Earnings Report for First Half of Fiscal 2025

Released on October 30, 2025 (English translation for reference purposes only)

（April 1 to September 30, 2025）

(Consolidated under Japanese GAAP)

Name of Company: Ichiyoshi Securities Co., Ltd.

Listed on: Tokyo Stock Exchange (Prime Section) (Stock code: 8624)

Corporate representative: Mr. Hirofumi Tamada, President & Representative Executive Officer Inquiry to: Mr. Shoichi Yamazaki, Deputy President, Representative Executive Officer &

Chief Supervisor for Finance and Management

Tel: (03) 4346-4512 (URL https://www.ichiyoshi.co.jp) Payment of semiannual dividends starts: on November 25, 2025 (scheduled)

Date of filing Half-yearly Report: November 13, 2025 (scheduled) Supplementary documents for earnings: Provided.

Earnings-reporting meeting: Planned for institutional investors and analysts.

(Figures less than one million yen are discarded)

1. Outline of Consolidated Business Result for First Half of Fiscal 2025 (from April 1 to September 30, 2025)
   1. Highlights of consolidated business result (in millions of yen except for per-share figures)

      (% shows year-on-year change)

      	Operating revenue	(%)	Net operating revenue	(%)	Operating profit	(%)	Ordinary profit	(%)
      First half of fiscal 2025 ended	10,603	(+9.0)	10,572	(+8.9)	1,843	(+20.9)	1,898	(+20.0)
      September 30, 2025
      First half of fiscal 2024 ended	9,725	(+6.1)	9,706	(+6.1)	1,524	(+24.5)	1,582	(+28.2)
      September 30, 2024

      	Profit attributable to	(%)	Earnings per share		Diluted earnings per share
      	owners of parent
      First half of fiscal 2025 ended	1,286	(+23.5)	40.35	yen	40.25	yen
      September 30, 2025
      First half of fiscal 2024 ended	1,041	(+21.9)	30.77	yen	30.65	yen
      September 30, 2024

      Note: Comprehensive income for the first half of fiscal 2025: 1,270 million yen (+23.0%) Comprehensive income for the first half of fiscal 2024: 1,033 million yen (+17.1%)

   2. Consolidated financial condition (in millions of yen)

      	Total assets	Net assets	Equity ratio		Net assets per share
      As of September 30, 2025	52,635	28,347	53.8	%	883.12	yen
      As of March 31, 2025	41,900	27,461	65.4	%	861.85	yen

      Note: Shareholders' equity as of September 30, 2025: 28,307 million yen Shareholders' equity as of March 31, 2025: 27,418 million yen

2. Dividends

   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   Fiscal 2024 ended March 31, 2025	--	17.00 yen	--	17.00 yen	34.00 yen
   Fiscal 2025 ending March 31, 2026	--	30.00 yen	--	**** yen	**** yen

   Notes: (i) Ichiyoshi Securities Co., Ltd. (the "Company") declares dividends payable to shareholders of

   record as of September 30 (semiannual dividends) and March 31 (final dividends) of each fiscal year, but not to shareholders of record as of June 30 and December 31 of each fiscal year.

   1. The Company does not provide a dividend forecast. Hence, ****yen.

   2. The Company decided on the payment of commemorative dividend of 10yen per share for the 75th year anniversary of founding, payable to shareholders of record as of September 30, 2025 and shareholders of record as of March 31, 2026. Hence, 30yen is a sum of semiannual regular dividend of 20yen and a commemorative dividend of 10yen.

3. Outlook for Business Result for Fiscal 2025 (from April 1, 2025 to March 31, 2026) Since the forecast of earnings in financial-instruments trading, the main-line business of the

   Company and its group companies, is hard to make due to volatile factors in the market, the Company does not provide such forecast prior to the end of each quarter, half year and full year. Instead, the Company intends to release preliminary earnings figures after the end of each quarter, half year and full year as and when such figures become available.

