Aozora fy2011 3q_results

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Aozora fy2011 3q_results

  1. 1. Financial Resultsfor the First Nine Months of FY 2011
  2. 2. 【 INDEX 】Ⅰ. Summary of Revenue and Expenses 【Consolidated】 1 【Non-consolidated】 2Ⅱ. Securities 【Consolidated】 3Ⅲ. Disclosed Claims under the Financial Reconstruction Law ("FRL Credit") 【Non-consolidated】 4Ⅳ. Allowance and Coverage for FRL Credit 【Non-consolidated】 4Ⅴ. Disclosure of exposure to securitized products 【Consolidated】 5
  3. 3. Aozora Bank, Ltd.Ⅰ.Summary of Revenue and Expenses【Consolidated】 (Unit: JPY millions) < reference > FY 2011 FY 2010 9 months 9 months (Apr.-Dec.) (Apr.-Dec.) FY 2010 (A) (A)-(B) (B)Consolidated net revenue  ※1 1 59,474 (1,143) 60,617 77,899 Net interest income 2 34,188 38 34,150 44,992 Net fees and commissions 3 6,306 (1,140) 7,446 10,374 Net trading income 4 5,332 (2,057) 7,389 9,674 Net other ordinary income 5 13,647 2,017 11,630 12,857General and administrative expenses 6 (28,809) 1,387 (30,196) (40,850)Business profit ※2 7 30,665 244 30,421 37,049Write-off/loss on disposal of loans 8 (1,297) 9,528 (10,825) (7,908) Write-off of loans 9 (1,049) 868 (1,917) (5,067) Provision of specific allowance for loan losses 10 - 8,784 (8,784) (282) Provision of general allowance for loan losses ※3 11 (70) 358 (428) (3,628) Provision of allowance for loans to restructuring countries 12 - - - - Loss on disposition of loans 13 (177) (482) 305 1,069Reversal of allowance for loan losses  ※4 14 2,316 2,316 Reversal of general allowance for loan losses 15 15,774 15,774 Reversal of specific allowance for loan losses 16 (13,457) (13,457) Reversal of allowance for loans to restructuring countries 17 - -Recoveries of written-off claims 18 947 947Reversal of reserve for credit losses on off-balance-sheetinstruments 19 - -Gains (losses) on stock transactions 20 218 527 (309) (270)Income from interests in associated undertakings 21 - - - -Other 22 (3,332) (3,679) 347 (172)Ordinary profit 23 29,517 9,884 19,633 28,696Extraordinary income (loss) 24 94 (280) 374 746 Reversal of allowance for loan losses ※4 25 - - - Reversal of general allowance for loan losses 26 - - - Reversal of specific allowance for loan losses 27 - - - Reversal of allowance for loans to restructuring countries 28 - - - Recoveries of written-off claims 29 (523) 523 958 Reversal of reserve for credit losses on off-balance-sheet instruments 30 (858) 858 886 Other 31 94 1,101 (1,007) (1,099)Income before income taxes and minority interests 32 29,612 9,604 20,008 29,442income taxes-current 33 (258) 49 (307) (248)Income taxes-deferred 34 2,368 2,295 73 3,673Minority interests in income 35 (38) 36 (74) (73)Net income 36 31,682 11,982 19,700 32,794Credit-related expenses (=8+14+19+25+30) 37 1,019 10,985 (9,966) (7,022)Credit-related expenses (including recoveries of written-offclaims) (=18+29+37) 38 1,966 11,409 (9,443) (6,063)※1 Consolidated net revenue=(Interest income-Interest expenses) + (Fees and commissions-Fees and commissions payments) + (Trading income-Trading expenses)+ (Other ordinary income-Other ordinary expenses)※2 Business profit = Consolidated net revenue- General and administrative expenses※3 Provision of general allowance for loan losses includes provision for reserve for credit losses on off-balance-sheet instruments※4 In case that reductions in allowance for loan losses exceeded additions thereto, a net gain will be accounted for as a reversalof allowance for loan losses item.(Note) The amounts are rounded down to the nearest JPY millions.(Scope of Consolidation and Equity-Method Application) (Number of companies) < reference > December 31, 2011 December 31, 2010 March 31, 2011 (A) (A)-(B) (B)Consolidated subsidiaries 13 (4) 17 14Affiliated companies applying equity-method 0 - 0 0 1
