Net income Million Yen % Million Yen % Million Yen % Nine months ended Dec. 31, 2013 105,761 21.0 41,334 34.3 34,136 11.4 Dec. 31, 2012 87,418 (5.4) 30,767 4.2 30,646 (3.3) (Note)Comprehensive income JPY 15,284 million (-55.5%) (Nine months ended Dec. 31, 2013) JPY 34,370 million (+2.5%) (Nine months ended Dec. 31, 2012) Net income per common share (basic) Nine months ended Dec.31, 2013 Dec.31, 2012 Net income per common share (diluted) Yen Yen 28.20 21.40 21.70 16.32 (2) Consolidated financial condition Total assets Total net assets Net assets per common share Net assets to total assets ratio Million Yen Million Yen % Yen 4,858,027 5,016,689 Dec. 31, 2013 Mar. 31, 2013 504,735 535,839 10.4 10.7 300.68 308.58 (Ref.) Total net assets less Minority interests (Note) JPY 503,945 million (Dec. 31, 2013) JPY 535,073 million (Mar. 31, 2013) Net assets to total assets ratio = Total net assets less (Subscription rights to shares and Minority interests) / Total assets 2. Dividend Annual dividend 1Q end 2Q end 3Q end Yen Yen 3.00 0.00 3.00 Year-end Annual Yen - Yen 13.90 13.90 4.00 - FY2012(common stock) FY2013(common stock) FY2013(common stock) (Forecast) Yen 14.00 4.00 (Note) Revision of dividends forecast to the latest announcement Yes (Note) Please refer to “(Ref.1) Dividends of preferred stocks” on page 3 for preferred stocks. (Note) Please refer to “(Ref.2) Common share dividend payment forecast” regarding the calculation of FY2013 (common stock) (Forecast). 3. Consolidated earnings forecast for the year ending March 31, 2014 (FY 2013) (Note: Percentages show year-on-year rates of change) Ordinary profit Million Yen FY2013(Full Year) 42,000 Net income per share Net income % 2.2 Million Yen 41,000 % 1.1 (Note) Revision of consolidated earnings forecast to the latest announcement No 1 Yen 33.73
  • 2. Aozora Bank, Ltd. *Notes (1) Changes in material subsidiaries during the first nine months (changes in specified subsidiaries which affect the scope of consolidation) None (2) Accounting treatments particularly used for the quarterly financial statements None (3) Changes in accounting policy, accounting estimates, or retrospective restatements (a) Changes with amendment of accounting principles None (b) Changes other than (a) above None (c) Changes in accounting estimates None (d) Retrospective restatements None (4) The number of common stock issued Dec. 31, 2013 (a) The number of common stock issued ( including treasury stock ) Mar. 31, 2013 1,650,147,352 483,753,171 (b) The number of treasury stock 1,650,147,352 483,753,171 Nine months ended Dec. 31, 2013 (c) The average number of common stock outstanding ( 9 months ) 1,166,394,181 Nine months ended Dec. 31 2012 1,431,798,727 ※Implementation process of quarterly review This quarterly summary is out of scope of quarterly review stipulated by Financial Instruments and Exchange Act. The quarterly review on the quarterly financial statements is in process at the timing of the disclosure of this quarterly summary. ※Notes and remarks for the proper use of earnings projection The above earnings forecast involves certain risks and uncertainties since the calculations are based on management’s assumptions and beliefs in light of information currently available. This should not be interpreted as a promise or guarantee that the forecast will be achieved. Please be aware that actual results may be materially different from the forecast presented herein due to various factors. 2
  • 3. Aozora Bank, Ltd. (Reference 1) Dividends of preferred stocks The breakdown of dividend per preferred stocks which differ in shareholders’ rights from common shares is as follows. Annual dividend Annual 1Q end 2Q end 3Q end Year-end Yen FY2012 FY2013 FY2013 (Forecast) Class A Series 4 Class C Series 5 Class A Series 4 Class C Series 5 Class A Series 4 Class C Series 5 Yen - 0.00 0.00 2.25 1.674 2.25 1.674 Yen Yen Yen 10.00 7.44 - 10.00 7.44 2.25 1.674 2.25 1.674 9.00 6.696 Other than the above, the Bank already paid 20,490 million yen of super preferred dividend on Class C Series 5 preferred stock from Other Capital Surplus for FY2012. The super preferred dividend is treated as a repayment of public funds, based on the Comprehensive Recapitalization Plan announced on August 27, 2012. The Bank plans to pay a super preferred dividend of the same amount for FY2013. (Reference 2) Common share dividend payment forecast The annual dividend payment forecast for FY2013 was calculated as follows. The Bank adopts a dividend policy whereby it sets the dividend payout ratio for common