Japan Securities Finance Co., Ltd. TSE:8511
Japan Securities Finance : Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2026 (Consolidated)
Source: MarketScreener
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, it does not guarantee the accuracy and correctness of the translation, and encourages you to refer to the Japanese original.
March 31, 2026 [Japanese GAAP] (Consolidated)
August 7, 2025 Company name：Japan Securities Finance Co., Ltd. Listing：Tokyo Stock Exchange
Securities code：8511 URL: https://www.jsf.co.jp
Representative: (Title) Representative Executive Officer & President (Name) Shigeki Kushida
Contact Person: (Title) General Manager of Corporate Planning Dept. (Name) Katsuhiko Yamamoto
Tel. +81-03-3666-3184
Scheduled date for commencement of dividend payments: -
Preparation of supplementary explanatory materials on quarterly financial statements: Yes Convening of quarterly financial results briefing: None
(Millions of yen, rounded down to nearest million)
-
Consolidated Financial Results for the First Quarter of Fiscal 2025 (from April 1, 2025 to June 30, 2025)
-
Consolidated Operating Results
(% change from year-on-year for those items)
Operating revenues
Operating profit
Ordinary profit
Profit attributable
to owners of parent
(Millions of Yen)
(% change)
(Millions of Yen)
(% change)
(Millions of Yen)
(% change)
(Millions of Yen)
(% change)
F i r s t Q u a r t e r o f Fiscal 202 5
23,854
92.4
3,106
-8.1
3,364
-8.6
2,369
-29.9
F i r s t Q u a r t e r o f Fiscal 2 02 4
12,397
-9.8
3,379
8.0
3,681
9.4
3,380
37.8
(Note) Comprehensive income: First Quarter of Fiscal 2025: 1,300 millions of yen (-%)
First Quarter of Fiscal 2024: -2,771 millions of yen (-%)
Net income per share
Net income per share
- diluted
(Yen)
(Yen)
F i r s t Q u a r t e r o f Fiscal 2025
28.78
-
F i r s t Q u a r t e r o f Fiscal 20 24
40.34
-
- Consolidated Financial Position
Total assets
Net assets
Shareholders' equity ratio
(Millions of Yen)
(Millions of Yen)
(%)
F i r s t Q u a r t e r
of Fiscal 2025
15,064,929
131,804
0.9
Fiscal 2024
13,769,589
134,346
1.0
(Reference) Net worth: First Quarter of Fiscal 2025: 131,804 millions of yen
Fiscal 2024: 134,346 millions of yen
-
Consolidated Operating Results
-
Dividends
Dividends per Share
First Quarter
(Yen)
Second Quarter
(Yen)
Third Quarter
(Yen)
Year-end
(Yen)
Annual
(Yen)
Fiscal 2024
-
42.00
-
42.00
84.00
Fiscal 2025
-
Fiscal 2025 (Forecast)
40.00
-
40.00
80.00
(Note 1) Revision to most recently published dividend forecast: None
(Note 2) Second Quarter of Fiscal 2024: Ordinary dividend 34.00 yen Special dividend 8.00 yen Fiscal 2024 End of the period: Ordinary dividend 34.00 yen Special dividend 8.00 yen
-
Consolidated Performance Forecast for Fiscal 2025 (April 1, 2025－March 31, 2026)
(% change from the previous fiscal year)
Operating profit
Ordinary profit
Profit attributable to owners of parent
Net income per share
Full Year
Millions of yen
%
Millions of yen
%
Millions of yen
%
Yen
12,400
9.5
13,200
5.5
9,400
-9.4
114.44
(Notes) Revision to most recently published performance forecast: None
-
Notes
Changes in scope of significant consolidated subsidiaries (changes in the case of specified subsidiaries accompanying change in the scope of consolidation): None
Adoption of specified accounting methods for quarterly consolidated financial statements: None
Changes in accounting policies and changes or restatement of accounting estimates
Changes in accounting policies caused by revision of accounting standards: None
Changes in accounting policies other than (i): None
Changes in accounting estimates: None
Restatements: None
Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock)
as of Jun. 30, 2025: 88,000,000 as of Mar. 31, 2025: 88,000,000
Number of treasury stock shares
as of Jun. 30, 2025: 5,784,688 as of Mar. 31, 2025: 5,601,375
Average number of shares (quarter-to-date)
-
Notes
for three months ended Jun. 30, 2025: 82,352,927
for three months ended Jun. 30, 2024: 83,804,665
(Note) The number of treasury stock shares deducted in the calculation of the number of treasury stock shares at the end of the period and the average number of issued and outstanding shares during the period (quarter-to-date ) includes the shares of the Company held by the Share Benefit Trust (BBT).