   Points to note:

   1. Material changes in scope of consolidation during the first half of fiscal 2025 : None.

   2. Application of accounting methods specific to preparation of quarterly financial statements : None.

   3. Changes in accounting policies and estimates and restatement of financial statements:

      1. Changes in accounting policies occasioned by revisions to accounting standards: None.

      2. Changes in accounting policies other than those in (i) : None.

      3. Changes in accounting estimates : None.

      4. Restatement of financial statements : None.

   4. Number of shares issued (common stock) :

      1. Number of shares issued as of September 30, 2025 : (including treasury shares)

         Number of shares issued as of March 31, 2025 : (including treasury shares)

      2. Number of treasury shares as of September 30, 2025 : Number of treasury shares as of March 31, 2025 :

      3. Number of average outstanding shares during the first half of fiscal 2025 :

Number of average outstanding shares during the first half of fiscal 2024 :

37,931,386

37,931,386

5,877,913

6,117,472

31,889,176

33,848,849

shares shares

shares shares

shares shares

Additional points to note:

1. The financial figures contained herein are released without being reviewed by certified public accountants or an auditing firm.

1. Outline of Business Result
   1. Outline of Business Result for the First Half of Fiscal 2025

      During the first half of fiscal 2025, the Japanese economy continued to be on a mild recovery track despite some effects from U.S trade policies. Thanks to improvement on employment and income situation, personal consumption revived despite the remaining high level of prices. Corporate production activities registered some weakness in certain sectors while equipment investments, mainly on digital transformation, recorded a firm trend. In the meantime, the global economy maintained its solid growth pattern amid slowing inflation while there remained some concern over uncertain financial policies of major economies.

      The Japanese stock market recorded a significant rise during the period. The Nikkei Stock Average (the Nikkei Average) on the Tokyo Stock Exchange (the TSE) once fell to 31,136yen on April 7 due to the shock from U.S. trade policies. After Japan and U.S. agreed on trade policies in the latter half of July, however, the Nikkei Average came to stay at the 40,000yen level, and approached the 44,000yen level temporarily in mid-August. In the U.S., as expectations for the resumption of interest rate cuts mounted amid declining inflationary pressure and optimistic views on the growth of generative AI rose again, the U.S. stock market regained its upward momentum. In Japan, positive buying mood spread to stocks related to semiconductors and AI technologies while expectations rose for change toward expansionary fiscal policy arising from the change of the government leadership. As a result, the Nikkei Average recorded a year-to-date high of 45,754yen on September 25. Soon thereafter, the Nikkei Average took a breather in the form of a backlash from a sharp rising and closed the period at 44,932yen.

      In the foreign currency market, the yen started off the period at the level of 149yen per 1 U.S. dollar. Thereafter, the yen strengthened to the higher side of the 139yen per 1 U.S. dollar level on April 22. As there was no request from the U.S. side for the setting of exchange rate target and the raising of interest rate by the Bank of Japan at the U.S.-Japan Finance Ministers Meeting on foreign exchange (which started in April), the yen ended the period at the higher side of the 147yen per 1 U.S. dollar level.

      In the Growth Section of the TSE for companies with high growth potential, the TSE Growth Section Index started off the period at 820. The Index plummeted to 686 on April 7, and thereafter turned upward, closing the period at 970. TSE Growth Section 250 Index started off the period at 636, and plummeted to 534 on April 7. Thereafter, this index turned upward and closed the period at 745.

      In the Prime Section of the TSE, the daily average turnover was 5,536.8 billion yen. In the Standard Section of the TSE, the daily average turnover was 199.8 billion yen. In the Growth Section of the TSE, the daily average turnover was 212.3 billion yen.

      Under these circumstances, the Company has been aiming to build customer-focused "Stock-Type Business Model," and exerting its efforts to increase core-stock assets in fund-wrap accounts and investment trust funds in order to expand its customers' assets in custody to 3 trillion yen as a numerical target under the Medium-Term Management Plan"3・D."

      The Company regards the cost coverage ratio as the most appropriate index which indicates the degree of the Company's advance towards "Stock-Type Business Model" (asset-accumulation type business model). The cost coverage ratio for the first half of fiscal 2025 ended September 30, 2025 was 75.6%, up from 72.5% for the year-earlier period. (The cost coverage ratio is the ratio at

      which the sum of fund management fees, trailer fees and wrap-account fees cover selling, general and administrative expenses.)

      Also, fees on stable-income sources accounted for 64.3% of total fees and commissions received, up from 62.5%.

      With regard to "Dream Collection," a fund wrap account vehicle and a core of "Stock Type

      Business Model," it enjoys an increasing popularity among customers as a medium- to long-term investment vehicle for customers' conservative assets. It has recorded its 10-year anniversary in July 2025. Its outstanding balance as of September 30, 2025, amounted to 383.4 billion yen, up 27.9%.

