Resona (8308) investor relations material

Executive summary

• Net income attributable to owners of parent for FY2025 was JPY258.7 bn, up 21.5% year-over-year, marking a record high for the fifth consecutive year and exceeding the full-year target by JPY8.7 bn.

• Ordinary income increased 21.5% to JPY1,357.2 bn, and ordinary profits grew 33.8% to JPY390.9 bn year-over-year.

• Comprehensive income surged to JPY303.9 bn, up 370.3% from the previous year.

• Core net operating profit (excluding net gains on cancellation of investment trusts) reached JPY334.2 bn, up 15.8% year-over-year.

• Gross operating profit rose to JPY808.9 bn, up JPY117.2 bn year-over-year, driven by higher net interest and fee income.

Financial highlights

• Net interest income increased by JPY111.5 bn to JPY592.1 bn, with domestic loans and deposits contributing JPY57.8 bn.

• Fee income reached JPY230.5 bn, up JPY2.5 bn year-over-year, achieving a record high for the fifth consecutive year.

• Net gains on stocks (including equity derivatives) were JPY120.1 bn, up JPY32.3 bn year-over-year.

• Operating expenses rose by JPY21.6 bn year-over-year to JPY465.8 bn, reflecting investments in IT and human resources.

• Credit costs increased by JPY2.5 bn to JPY14.1 bn.

Outlook and guidance

• FY2026 net income attributable to owners of parent is targeted at JPY310.0 bn, a 19.8% increase year-over-year.

• Core net operating profit target for FY2026 is JPY415.0 bn (+JPY80.8 bn year-over-year).

• ROE target for FY2026 is 10.0%, with a medium-term plan aiming for 12–14% depending on policy rate scenarios.

• Full-year dividend forecast for FY2026 is 37 yen per share, up 8 yen year-over-year, with share buybacks up to JPY35.0 bn.

• Medium-term plan targets a total shareholder return ratio of 50% or more and a DOE of approximately 3.5% by FY2029.