Note: Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary)
Note: Explanation on proper use of business performance forecasts and other notes
The performance forecasts contained in this document are based on information available at the present and certain assumptions deemed reasonable by the company. These statements are not intended to serve as a guarantee for the achievement of the forecasted performance. Additionally, actual performance may differ significantly due to a variety of factors.
Qualitative Information on the Current Quarter Results
Review of Operating Results
(Results for the First Quarter of Fiscal Year Ending March 2026)
In the first quarter cumulative consolidated period, loans for margin transactions and equity repo transactions continued to show steady performance due to a robust stock market and increased demand for financing driven by rising market interest rates. Meanwhile, 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. Consequently, our group posted a decline in consolidated gross operating profit to 5,000 million yen (down 5.8% year-on-year), our consolidated operating profit decreased to 3,106 million yen (down 8.1% year-on-year), and our consolidated ordinary profit declined to 3,364 million yen (down 8.6% year-on-year). The profit attributable to owners of the parent amounted to 2,369 million yen (a decrease of 29.9% year-on-year) due to the absence of the extraordinary gain of 1,163 million yen from the sale of real estate held by a consolidated subsidiary recorded in the same period of the previous year.
(millions of yen)
Consolidated profits & losses
Year-on-year comparison
Rate of increase/decrease
Operating revenues (Excluding premium charges)
22,740
11,388
100.3
Including premium charges
23,854
11,456
92.4
Operating expenses (Excluding premium charges)
17,740
11,687
193.1
Including premium charges
18,853
11,764
165.9
Gross profit
5,000
-307
-5.8
General and administrative expenses
1,893
-35
-1.8
Operating profit
3,106
-272
-8.1
Non-operating income
257
-44
-14.6
Ordinary profit
3,364
-316
-8.6
Extraordinary income
-
-1,163
-100.0
Profit before income taxes etc.
3,364
-1,480
-30.6
Profit attributable to owners of the parent
2,369
-1,010
-29.9
Overview of Financial Status
(Status of Assets, Liabilities, and Net Assets)
As of the end of the first quarter of the consolidated accounting period (June 30, 2025), total assets amounted to 15,064.9 billion yen (an increase of 1,295.3 billion yen from the previous fiscal year-end), due to an increase in securities purchased under resale agreements. Total liabilities amounted to 14,933.1 billion yen (an increase of 1,297.8 billion yen from the previous fiscal year-end), due to an increase in securities sold under repurchase agreements. Total net assets amounted to 131.8 billion yen (a decrease of 2.5 billion yen from the previous fiscal year-end) due to a decrease in shareholders' equity and accumulated other comprehensive income.
[Reference]
Status of the Group's Gross Profits by Business Sector
Previous First Quarter Consolidated Cumulative Period (from April 1, 2024
to June 30, 2024)
Current First Quarter Consolidated Cumulative Period (from April 1, 2025
to June 30, 2025)
Previous Consolidated Fiscal Year (Full Year) (from April 1, 2024
to March 31, 2025)
Amount
(Millions of yen)
Composition ratio (%)
Amount
(Millions of yen)
Composition ratio (%)
Amount
(Millions of yen)
Composition ratio (%)
Securities Finance Business
4,283
79.2
3,952
77.4
14,905
77.9
Loans for margin
transactions (Excluding premium charges)
1,060
19.6
1,163
22.8
4,390
22.9
Securities financing
1,953
36.1
1,737
34.0
7,351
38.4
Equity repo transactions, etc.
