The First Quarter of FY 2025 Financial Results Presentation Japan Securities Finance Co., Ltd.
August 7, 2025
This document has been translated from the Japanese original for reference purposes only. Although Japan Securities Finance intends this to serve as a faithful translation of the Japanese original, we do not guarantee the accuracy and correctness of the translation and encourage you to refer to the Japanese original.
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Table of Contents
Overview of Financial Results for the First Quarter of FY 2025 | |
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Executive Summary (Consolidated)
(¥ mn)
First Quarter of FY 2025
YoY Chg.
% YoY Chg.
Highlights
Operating profit
3,106
-272
-8.1%
uncertainty.
Ordinary profit
3,364
-316
-8.6%
Profit attributable to owners of parent
2,369
-1,010
-29.9%
While loans for margin transactions and equity repo transactions continued to show steady performance, interest margins narrowed for bond repo and gensaki transactions due to interest rates fluctuating within a certain range in short-term financial markets under the
The extraordinary gain of 1,163 million yen recorded in the same period of the previous year, which was associated with the sale of real estate held by a consolidated subsidiary, has dropped out.
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Summary Financial Results for the First Quarter of FY 2025
(¥ mn)
Consolidated
Non-consolidated
First Quarter of FY 2025
YoY Chg.
% YoY Chg.
JSF
JSF Trust Bank
Nihon Building
YoY Chg.
YoY Chg.
YoY Chg.
Operating revenues
(Except premium charges)
22,740
+11,388
(+100.3%)
20,457
+10,241
2,183
+1,211
281
-31
Including premium charges
23,854
+11,456
(+92.4%)
21,572
+10,309
Operating expenses
(Except premium charges)
17,740
+11,687
(+193.1%)
16,506
+10,563
1,307
+1,152
6
0
Including premium
charges
18,853
+11,764
(+165.9%)
17,619
+10,639
General & administrative expenses
1,893
-35
(-1.8%)
1,524
+2
314
-59
159
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Operating profit
3,106
-272
(-8.1%)
2,427
-332
561
+117
115
-56
Ordinary profit
3,364
-316
(-8.6%)
5,238
+995
562
+117
226
-10
Gain or loss in equity-method
57
-45
(-44.1%)
Extraordinary
profit or loss
-
-1,163
(-100.0%)
-
(―)
-
(―)
-
-1,163
Profit attributable to owners of parent /Net income
2,369
-1,010
(-29.9%)
4,492
+1,088
388
86
152
-767
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Summary of Financial Results for the First Quarter of FY 2025 (Non-Consolidated)
Key Points
Japan Securities Finance
（Non-consolidated）
(¥ mn)
First Quarter of FY 2025
YoY Chg.
% YoY
Chg.
Operating revenues *1
20,457
+10,241
(+100.2%)
Operating expenses *1
16,506
+10,563
(+177.7%)
Gross profit
3,952
-330
(-7.7%)
Margin loan business *1
1,163
+102
(+9.6%)
Securities financing *2
1,737
-215
(-11.1%)
Others （mainly securities investment）
1,052
-216
(-17.1%)
General & administrative expenses
1,524
+2
(+0.1%)
Operating profit
2,427
-332
(-12.1%)
Ordinary profit
5,238
+995
(+23.5%)
Extraordinary
profit or loss
-
-
(―)
Net income
4,492
+1,088
(+32.0%)
*1 Excluding premium charge
*2 Equity repo, Bond repo and gensaki transactions, Loans for negotiable margin transactions, General stock lending, Retail loans
Gross profit
While loans for margin transactions and equity repo transactions continued to show steady performance, interest margins narrowed for bond repo and gensaki transactions due to interest rates fluctuating within a certain range in short-term financial markets under the uncertainty.
In securities investment operations, the company implemented carry revenue accumulation and executed portfolio substitution.
Ordinary profit
Dividends received from consolidated subsidiaries increased (due to adjustments in the dividend payment method for JSF Trust and Banking, and higher profits from real estate sales in the previous fiscal year for Nihon Building). Both had no impact on consolidated results due to elimination of intercompany transactions.
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Gross Profit by Business (Non-Consolidated)
(¥ mn)
Type of transaction
First Quarter of FY 2025
YoY Chg.
% YoY
Chg.
Key Points
Loans for margin transactions
(Margin loan/Stock loan)
1,163
＋102
（+9.6％)
Securities financing
Equity repo transactions
479
+19
(+4.3%)
Bond repo and gensaki transactions
786
-295
(-27.3%)
Loans for negotiable margin transactions
99
+28
(+39.3%)
General stock lending
238
+20
(+9.2%)
Loans to retail
133
+11
(+9.3%)
Total
1,737
-215
(-11.1%)
Securities Investment
1,052
-216
(-17.1%)
Increased in profit due to the steady stock market development and changes in the interest rate conditions.
Showed steady performance in equity repo transaction mainly due to increased demand for funds from securities companies by changes in interest rate conditions.
While balances remained flat due to steady demand for collateral use and international financial regulatory compliance, interest margins narrowed due to interest rates fluctuating within a certain range in short-term financial markets under the uncertainty.
Increased in profit due to increased demand for funds due to steady stock market development.
Increased in profit due to demand for fail-cover purposes.
Increased in profit due to steady stock market conditions.
The company implemented carry revenue accumulation and executed portfolio substitution.
Key Points
Trust fees
Trust fees from services such as custodial trust services remained steady.
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Summary of Financial Results for FY 2025 (JSF Trust Bank）
JSF Trust Bank
(Non-consolidated)
(¥ mn)
First Quarter of FY 2025
YoY Chg.
% YoY Chg.
Ordinary revenues
2,195
+1,222
（+125.6%）
Trust fees
424
-4
（-0.9%）
Ordinary expenses
1,632
+1,104
（+209.2%）
Ordinary profit
562
+117
（+26.4%）
Net income
388
+86
（+28.5%）
Performance Forecasts for FY 2025
(No changes since the last announcement)（¥ mn）
FY 2025
Performance Forecasts
Y o Y
Change from previous forecasts
Consolidated
Operating profit
12,400
+1,070
>
Ordinary profit
13,200
+692
>
Profit attributable to owners of parent
9,400
-975
>
JSF
Operating profit
10,300
+1,269
>
Ordinary profit
12,900
+2,292
>
Net income
9,600
+1,113
>
JSF Trust and Banking
Ordinary profit
1,773
+17
>
Net income
1,230
+3
>
Nihon
Building
Operating profit
435
-89
>
Ordinary profit
695
-20
>
Net income
455
-782
>
Shareholder Returns
Shareholder Return Policy
Continue to aim for a total payout ratio of 100% on a cumulative basis from FY 2023
through FY 2025, through dividends and flexible implementation of share buy-backs.
Dividends per share and Share Buy-Back amount
The ordinary dividend is expected to increase by ¥12
* The estimated performance for FY 2025 was released on May 15, 2025.
Total payout ratio: 100.0％
*based on performance forecasts
In the above chart, dividends per share in FY 2025 are forecasts and share buy-back amount is maximum amount of repurchase.
Dividend forecast: ¥80
Share buy-back (maximum):
¥2.8 bn, 1.7 mn shares
This document includes statements relating to business forecasts. These statements do not guarantee future business performance; they contain risks and uncertainties. Future business performance may vary significantly depending on the stock market and financial conditions or other factors.