  4. 4. Aozora Bank, Ltd.【Non-consolidated】 (Unit: JPY millions) < reference > FY 2011 FY 2010 9 months 9 months FY 2010 (Apr.-Dec.) (Apr.-Dec.) (A) (A)-(B) (B)Net revenue 1 55,222 (1,701) 56,923 73,219 (Excluding gains (losses) on bond transactions) 2 45,268 (666) 45,934 62,391 Net interest income 3 33,695 252 33,443 44,220 Net fees and commissions 4 6,098 (1,029) 7,127 10,091 Net trading income 5 4,734 (2,316) 7,050 9,118 Net other ordinary income 6 10,694 1,392 9,302 9,790 (Gains (losses) on bond transactions) 7 9,954 (1,034) 10,988 10,828General and administrative expenses 15 (27,192) 760 (27,952) (37,837) Personnel 16 (12,777) 111 (12,888) (17,499) Property and equipment 17 (13,124) 686 (13,810) (18,646) Taxes 18 (1,290) (36) (1,254) (1,691)Business profit before general allowance for loan losses 19 28,030 (940) 28,970 35,382 Excluding gains (losses) on bond transactions 20 18,075 94 17,981 24,553 Provision of general allowance for loan losses  ※1 21 (67) 739 (806) (4,007)Business profit 22 27,962 (202) 28,164 31,375 Excluding gains (losses) on bond transactions 23 18,007 832 17,175 20,546Other income (expenses) 24 302 8,191 (7,889) (3,358) Write-off/loss on disposal of loans 25 (486) 6,577 (7,063) (736) Write-off of loans 26 (1,240) (394) (846) (2,791) Provision of specific allowance for loan losses 27 - 6,559 (6,559) 949 Provision of allowance for loans to restructuring countries 28 - - - - Loss on disposition of loans 29 753 411 342 1,106 Reversal of allowance for loan losses  ※2 30 1,952 1,952 Reversal of general allowance for loan losses 31 15,674 15,674 Reversal of specific allowance for loan losses 32 (13,721) (13,721) Reversal of allowance for loans to restructuring countries 33 - - Recoveries of written-off claims 34 865 865 Reversal of reserve for credit losses on off-balance- sheet instruments 35 - - Gains (losses) on stock transactions 36 271 581 (310) (272) Gain on sale of stocks and other securities 37 391 330 61 167 Losses on sale of stocks and other securities 38 - 125 (125) (125) Losses on devaluation of stocks and other securities 39 (119) 126 (245) (313) Other 40 (2,300) (1,784) (516) (2,349)Ordinary profit 41 28,265 7,991 20,274 28,017Extraordinary income (loss) 42 (40) (381) 341 630 Reversal of allowance for loan losses  ※2 43 - - - Reversal of general allowance for loan losses 44 - - - Reversal of specific allowance for loan losses 45 - - - Reversal of allowance for loans to restructuring countries 46 - - - Recoveries of written-off claims 47 (538) 538 828 Reversal of reserve for credit losses on off-balance- sheet instruments 48 (792) 792 884 Gain (loss) on disposal of noncurrent assets 49 (40) 38 (78) (170) Gain on disposal of noncurrent assets 50 - - - 0 Loss on disposal of noncurrent assets 51 (40) 38 (78) (170) Other 52 - 911 (911) (911)Income before income taxes 53 28,224 7,608 20,616 28,647Income taxes-current 54 0 36 (36) (45)Income taxes-deferred 55 2,477 2,582 (105) 3,223Net income 56 30,702 10,228 20,474 31,825Credit-related expenses (=21+25+30+35+43+48) 57 1,398 8,475 (7,077) (3,858)Credit-related expenses (including recoveries of written-offclaims) (=34+47+57) 58 2,263 8,801 (6,538) (3,030)※ 1 Provision of general allowance for loan losses includes provision for reserve for credit losses on off-balance-sheet instruments.※2 In case that reductions in allowance for loan losses exceeded additions thereto, a net gain will be accounted for as areversal of allowance for loan losses item.(Note) The amounts are rounded down to the nearest JPY millions. 2