shares at 40% of consolidated net income so long as the Bank continues repaying the public funds, based on the Comprehensive Recapitalization Plan announced on August 27, 2012. The annual dividend payment forecast for FY2013 was calculated by dividing the total dividend amount, which is set at 40% of consolidated net income for forecast FY2013, by the total number of common shares issued, excluding treasury stock, as of December 31, 2013. (Reference 3) Non-consolidated earnings forecast for the year ending March 31, 2014 (FY 2013) (Note: Percentages show year-on-year rates of change) Ordinary profit Million Yen FY2013(Full Year) 40,000 Net income per share Net income % (1.6) Million Yen 38,000 (Note) Revision of non-consolidated earnings forecast to the latest announcement 3 % (6.2) No Yen 31.16
  • 4. Aozora Bank, Ltd. [ Attachment ] 1. Qualitative information (1) Operating results ・・・・・・・・・・・・・・・ 2 (2) Financial condition ・・・・・・・・・・・・・・・ 2 (3) Consolidated earnings forecast ・・・・・・・・・・・・・・・ 3 2. Information about items stated on ‘Notes’ on page 2 of ‘Summary’ (1) Changes in material subsidiaries during the first nine months ・・・・・・・・ 3 (2) Accounting treatments particularly used for the quarterly financial statements ・・・・・・・・・・・・・・・ 3 (3) Changes in accounting policy, accounting estimates, or retrospective restatements ・・・・・・・・・・・・・・・ (Reference ) Summary of revenue and expenses 3 ・・・・・・・・・・・・・ 4 ・・・・・・・・・・・・・・・ 5 3. Quarterly consolidated financial statements (1) Quarterly consolidated balance sheets (2) Quarterly consolidated statements of income and Quarterly consolidated statements ・・・・・・・・・・・・・・・ 6 (3) Notes to quarterly consolidated financial statements ・・・・・・・・・・・・ 8 ・・・・・・・・・・・・・・・ 8 ・・・・・・・・・・・・・・・ 8 of comprehensive income (Information on going concern assumption) (Changes in shareholders' equity) 4.(Reference)Quarterly non-consolidated financial statements ・・・・・・・・・・・・・・・ 9 (2) Quarterly non-consolidated statements of income・・・・・・・・・・・・・・ 11 (1) Quarterly non-consolidated balance sheets 1
  • 5. Aozora Bank, Ltd. 1. Qualitative information (1) Operating results In the first nine months of FY2013, Aozora reported consolidated net income was 34.1 billion yen, an increase of 3.5 billion yen, or 11.4%, year on year, reflecting continued growth in earnings primarily from the sale of financial products to our mass affluent retail customers, the sale of derivative-related products to our corporate and financial institution customers, as well as favorable gains from investments in limited partnerships. This result represented progress of 83.3% towards the full-year forecast of 41.0 billion yen. Net revenue was 60.1 billion yen, a year on year decrease of 3.8 billion yen, or 5.9%. Business-related net revenue, including 5.1 billion yen in gains on the sale of domestic equity ETFs, was 65.3 billion yen, representing progress of 74.2% towards the full-year forecast of 88.0 billion yen. In the third quarter (Oct.-Dec.) of FY2013, net revenue was 21.4 billion yen, representing an increase of 0.4 billion yen from the third quarter of FY2012. Net interest income was 33.1 billion yen, a decrease of 1.3 billion yen, or 3.8%, year on year. In the third quarter (Oct.-Dec.) of FY2013, net interest income was 11.4 billion yen, representing an increase of 0.6 billion yen, compared to the third quarter of FY2012. The net interest margin expanded 4 bps to 1.09% year on year. Net fees and commissions were 9.3 billion yen, an increase of 3.1 billion yen, or 49.8%, and net trading revenues were 6.6 billion yen, an increase of 2.2 billion yen, or 49.6%, both increases reflecting growth in earnings mainly related to the sale of financial products. Net other ordinary income, excluding gains/losses on bond transactions, increased 5.2 billion yen, or 79.2%, to 11.7 billion yen, reflecting favorable gains from investments in limited partnerships. Gains/losses on bond transactions were a loss of 0.5 billion yen, compared with a gain of 12.4 billion yen in the first nine months of FY2012, reflecting risk reduction measures taken by the Bank, including to its U.S. Treasury bond positions, in the first six months of FY2013. General and administrative expenses remained almost unchanged at 28.9 billion yen as a result of the Bank’s continued strict control on costs and represented 72.3% of the full-year budget of 40.0 billion yen. The OHR based on business-related revenue, including gains on the sale of domestic equity ETFs, was 44.3%. As a result of the above factors, consolidated business profit was 31.2 billion yen, a decrease of 4.1 billion yen, or 11.5%. Credit-related expenses were a net expense of 2.9 billion yen compared with a net expense of 2.4 billion yen in the first nine months of FY2012. This result included a net reversal of 0.6 billion yen in the third quarter (Oct.