      The Company started new services from 2024: namely, "Dre-Colle NISA" (which can be used as a growth investment frame for NISA investments) and "Dre-Colle Mini" (which is an automatic monthly subscription type). By combining "Dre-Colle Pass" (which makes the succession of the fund to next generations possible without cashing in the fund) with the new two services, the Company can support its clients' asset-formation for a medium- to long-term across generations.

      With respect to investment trust funds (other than Dream Collection), the Company has recommended stock funds matching customers' needs, such as "BlackRock World High Dividend Equity Open," "Ichiyoshi Global Equity Fund" and "Ichiyoshi Japan Select Dividend Equity & J-REIT Fund."

      The outstanding balances of these funds as of September 30, 2025, amounted to 839.6 billion yen, up 6.9%.

      With respect to Ichiyoshi Asset Management Co., Ltd., the assets under its management continued to increase and amounted to 674.9billion yen as of September 30, 2025, up 18.9%.

      With respect to activities on stocks, the Company has proposed to customers asset-backed stocks with stress on stability and stable dividends under inflationary circumstances. In addition, the Company has recommended to customers investment in small- and medium-cap growth stocks selected based on Ichiyoshi Research Institute's strength in research. The Company has thus continued to make various proposals and recommendations to promote stocks as means of medium- to long-term asset-formation.

      As a result of these activities, net operating revenue amounted to 10,572 million yen, up 8.9%. Selling, general and administrative expenses recorded 8,729 million yen, up 6.7%. Thus, operation profit amounted to 1,843 million yen, up 20.9%.

      Customers' asset under custody amounted to 2,485 billion yen, up 12.7%.

      Set forth below are revenue sources, cost and expenses and financial condition.

      1. Commissions and fees received

         Total commissions received for the first half of fiscal 2025 amounted to 10,259 million yen, up

         8.1 % from the year-earlier period.

         1. Brokerage commissions

            Total brokerage commissions on stocks rose 12.7% to 2,583 million yen. Brokerage commissions on small- and medium-sized stocks registered 318 million yen, up 34.0%, and accounted for 12.3% of total brokerage commissions on stocks.

         2. Fees for offering, secondary distribution and solicitation for selling and others for professional investors

            Fees on investment trust funds amounted to 766 million yen, down 16.5%. Thus, total fees for offering, secondary distribution and solicitation for selling and others for professional investors recorded 771 million yen, down 16.5%.

         3. Other fees received

         The trailer fees related to the outstanding balances of investment trust funds under custody registered 2,596 million yen, up12.5%. Fund wrap-account fees recorded 2,585 million yen, up 9.5%. Investment trust fund management fees at Ichiyoshi Asset Management Co., Ltd. amounted to 1,418 million yen, up 12.4%. Hence, other fees received totaled 6,857 million yen, up 10.2%.

      2. Net trading income

         Trading in stocks, etc. recorded net gains of 30 million yen, up 66.9%. Trading in bonds and foreign exchange, etc. registered net gains of 79 million yen, up 973.0%. As a result, net trading income amounted to 110 million yen, up 330.8%.

      3. Net Financial revenue

         Net financial revenue decreased 7.9% to 60 million yen as financial revenue rose 7.1% to 91 million yen while financial expenses increased 59.0% to 30 million yen.

         Resultantly, net operating revenue for the first half of fiscal 2025 amounted to 10,572 million yen, up 8.9%.

      4. Selling, general and administrative expenses

         Selling, general and administrative expenses recorded 8,729 million yen, up 6.7%, mainly as personnel expenses rose.

      5. Non-operating income and expenses

         The Company recorded non-operating income of 56 million yen, mainly consisting of the Company received dividends of 16 million yen on investment securities and registered investment gains of 23 million yen on investment partnerships, and non-operating expenses of 1 million yen, mainly consisting of 1 million yen of loss on cancellation of leases. As a result, net non-operating income amounted to 55 million yen, down 5.3%.

         Resultantly, ordinary profit for the first half of fiscal 2025 amounted to 1,898 million yen, up 20.0%.

         vi Extraordinary income and loss

         The Company recorded extraordinary income of 34 million yen, mainly in the form of gains of 33 million yen on sales of investment securities. Mainly after deducting loss on disposal of fixed assets, the Company registered net extraordinary income of 33 million yen, up by 32 million yen.

         Resultantly, profit before income taxes for the first half of fiscal 2025 amounted to 1,932 million yen, up 22.0%. Net income attributable to owners of parent for the first half of fiscal 2025 (after deduction of income taxes, resident tax and enterprise tax, in the aggregate amount of 716 million yen and after addition of corporate tax adjustments in the amount of 71 million yen) amounted to 1,286 million yen, up 23.5%.