459
8.5
479
9.4
1,762
9.2
Bond repo and
gensaki transactions
1,081
20.0
786
15.4
4,060
21.2
Loans for negotiable margin transactions
71
1.3
99
1.9
358
1.9
General stock lending
218
4.0
238
4.7
664
3.5
Retail loans
122
2.3
133
2.6
505
2.6
Other
1,269
23.5
1,052
20.6
3,164
16.5
Trust and Banking Business
817
15.1
875
17.1
3,043
15.9
Real Estate Leasing Business
306
5.7
274
5.4
1,185
6.2
Total (Non-Consolidated)
5,407
100.0
5,103
100.0
19,134
100.0
Total (Consolidated)
5,308
-
5,000
-
18,746
-
Status of the Group's Transaction Balances by Business Sector (Average Balance)
Previous First Quarter Consolidated Cumulative Period (from April 1, 2024
to June 30, 2024)
Current First Quarter Consolidated Cumulative Period (from April 1, 2025
to June 30, 2025)
Previous Consolidated Fiscal Year (Full Year) (from April 1, 2024
to March 31, 2025)
Loans for margin transactions
(billions of yen)
(billions of yen)
(billions of yen)
432.8
308.3
370.8
Securities loaned for margin transactions
167.0
167.4
159.5
Securities financing
12,668.0
12,536.0
12,215.8
Equity repo transactions, etc.
831.4
879.0
806.9
Bond repo and gensaki transactions
11,694.8
11,559.5
11,299.6
Loans for negotiable margin transactions
40.9
45.0
44.6
General stock lending
77.5
23.5
39.2
Retail loans
23.1
28.8
25.3
Trust Bank Loans
289.0
151.7
175.7
Future Outlook
The performance outlook for fiscal 2025 is described in "3. Consolidated Performance Forecast for
Fiscal 2025". Please note that the above performance forecasts are based on information that is currently available to our group and on assumptions deemed reasonable at present. Actual performance may differ due to a variety of future factors, and prompt disclosure will be provided if it becomes necessary to make any revisions to the performance forecasts.
Quarterly Consolidated Financial Statements and Notes
Quarterly Consolidated Balance Sheet
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Assets
Current assets
Cash and deposits
1,435,297
1,317,255
Call loans
10,000
5,000
Securities
96,241
122,770
Operating loans
796,827
635,515
Securities purchased under resale
agreements
6,441,120
7,651,555
Cash collateral provided for securities
borrowed
4,307,086
4,597,614
Other
92,480
51,864
Allowance for doubtful accounts
-111
-106
Total current assets
13,178,942
14,381,469
Non-current assets
Property, plant and equipment
5,578
5,537
Intangible assets
618
576
Investments and other assets
Investment securities
544,475
644,386
Bad debts
63
61
Retirement benefit asset
3,832
3,859
Deferred tax assets
857
712
Other
35,283
28,386
Allowance for doubtful accounts
-63
-61
Total investments and other assets
584,450
677,345
Total non-current assets
590,647
683,459
Total assets
13,769,589
15,064,929
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Liabilities
Current liabilities
Call money
1,506,000
1,352,500
Short-term borrowings
92,005
92,000
Current portion of long-term borrowings
1,000
1,000
Commercial papers
438,466
422,440
Securities sold under repurchase agreements
8,044,038
9,646,476
Cash collateral received for securities lent
2,549,554
2,449,435
Income taxes payable
1,547
413
Provision for bonuses
550
304
Provision for bonuses for directors (and
other officers)
103
-
Borrowed money from trust account
575,934
536,270
Other
106,460
113,322
Total current liabilities
13,315,661
14,614,162
Non-current liabilities
Long-term borrowings
315,600
315,600
Deferred tax liabilities
1,354
936
Deferred tax liabilities for land revaluation
76
76
Provision for share awards for directors (and other officers)
222
206
Retirement benefit liability
269
259
Asset retirement obligations
58
59
Derivative liabilities
1,500
1,325
Other
498
498
Total non-current liabilities
319,581
318,962
Total liabilities
13,635,242
14,933,125
Net assets
Shareholders' equity
Share capital
10,000
10,000
Capital surplus
5,194
5,194
Retained earnings
125,323
124,193
Treasury shares