-Dec.) of FY2013 which reflected recoveries of written-off claims, as a result of previously taken preventative measures. The ratio of credit-related expenses to total loans on an annualized basis remained low at 0.14%. Ordinary profit was 41.3 billion yen, an increase of 10.6 billion yen, or 34.3%, mainly reflecting gains on the sale of domestic equity ETFs, as well as gains from the sale of overseas investments recorded in the first quarter of FY2013. Net income before income taxes was 41.3 billion yen, an increase of 10.7 billion yen, or 35.0 %, year on year. A net tax expense (the sum of corporation tax, resident tax, business tax and deferred income taxes) of 7.1 billion yen was recognized in the first nine months of FY2013, compared with a net benefit of 0.1 billion yen in the first nine months of FY2012. The period for the estimation of future taxable income for the calculation of deferred tax assets was changed from 3 years to 5 years during the first quarter of FY2013. In calculating deferred tax assets, we made a conservative estimation of future taxable income and future deductible temporary differences in consideration of the uncertainty of such estimations. As a result of the above factors, consolidated net income was 34.1 billion yen, an increase of 3.5 billion yen, or 11.4%, year on year. Net income per share (basic) was 28.20 yen, as compared to 21.40 yen per share (basic) in the first nine months of FY2012. (2) Financial condition Total assets were 4,858.0 billion yen as of December 31, 2013, a decrease of 158.7 billion 2
  • 6. Aozora Bank, Ltd. yen, or 3.2%, compared to March 31, 2013. Loans increased from March 31, 2013 by 58.2 billion yen, or 2.1%, to 2,777.9 billion yen. Loans increased for the second consecutive quarter, increasing 202.1 billion yen over the six month period to December 31, 2013. Securities decreased by 229.6 billion yen, or 17.6%, from March 31, 2013, to 1,076.1 billion yen. On the funding side, deposits and negotiable certificates of deposit increased 20.3 billion yen, as compared to March 31, 2013. Funding from retail customers was 2,026.5 billion yen, a decrease of 46.2 billion yen, or 2.2%, from March 31, 2013, while the percentage of retail funding to total core funding was stable at 62.5%. Total liabilities decreased 127.6 billion yen, or 2.8%, to 4,353.3 billion yen as compared to March 31, 2013. Net assets were 504.7 billion yen, representing a decrease of 31.1 billion yen, or 5.8%, in comparison with March 31, 2013. This change mainly reflected the repayment of public funds through a super preferred dividend made from other capital surplus based on the comprehensive recapitalization plan, and the payment of preferred and common share dividends. Net assets per common share were 300.68 yen, as compared to 308.58 yen per common share as of March 31, 2013. (3) Consolidated earnings forecast No change has been made to the full-year consolidated earnings forecast of FY2013 announced on May 15, 2013 (net revenue of 88.0 billion yen, business profit of 48.0 billion yen, ordinary profit of 42.0 billion yen and net income of 41.0 billion yen). (Note) Figures stated in 0.1 billion yen units are rounded to the nearest 0.1 billion yen. 2. Information about items stated on ‘* Notes’ on page 2 of ‘Summary’ (1) Changes in material subsidiaries during the first nine months None (2) Accounting treatments particularly used for the quarterly financial statements None (3) Changes in accounting policy, accounting estimates, or retrospective restatements None 3
  • 7. Aozora Bank, Ltd. (Reference) Summary of revenue and expenses 【Consolidated】 (100 million yen) FY2012 FY2013 9 months Apr.-Dec. 9 months Apr.-Dec. Net revenue ※1 Change 639 601 (38) 344 331 (13) Net fees and commissions 62 93 31 Net trading income 44 66 22 124 (5) (129) 65 117 52 Net interest income Gains/losses on bond transactions Net other ordinary income excluding gains/losses on bond transactions General and administrative expenses (286) (289) (3) Business profit ※2 353 312 (41) Credit-related expenses (24) (29) (5) (4) 119 123 Other (17) 11 28 Ordinary profit 308 413 106 (2) (0) 1 306 413 107 1 (71) (72) Gains/losses on stock transactions Extraordinary profit Income before income taxes and minority interests Total income taxes Minority interest in net income (1) (0) 0 306 Net income 341 35 ※1 Net revenue = (Interest income-Interest expenses)+(Fees and commissions income -Fees and commissions expenses ) + ( Trading income - Trading expenses ) + ( Other ordinary income - Other ordinary expenses) ※2 Business profit = Net revenue-General and administrative expenses ※3 Regardless of nature of accounts, income or profits are shown as positive and expenses or losses are shown as negative amount. 4
