The Third Quarter of FY 2025 Financial Results Presentation Japan Securities Finance Co., Ltd. February 12, 2026
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.
Overview of Financial Results for the Third Quarter of FY 2025 | P 3 - 9 |
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Executive Summary (Consolidated)
(¥ mn)
Third Quarter of FY 2025
YoY Chg.
% YoY Chg.
Highlights
Operating profit
10,604
+958
+9.9%
Ordinary profit
11,444
+994
+9.5%
Profit attributable to owners of parent
8,123
-717
-8.1%
period of the previous year was eliminated.
Loans for margin transactions and equity repo transactions continued to show steady performance.
The extraordinary gain recorded in the same
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Summary Financial Results for the Third Quarter of FY 2025
(¥ mn)
Consolidated
Non-consolidated
Third 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)
73,136
+35,995
(+96.9%)
65,544
+32,452
7,204
+3,614
851
-73
Including premium charges
79,154
+39,108
(+97.7%)
71,563
+35,564
Operating expenses
(Except premium charges)
58,836
+34,816
(+158.1%)
52,641
+31,642
4,327
+3,151
19
＋1
Including premium charges
62,838
+37,931
(+152.3%)
58,643
+34,756
General &
administrative expenses
5,711
+219
(+4.0%)
4,460
+138
1,100
+103
464
-14
Operating profit
10,604
+958
(+9.9%)
8,458
+669
1,776
+359
368
-60
Ordinary profit
11,444
+994
(+9.5%)
11,492
+2,143
1,776
+358
615
+46
Gain or loss in equity-method
281
-179
(-39.0%)
Extraordinary profit or loss
-
-1,828
(-100.0%)
-
-664
-
(―)
-
-1,163
Profit attributable to owners of parent /Net income
8,123
-717
(-8.1%)
8,922
+1,314
1,231
＋251
409
-729
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Summary of Financial Results for the Third Quarter of FY 2025 (Non-Consolidated)
Key Points
Japan Securities Finance
（Non-consolidated）
(¥ mn)
Third Quarter of FY 2025
YoY Chg.
% YoY Chg.
Operating revenues *1
65,544
+32,452
(+98.1%)
Operating expenses *1
52,641
+31,642
(+150.7%)
Gross profit
12,919
+808
(+6.7%)
Margin loan business *1
4,635
+1,439
(+45.0%)
Securities financing *2
5,267
-95
(-1.8%)
Others （mainly securities investment）
3,015
-535
(-15.1%)
General & administrative expenses
4,460
+138
(+3.2%)
Operating profit
8,458
+669
(+8.6%)
Ordinary profit
11,492
+2,143
(+22.9%)
Extraordinary
profit or loss
-
-664
(-100.0%)
Net income
8,922
+1,314
(+17.3%)
*1 Excluding premium charge
*2 Equity repo, Bond repo and gensaki transactions, Loans for negotiable margin transactions, General stock lending, Retail loans
Gross profit
Profits from loans for margin transactions remained strong performance.
Profits from securities financing showed steady performance in equity repo transactions, despite the narrowing interest margins for bond repo and gensaki transactions.
In securities investment, carry revenue accumulation and the portfolio rebalancing have been implemented.
As a result, the gross profit increased by 6.7% 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.
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Gross Profit by Business (Non-Consolidated)
(¥ mn)
Type of transaction
Third Quarter of FY 2025
YoY Chg.
% YoY
Chg.
Key Points
Loans for margin transactions
(Margin loan/Stock loan)
4,635
＋1,439
（+45.0％)
Securities financing
Equity repo transactions
1,555
+243
(+18.5%)
Bond repo and gensaki transactions
2,370
-565
(-19.2%)
Loans for negotiable margin transactions
302
+62
(+26.0%)
General stock lending
604
+113
(+23.2%)
Loans to retail
434
+49
(+13.0%)
Total
5,267
-95
(-1.8%)
Securities Investment
3,015
-535
(-15.1%)
Increased in profit due to the steady stock market development and changes in the interest rate conditions.
Increased in profit due to increased demand for funds from securities companies in response to changes in interest rate conditions.
Balances were maintained slightly above the previous year 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.
Implemented carry revenue accumulation and the portfolio rebalancing.
Key Points
Ordinary profit
Increased in profit due to the rise in interest income resulting from changes in the interest rate conditions and steady performance in trust fees from services such as custodial trust services.
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Summary of Financial Results for the Third Quarter of FY 2025 (JSF Trust Bank）
JSF Trust Bank
(Non-consolidated)
(¥ mn)
Third Quarter
of FY 2025
YoY Chg.
% YoY Chg.
Ordinary revenues
7,204
+3,613
（+100.6%）
Trust fees
1,336
＋83
（＋6.6%）
Ordinary expenses
5,428
+3,254
（+149.7%）
Ordinary profit
1,776
+358
（+25.2%）
Net income
1,231
+251
（+25.6%）
Key Points
Performance Forecasts for FY 2025 have been revised upward because the securities financing, centered on the loans for margin transaction, performed better than anticipated on the back of a robust stock market and interest rate rise.
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Performance Forecasts for FY 2025
（¥ mn）
FY 2025
Performance Forecasts
Y o Y
Change from previous forecasts
Consolidated
Operating profit
13,900
+2,570
+1,500
Ordinary profit
14,900
+2,392
+1,700
Profit attributable to owners of parent
10,500
+125
+1,100
JSF
Operating profit
10,745
+1,713
+444
Ordinary profit
13,797
+3,188
+897
Net income
10,461
+1,973
+861
JSF Trust and Banking
Ordinary profit
2,711
+955
+938
Net income
1,883
+656
+653
Nihon
Building
Operating profit
440
-84
+5
Ordinary profit
720
+4
+24
Net income
475
-762
+20
- Shareholder Returns
Key Points
Dividends per share and Share Buy-Back amount
In light of the upward revision of the consolidated full-year financial results forecast, we will enhance shareholder returns.
Revision of dividend forecast (revised its year-end dividend forecast to ¥46 per share, an increase of ¥6)
Expansion of the share repurchase limit (maximum, increased by 0.6 billion)
* The estimated performance for FY 2025 was released on February 12, 2026.
Share buy-back (maximum):
¥3.4 bn (increased by ¥0.6 bn)
2.0 mn shares
(increased by 0.3 mn shares)
Dividend forecast: ¥86 (an increase of ¥6 from the previously announced forecast)
Total payout ratio: 99.5％
*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.
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.