   2. Outline of Financial Condition for the First Half of Fiscal 2025

      1. Assets

         Assets amounted to 52,635 million yen as of September 30, 2025, a rise of 10,734 million yen (up 25.6%) from March 31, 2025, mainly as cash and deposits increased by 9,442 million yen and cash paid for offering rose by 1,658 million yen.

      2. Liabilities

         Liabilities amounted to 24,287 million yen as of September 30, 2025, a rise of 9,849 million yen (up 68.2%) from March 31, 2025, mainly as margin transaction liabilities and deposits received increased by 587 million yen and by 7,978 million yen, respectively.

      3. Net worth

      Net worth amounted to 28,347 million yen as of September 30, 2025, a rise of 885 million

      yen (up 3.2%) from March 31, 2025. The increase resulted mainly as the Company recorded 1,286 million yen as net income attributable to owners of parent while the Company paid dividends of 540 million yen.

      Resultantly, as of September 30, 2025, shareholders' equity ratio stood at 53.8%, as compared to 65.4% as of March 31, 2025.

      Capital adequacy ratio as of September 30, 2025, as defined under regulations, stood at 434.1%, as compared with 448.0% as of March 31, 2025.

2. Consolidated Financial Statements and Notes for the First Half of Fiscal Year

   1. Consolidated Balance Sheets for the First Half of Fiscal Year

      (in millions of yen)

      As of March 31 As of September 30 2025 2025

      Assets Current assets
      Cash and deposits	15,333	24,776
      Segregated deposits	6,965	6,575
      Trading products	0	-
      Derivatives	0	-
      Trade date accrual	6	0
      Margin transaction assets	8,332	7,373
      Margin loans	8,297	7,334
      Cash collateral provided for securities borrowed in margin transactions	35	38
      Loans secured by securities	70	-
      Cash collateral provided for securities borrowed	70	-
      Advances paid	135	238
      Deposits paid for underwritten offering, etc.	2,654	4,312
      Short-term loans receivable	35	24
      Accrued revenue	2,240	3,038
      Other current assets	155	248
      Allowance for doubtful accounts	△ 3	△ 2
      Total current assets	35,927	46,585
      Non-current assets
      Property, plant and equipment	2,912	2,867
      Buildings, net	973	933
      Equipment	592	574
      Land	1,329	1,329
      Leased assets, net	16	29
      Intangible assets	750	969
      Software	749	968
      Other	1	0
      Investments and other assets	2,310	2,213
      Investment securities	731	533
      Long-term loans receivable	19	16
      Long-term guarantee deposits	929	923
      Retirement benefit asset	501	532
      Deferred tax assets	131	210
      Other	75	76
      Allowance for doubtful accounts	△79	△79
      Total non-current assets	5,972	6,049
      Total assets	41,900	52,635
      Liabilities Current liabilities Margin transaction liabilities	2,018	2,606
      Margin borrowings	1,967	2,528
      Cash received for securities sold in margin transactions	50	77
      Borrowings secured by securities	26	9
      Cash collateral received for securities lent	26	9
      Deposits received	8,913	16,891
      Guarantee deposits received	590	1,081
      Short-term borrowings	230	230
      Lease liabilities	7	8
      Income taxes payable	478	834
      Provision for bonuses	759	948
      Other current liabilities	1,092	1,361
      Total current liabilities	14,116	23,971
      Non-current liabilities
      Long-term borrowings	66	56
      Lease liabilities	9	21
      Deferred tax liabilities for land revaluation	8	8
      Other noncurrent liabilities	34	26
      Total non-current liabilities	118	112
      Reserves under special laws
      Reserve for financial instruments transaction liabilities	203	203
      Total reserves under special laws	203	203
      Total liabilities	14,438	24,287
      Net assets Shareholders' equity Share capital	14,577	14,577
      Capital surplus	3,930	3,916
      Retained earnings	14,354	15,100
      Treasury shares	△ 4,484	△ 4,312
      Total shareholders' equity	28,377	29,281
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	70	63
      Revaluation reserve for land	△1,125	△1,125
      Remeasurements of defined benefit plans	95	87
      Total accumulated other comprehensive income	△ 958	△ 974
      Share acquisition rights	43	40
      Total net assets	27,461	28,347
      Total liabilities and net assets	41,900	52,635