  • 8. Aozora Bank, Ltd. 3. 【Quarterly consolidated financial statements 】 (1) 【Quarterly consolidated balance sheets 】 (millions of yen) As of Mar. 31, 2013 Assets Cash and due from banks Call loans and bills bought Receivables under securities borrowing transactions Monetary claims bought Trading assets Money held in trust Securities Loans and bills discounted Foreign exchanges Other assets Tangible fixed assets Intangible fixed assets Deferred debenture discounts Deferred tax assets Customers' liabilities for acceptances and guarantees Allowance for loan losses Allowance for investment loss Total assets Liabilities Deposits Negotiable certificates of deposit Debentures Call money and bills sold Payables under securities lending transactions Trading liabilities Borrowed money Foreign exchanges Other liabilities Provision for bonuses Provision for retirement benefits Provision for directors' retirement benefits Provision for credit losses on off-balance-sheet instruments Provision for contingent loss Reserves under the special laws Acceptances and guarantees Total liabilities Net assets Capital stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Total accumulated other comprehensive income Minority interests Total net assets Total liabilities and net assets 5 As of Dec. 31, 2013 404,479 50,000 - 41,021 381,445 7,531 1,305,779 2,719,732 26,670 45,890 22,214 3,164 11 48,594 27,555 (63,448) (3,954) 5,016,689 439,280 50,000 25,441 26,211 345,105 10,538 1,076,149 2,777,889 29,577 36,638 21,514 3,102 8 47,022 38,400 (67,247) (1,607) 4,858,027 2,703,434 335,529 169,366 169,125 312,674 407,317 222,988 0 117,294 2,496 11,763 554 427 317 3 27,555 4,480,849 2,741,370 317,899 181,275 182,135 278,472 332,761 117,842 0 148,823 1,493 11,633 360 777 40 4 38,400 4,353,291 100,000 330,656 198,474 (99,333) 529,797 12,308 801 (7,832) 5,276 766 535,839 5,016,689 100,000 310,166 206,735 (99,333) 517,568 (7,487) 305 (6,442) (13,623) 790 504,735 4,858,027
  • 9. Aozora Bank, Ltd. (2) 【Quarterly consolidated statements of income and Quarterly consolidated statements of comprehensive income】 【Quarterly consolidated statements of income 】 【For the nine months ended Dec. 31】 For the nine months ended Dec. 31, 2012 Ordinary income Interest income Interest on loans and discounts Interest and dividends on securities Fees and commissions Trading income Other ordinary income Other income Ordinary expenses Interest expenses Interest on deposits Interest on debentures Fees and commissions payments Trading expenses Other ordinary expenses General and administrative expenses Other expenses Ordinary profit Extraordinary income Gain on disposal of noncurrent assets Extraordinary loss Loss on disposal of noncurrent assets Transfer to reserve for financial products transaction liabilities Income before income taxes and minority interests Income taxes-current Income taxes-deferred Total income taxes Income before minority interests Minority interests in income Net income (Note) All figures are rounded down to the nearest million yen. The totals do not necessarily equal the sum of the individual amounts. 6 87,418 48,884 35,418 10,856 6,719 4,398 22,128 5,287 56,650 14,493 10,890 1,111 512 - 3,218 29,477 8,949 30,767 0 0 154 154 0 30,612 1,429 (1,516) (87) 30,699 53 30,646 (millions of yen) For the nine months ended Dec. 31, 2013 105,761 44,884 32,186 10,717 9,950 6,580 20,722 23,622 64,426 11,814 8,865 442 654 0 9,531 28,866 13,558 41,334 - - 14 13 1 41,319 2,069 5,065 7,134 34,185 48 34,136
  • 10. Aozora Bank, Ltd. 【Quarterly consolidated statements of comprehensive income】 【For the nine months ended Dec. 31】 (millions of yen) For the nine months For the nine months ended Dec. 31, 2012 ended Dec. 31, 2013 Income before minority interests Other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Comprehensive income Comprehensive income attributable to Comprehensive income attributable to owners of the parent Comprehensive income attributable to minority interests (Note) All figures are rounded down to the nearest million yen. The totals do not necessarily equal the sum of the individual amounts. 7 30,699 3,670 3,464 (341) 547 34,370 34,185 (18,900) (19,795) (495) 1,390 15,284 34,316 53 15,236 48