  5. 5. Aozora Bank, Ltd.Ⅱ. Securities1. Held-to-maturity bonds that have market prices or reasonably determinable prices (Unit: JPY millions) December 31, 2011 September 30, 2011 March 31, 2011 Book Value Fair Value Difference Book Value Fair Value Difference Book Value Fair Value DifferenceGovernment bonds 29 30 0 29 30 0 29 30 0Local government bonds - - - - - - - - -Short-term corporate bonds - - - - - - - - -Corporate bonds - - - - - - - - -Others - - - - - - - - -Total 29 30 0 29 30 0 29 30 0 (Note) Fair Value is based on market price or reasonably determinable price at the end of the accounting period.2. Available-for-sale securities that have market prices or reasonably determinable prices (Unit: JPY millions) December 31, 2011 September 30, 2011 March 31, 2011 Cost Book Value Difference Cost Book Value Difference Cost Book Value DifferenceStocks 1,177 882 (295) 1,177 971 (205) 1,177 1,013 (163)Bonds 676,012 682,902 6,889 770,585 777,426 6,840 756,980 762,543 5,562 Government bonds 586,141 592,568 6,427 691,840 698,633 6,793 671,320 677,026 5,705 Local government bonds 11,883 11,990 106 8,902 8,984 81 10,338 10,323 (15) Short-term corporate bonds - - - - - - - - - Corporate bonds 77,987 78,342 355 69,842 69,808 (33) 75,321 75,194 (127)Others 438,623 440,339 1,715 429,018 432,767 3,748 490,387 487,192 (3,195)Total 1,115,813 1,124,123 8,310 1,200,781 1,211,165 10,384 1,248,545 1,250,749 2,204 (Note) 1. Certain amounts shown in the tables include certain beneficiary interests in trust classified as Monetary claims bought ,in addition to Securities stated in the consolidated balance sheets. 2. Book Value is based on market price or reasonably determinable price at the end of the accounting period. 3. Floating rate JGBs were valued based on the reasonably calculated price 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. 3
  6. 6. Aozora Bank, Ltd.Ⅲ. Disclosed Claims under the Financial Reconstruction Law ("FRL Credit")□ After partial and direct written-off【Non-consolidated】 (Unit: JPY millions) December 31, 2011 September 30, 2011 March 31, 2011 (A) (A) - (B) (A) - (C) (B) (C) Bankrupt and similar credit 7,376 8 (4,562) 7,368 11,938 Doubtful credit 95,007 42,283 14,651 52,724 80,356 Special attention credit 28,083 (4,291) (7,106) 32,374 35,189 Total (a) 130,468 38,001 2,984 92,467 127,484Ⅳ. Allowance and Coverage for FRL Credit□ After partial and direct written-off【Non-consolidated】 (Unit: JPY millions) December 31, 2011 September 30, 2011 March 31, 2011 (A) (A) - (B) (A) - (C) (B) (C)Allowance & Coverage (b) 116,116 34,563 4,134 81,553 111,982 Allowance for loan losses (c) 49,492 13,274 14,125 36,218 35,367 Collateral / guarantee coverage (d) 66,624 21,289 (9,991) 45,335 76,615(Note)Allowance for loan losses (c) is the sum of specific allowance for loan losses and general allowance for loan losses for FRL Credit.Coverage Ratio (b)/(a) December 31, 2011 September 30, 2011 March 31, 2011 (A) (A) - (B) (A) - (C) (B) (C)After partial and directwritten-off 89.0% 0.8% 1.2% 88.2% 87.8%Allowance Ratio (c)/((a)-(d)) December 31, 2011 September 30, 2011 March 31, 2011 (A) (A) - (B) (A) - (C) (B) (C)After partial and directwritten-off 77.5% 0.7% 8.0% 76.8% 69.5% 4
  7. 7. Aozora Bank,Ltd.V. Disclosure of exposure to securitized products1. CDO, CMBS and RMBS ExposureExposure of the Group to CDO (Collateralized Debt Obligation), CMBS (CommercialMortgage-Backed Securities) and RMBS (Residential Mortgage-Backed Securities) is as follows: (Unit: 100 million JPY) 2011/9 2011/12CDO 2 2 North America 2 2CMBS 166 125 Japan 147 106 Asia 19 19RMBS 27 24 Japan 27 242. Leveraged Finance The exposure of the Group to leveraged finance is as follows: The following amount is the aggregated amount of loan balance rendered for M&A finance (including refinance for M&A deals in the past). It excludes loans that are in investment grades or equivalent ratings. (Unit: 100 million JPY) 2011/9 2011/12 Loan balance 2,431 2,324 Commitment line 97 64 (Unfunded) Total leveraged finance 2,528 2,388 Geographical distributionTotal leveraged finance (Unit: 100 million JPY) 2011/9 2011/12 North America 731 715 Europe 433 413 Asia 25 24 Japan 1,166 1,150 Oceania 173 85 Total 2,528 2,388(Note) The figures stated in 100 million yen are rounded to the nearest 100 million yen. 5

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