The Second Quarter of FY 2025 Financial Results Presentation Japan Securities Finance Co., Ltd.
November 13, 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.
2
Table of Contents
Overview of Financial Results for the Second Quarter of FY 2025 | |
| Ｐ3 |
| Ｐ4 |
| Ｐ5 |
| Ｐ6 |
| Ｐ7 |
| Ｐ8 |
| Ｐ9 |
(Appendix) |
Executive Summary (Consolidated)
(¥ mn)
Second Quarter of FY 2025
YoY Chg.
% YoY Chg.
Highlights
Operating profit
6,894
+617
+9.8%
Ordinary profit
7,317
+486
+7.1%
Profit attributable to owners of parent
5,144
-1,072
-17.3%
Loans for margin transactions and equity repo transactions continued to show steady performance.
The extraordinary gain recorded in the same period of the previous year was eliminated.
Summary Financial Results for the Second Quarter of FY 2025
(¥ mn)
Consolidated
Non-consolidated
Second 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)
46,943
+21,731
(+86.2%)
42,067
+19,348
4,656
+2,481
564
-58
Including premium charges
50,882
+23,391
(+85.1%)
46,005
+21,007
Operating expenses
(Except premium charges)
36,116
+20,952
(+138.2%)
33,391
+18,603
2,849
+2,375
12
0
Including premium charges
40,048
+22,618
(+129.8%)
37,322
+20,270
General &
administrative expenses
3,939
+154
(+4.1%)
3,063
+81
765
+80
320
-1
Operating profit
6,894
+617
(+9.8%)
5,619
+655
1,041
+25
231
-58
Ordinary profit
7,317
+486
(+7.1%)
8,443
+1,987
1,042
+25
378
+13
Gain or loss in equity-method
174
-165
(-48.6%)
Extraordinary profit or loss
-
-1,828
(-100.0%)
-
-664
-
-
-
-1,163
Profit attributable to owners of parent /Net income
5,144
-1,072
(-17.3%)
6,718
+1,199
721
＋18
251
-751
Gross profit
Profit In securities financing showed steady performance in loans for margin transactions and equity repo transactions, despite narrower interest margins for bond repo and gensaki transactions.
Profit In securities investment increased due to the accumulation of carry revenue and the implementation of portfolio rebalancing.
As a result, operating profit increased by 9.3% over the previous year.
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.
,
Summary of Financial Results for the Second Quarter of FY 2025 (Non-Consolidated)
Key Points
Japan Securities Finance
（Non-consolidated）
(¥ mn)
Second Quarter of FY 2025
YoY Chg.
% YoY
Chg.
Operating revenues *1
42,067
+19,348
(+85.2%)
Operating expenses *1
33,391
+18,603
(+125.8%)
Gross profit
8,682
+737
(+9.3%)
Margin loan business *1
2,957
+743
(+33.6%)
Securities financing *2
3,430
-291
(-7.8%)
Others （mainly securities investment）
2,294
+285
(+14.2%)
General & administrative expenses
3,063
+81
(+2.7%)
Operating profit
5,619
+655
(+13.2%)
Ordinary profit
8,443
+1,987
(+30.8%)
Extraordinary profit or loss
-
-664
(-100.0%)
Net income
6,718
+1,199
(+21.7%)
*1 Excluding premium charge
*2 Equity repo, Bond repo and gensaki transactions, Loans for negotiable margin transactions General stock lending, Retail loans
-
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)
2,957
＋743
（+33.6％)
Securities financing
Equity repo transactions
972
+101
(+11.6%)
Bond repo and gensaki transactions
1,536
-529
(-25.6%)
Loans for negotiable margin transactions
197
+45
(+30.2%)
General stock lending
443
+63
(+16.8%)
Loans to retail
280
+27
(+10.9%)
Total
3,430
-291
(-7.8%)
Securities Investment
2,294
+285
(+14.2%)
Increased in profit due to the steady stock market development and changes in the interest rate conditions.
Increase in profit due to increased demand for funds from securities companies in response to changes in interest rate conditions.
Balances remained flat amid steady demand for collateral use and compliance with international financial regulations, however interest margins narrowed due to interest rates fluctuating within a narrow range in short-term markets.
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.
Increased in profit due to carry revenue accumulation and the effect of portfolio substitution.
Key Points
Trust fees
Maintained steady performance in trust fees from services such as custodial trust services.
Summary of Financial Results for the Second Quarter of FY 2025 (JSF Trust Bank）
JSF Trust Bank
(Non-consolidated)
(¥ mn)
First Quarter of FY 2025
YoY Chg.
% YoY Chg.
Ordinary revenues
4,656
+2,480
（+114.0%）
Trust fees
876
＋39
（＋4.6%）
Ordinary expenses
3,614
+2,455
（+211.8%）
Ordinary profit
1,042
+25
（+2.4%）
Net income
721
+18
（+2.6%）
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.