  • 11. Aozora Bank, Ltd. (3) Notes to quarterly consolidated financial statements (Information on going concern assumption) None (Changes in shareholders' equity) None 8
  • 12. Aozora Bank, Ltd. 4. (Reference) Quarterly non-consolidated financial statements (1) Quarterly non-consolidated balance sheets (millions of yen) As of Mar. 31, 2013 Assets Cash and due from banks Call loans Receivables under securities borrowing transactions Monetary claims bought Trading assets Money held in trust Securities Loans and bills discounted Foreign exchanges Other assets  Other assets Tangible fixed assets Intangible fixed assets Deferred debenture discounts Deferred tax assets Customers' liabilities for acceptances and guarantees Allowance for loan losses Allowance for investment loss Total assets Liabilities Deposits Negotiable certificates of deposit Debentures Call money Payables under securities lending transactions Trading liabilities Borrowed money Foreign exchanges Other liabilities Income taxes payable Lease obligations Asset retirement obligations Other Provision for bonuses Provision for retirement benefits Provision for directors' retirement benefits Provision for credit losses on off-balance-sheet instruments Provision for contingent loss Acceptances and guarantees Total liabilities As of Dec. 31, 2013 388,241 50,000 17,889 380,884 2,919 1,333,979 2,740,978 26,670 44,059 44,059 22,145 3,095 11 47,868 27,555 (63,163) (5,944) 5,017,190 2,714,075 335,529 169,366 169,125 312,674 407,317 218,400 0 114,183 596 242 1,488 111,856 2,395 11,686 540 2,753,403 317,899 181,275 182,135 278,472 332,761 111,377 0 139,193 702 88 1,463 136,939 1,457 11,552 359 881 781 317 27,555 4,484,050 9 420,469 50,000 25,441 8,098 345,105 3,283 1,113,494 2,783,990 29,577 30,924 30,924 21,400 3,043 8 46,257 38,400 (67,075) (3,416) 4,849,004 40 38,400 4,349,110
  • 13. Aozora Bank, Ltd. (millions of yen) As of Mar. 31, 2013 Net assets Capital stock Capital surplus Legal capital surplus Other capital surplus Retained earnings Legal retained earnings Other retained earnings Retained earnings brought forward Treasury stock Total shareholders' equity Valuation difference on available-for-sale securities Deferred gains or losses on hedges Total valuation and translation adjustments Total net assets Total liabilities and net assets 100,000 330,656 87,313 243,342 188,767 12,686 176,080 176,080 (99,333) 520,090 12,249 801 13,050 533,140 5,017,190 (Note) 1 Quarterly non-consolidated balance sheets are prepared pursuant to “Accounting Standards for Quarterly Financial Statements”. They are not subject to review under legal disclosure. 2 All figures are rounded down to the nearest million yen. The totals do not necessarily equal the sum of the individual amounts. 10 As of Dec. 31, 2013 100,000 310,166 87,313 222,852 196,316 12,686 183,629 183,629 (99,333) 507,149 (7,561) 305 (7,255) 499,893 4,849,004
  • 14. Aozora Bank, Ltd. (2) Quarterly non-consolidated statements of income 【For the nine months ended Dec.31 】 For the nine months ended Dec.31, 2012 84,168 48,945 35,281 11,071 6,548 3,570 20,488 4,615 53,659 14,473 10,890 1,111 537 3,655 27,442 7,551 30,508 0 0 152 152 30,355 1,247 (1,529) (281) 30,637 Ordinary income Interest income Interest on loans and discounts Interest and dividends on securities Fees and commissions Trading income Other ordinary income Other income Ordinary expenses Interest expenses Interest on deposits Interest on debentures Fees and commissions payments Trading expenses Other ordinary expenses General and administrative expenses Other expenses Ordinary profit Extraordinary income Gain on disposal of noncurrent assets Extraordinary loss Loss on disposal of noncurrent assets Income before income taxes Income taxes-current Income taxes-deferred Total income taxes Net income (millions of yen) For the nine months ended Dec.31, 2013 101,571 50,207 31,740 16,496 9,508 5,154 20,341 16,359 61,257 11,751 8,866 442 829 0 9,978 26,597 12,099 40,314 13 13 40,300 1,809 5,067 6,876 33,423 (Note) 1 Quarterly non-consolidated statements of income are prepared pursuant to “Accounting Standards for Quarterly Financial Statements”. They are not subject to review under legal disclosure. 2 All figures are rounded down to the nearest million yen. The totals do not necessarily equal the sum of the individual amounts. 11

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