   2. Consolidated Income Statements and Comprehensive Income Statements for the First Half of Fiscal Year Consolidated Income Statements for the First Half of Fiscal Year

      (in millions of yen)

      	For First Half of Fiscal 2024		For First Half of Fiscal 2025
      Operating revenue
      Commission received		9,488		10,259
      Net trading income		25		110
      Financial revenue		85		91
      Other operating revenue		125		142
      Total operating revenue		9,725		10,603
      Financial expenses		19		30
      Net operating revenue		9,706		10,572
      Selling, general and administrative expenses
      Trading related expenses		676		715
      Personnel expenses		4,446		4,823
      Real estate expenses		1,159		1,204
      Office expenses		1,125		1,208
      Depreciation		248		205
      Taxes and dues		147		160
      Other		377		410
      Total selling, general and administrative expenses		8,181		8,729
      Operating profit		1,524		1,843
      Non-operating income
      Dividends from investment securities		15		16
      Gain on investments in investment partnerships		27		23
      Other		15		16
      Total non-operating income		58		56
      Non-operating expenses Loss on investments in investment partnerships	0		0
      Loss on cancellation of leases	-		1
      Other	0		0
      Total non-operating expenses	0		1
      Ordinary profit	1,582		1,898
      Extraordinary income
      Gain on sale of investment securities	1		33
      Gain on reversal of share acquisition rights	0		1
      Total extraordinary income	1		34
      Extraordinary losses
      Loss on retirement of non-current assets	0		0
      Settlement payments	-		0
      Total extraordinary losses	0		0
      Profit before income taxes	1,583		1,932
      Income taxes - current	575		716
      Income taxes - deferred	△32		△71
      Total income taxes	542		645
      Profit	1,041		1,286
      Profit attributable to owners of parent	1,041		1,286

      Comprehensive Income Statements for the First Half of Fiscal Year
      			(in millions of yen)
      	For First Half of		For First Half of
      	Fiscal 2024		Fiscal 2025
      Profit Other comprehensive income		1,041	1,286
      Valuation difference on available-for-sale securities Remeasurements of defined benefit plans, net of tax		5 △13	△7 △8
      Total other comprehensive income		△8	△15
      Comprehensive income		1,033	1,270
      Comprehensive income attributable to
      Comprehensive income attributable to owners of parent		1,033	1,270

   3. Notes to Consolidated Financial Statements for the First Half of Fiscal 2025

      (Changes in accounting policies and accounting estimates and restatement of financial statement) None.

      (Application of accounting methods specific to preparation of consolidated financial statements for the first half of fiscal year)

      None.

      (Notes if there are significant changes in the amount of shareholders' equity) None.

      (Notes on going concern assumption) None.

3. Supplementary Information for First Half of Fiscal 2025

1. Commissions and fees received

   1. Commissions and fees by sources (in millions of yen)

      First half of fiscal year ended year-on-year

      Fiscal year ended

      September 30,

      2024

      September 30,

      2025

      change

      March 31, 2025

      Brokerage commissions		2,341		2,630		12.3 %		4,413
      (Stocks)	(	2,291	) (	2,583	) (	12.7 % )	(	4,320	)
      (Beneficiary certificates)	(	50	) (	47	) ( △	5.7 % )	(	93	)
      Fees for offering, secondary distribution and solicitation for selling and others for		923		771	△	16.5 %		1,615
      professional investors
      (Beneficiary certificates)	(	918	) (	766	) ( △	16.5 % )	(	1,603	)
      Other fees received		6,223		6,857		10.2 %		12,317
      (Beneficiary certificates*1、2)	(	5,931	) (	6,600	) (	11.3 % )	(	11,756	)
      Total		9,488		10,259		8.1 %		18,346

      First half of fiscal year ended year-on-year

      Fiscal year ended

      September 30,

      2024

      September 30,

      2025

      change

      March 31, 2025

      Fees on beneficiary certificates as % total commissions and fees

      62.5 % 64.3 % 1.8 % 64.1 %

      *1 Breakdown of Beneficiary certificates (in millions of yen)

      	September 30, 2024	September 30, 2025	change	March 31, 2025
      Trailer fees relating to balances of funds	2,308	2,596	12.5 %	4,538
      Fund management fees	1,261	1,418	12.4 %	2,594
      Fees from wrap-accounts	2,360	2,585	9.5 %	4,623
      Total	5,931	6,600	11.3 %	11,756

      First half of fiscal year ended year-on-year

      Fiscal year ended

      *2 The ratio at which selling, general and administrative expenses are covered by fees on wrap-accounts and trailer and management fees on investment trust funds = Cost-coverage ratio

      (in millions of yen)

      First half of fiscal year ended year-on-year

      September 30,

      2024

      September 30,

      2025

      change

      Other fees (beneficiary certificates) 5,931 6,600 669

      Selling, general and administrative expenses

      8,181 8,729 548

      Cost-coverage ratio 72.5 % 75.6 % 3.1 %

   2. Amount of distribution(Beneficiary certificates) (in 100 millions of yen)

      First half of fiscal year ended year-on-year

      Fiscal year ended

      	September 30, 2024			September 30, 2025			change	March 31, 2025
      Beneficiary certificates	2,933			2,904		△	1.0 %	5,533
      (Front-end load fund)	(	383	) (	322	) ( △	15.9 % )	(	692 )
      (No-load fund)	(	2,549	) (	2,581	) (	1.2 % )	(	4,841 )

   3. Commissions by products (in millions of yen)

   First half of fiscal year ended year-on-year

   Fiscal year ended

   	September 30, 2024	September 30, 2025		change	March 31, 2025
   Stocks	2,304	2,593		12.5 %	4,341
   Bonds	9	9	△	7.2 %	19
   Beneficiary certificates	6,900	7,414		7.5 %	13,454
   Others	274	242	△	11.8 %	530
   Total	9,488	10,259		8.1 %	18,346

2. Net trading income (in millions of yen)

   	September 30, 2024			September 30, 2025		change	March 31, 2025
   Stocks, etc.	18			30		66.9 %	25
   Bonds, foreign exchange, etc.	7			79		973.0 %	19
   (Bonds, etc.)	(	0	) (	0	) ( △	62.9 %)	(	1 )
   (Foreign exchange, etc.)	(	6	) (	79	) (	- )	(	18 )
   Total		25		110		330.8 %		45

   First half of fiscal year ended year-on-year

   Fiscal year ended

3. Stock trading volume (excluding futures trading)

   (in millions of shares, millions of yen except brokerage commission per share)

   First half of fiscal year ended year-on-year

   Fiscal year ended

   September 30, 2024 September 30, 2025

   change

   March 31, 2025

   Number of shares

   Amount Number of shares

   Amount Number of shares

   Amount Number of shares

   Amount

   Total	628	1,314,308	745	1,336,785	18.5%	1.7%	1,251	2,545,629
   (Dealing)	(1)	(1,635)	(2)	(3,152)	(39.6%)	(92.7%)	(3)	(3,457)
   (Brokerage)	(627)	(1,312,672)	(743)	(1,333,633)	(18.4%)	(1.6%)	(1,248)	(2,542,172)
   Brokerage ratio	99.7%	99.9%	99.7%	99.8%			99.8%	99.9%

   Share of transaction on

   TSE*

   Brokerage commission per share

   *Tokyo Stock Exchange, Inc.

   0.09% 0.10% 0.08% 0.09% 0.09% 0.09%

   3.65 yen 3.48yen 3.46 yen

4. Capital adequacy ratio (in millions of yen)

   First half of fiscal year ended Fiscal year ended

   		September 30, 2024	September 30, 2025	March 31, 2025
   Basic items	(Ａ)	28,041	26,671	25,412
   Supplementary items	(Ｂ)	△ 854	△ 817	△ 820

   Valuation difference on available-for-sale securities	△	1,046	△	1,022	△	1,026
   Reserve for financial instruments transaction liability		189		203		203
   General allowance for doubtful accounts		2		1		2
   Deductible assets		(Ｃ)	6,030	6,356	6,097
   Equity capital (non-fixed)	(Ａ)＋(Ｂ)－(Ｃ)	(Ｄ)	21,157	19,497	18,494
   Amount of risk equivalent		(Ｅ)	4,116	4,490	4,127
   Amount of market risk equivalent	11		37		13
   Amount of counterparty risk equivalent	500		655		409
   Amount of fundamental risk equivalent	3,604		3,797		3,704
   Capital adequacy ratio (Ｄ)／(Ｅ)×100(%)	513.9 %		434.1 %		448.0 %

   Note : The data in the table above are calculated based on figures adjusted after the settlement of accounts.

5. Quarterly Consolidated Income Statements for Recent Six Quarters

(in millions of yen)