-7,764
-8,107
Total shareholders' equity
132,754
131,280
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
-11,778
-8,881
Deferred gains or losses on hedges
11,673
7,759
Revaluation reserve for land
165
165
Remeasurements of defined benefit plans
1,531
1,478
Total accumulated other comprehensive
income
1,592
523
Total net assets
134,346
131,804
Total liabilities and net assets
13,769,589
15,064,929
Quarterly Consolidated Income Statement and Quarterly Consolidated Comprehensive Income Statement
(Quarterly Consolidated Income Statement)
(Millions of yen)
Previous First Quarter
Consolidated Cumulative Period
(from April 1, 2024
to June 30, 2024)
Current First Quarter
Consolidated Cumulative Period
(from April 1, 2025
to June 30, 2025)
Operating revenue
Interest on loans
1,217
1,898
Interest income on securities purchased
under resale agreements
1,591
6,356
Interest income on cash collateral provided
for securities borrowed
1,646
5,835
Securities lending fees
2,319
1,894
Other
5,623
7,868
Total operating revenue
12,397
23,854
Operating expenses
Interest expenses
2,460
6,935
Interest expenses on securities sold under
repurchase agreements
761
7,568
Securities borrowing fees
2,369
1,997
Other
1,497
2,352
Total operating expenses
7,089
18,853
Operating gross profit
5,308
5,000
General and administrative expenses
1,929
1,893
Operating profit
3,379
3,106
Non-operating income
Dividend income
168
183
Share of profit of entities accounted for
using equity method
102
57
Gain on investments in investment
partnerships
41
4
Other
7
40
Total non-operating income
319
286
Non-operating expenses
Commission for purchase of treasury shares
-
0
Loss on investments in investment
partnerships
17
26
Other
0
0
Total non-operating expenses
17
28
Ordinary profit
3,681
3,364
Extraordinary income
Gain on sale of non-current assets
1,163
-
Total extraordinary income
1,163
-
Profit before income taxes
4,845
3,364
Income taxes - current
1,208
766
Income taxes - deferred
256
228
Total income taxes
1,464
994
Profit
3,380
2,369
Profit attributable to non-controlling interests
-
-
Profit attributable to owners of parent
3,380
2,369
(Quarterly Consolidated Comprehensive Income Statement)
(Millions of yen)
Previous First Quarter Consolidated Cumulative Period
(from April 1, 2024
to June 30, 2024)
Current First Quarter Consolidated Cumulative Period
(from April 1, 2025
to June 30, 2025)
Profit
3,380
2,369
Other comprehensive income
Valuation difference on available-for-sale
securities
-7,208
2,883
Deferred gains or losses on hedges
1,091
-3,914
Remeasurements of defined benefit plans,
net of tax
-49
-50
Share of other comprehensive income of
entities accounted for using equity method
14
11
Total other comprehensive income
-6,152
-1,069
Comprehensive income
-2,771
1,300
Comprehensive income attributable to
Comprehensive income attributable to
owners of parent
-2,771
1,300
Comprehensive income attributable to non-
controlling interests
-
-
Notes Regarding Quarterly Consolidated Financial Statements (Segment Information)
Previous First Quarter Consolidated Cumulative Period (from April 1, 2024 to June 30, 2024)
Information on the amount of operating revenue and profits or losses for each reporting segment
(millions of yen)
Securities Finance Business
Trust and Banking Business
Real Estate Leasing Business
Total
Operating Revenue
Revenue from sales to outside customers
11,240
943
214
12,397
Internal operating revenues or balance of transfers among
segments
22
28
98
149
Total
11,262
972
312
12,547
Segment profit (ordinary profit)
4,243
444
237
4,925
Difference between the total amount of profits or losses for each reporting segment and amount recorded in the quarterly consolidated income statement, and the main content of this difference (matters related to difference adjustments)
(millions of yen)
Profits
Amount
Total for reporting segments
4,925
Elimination of inter-segment transactions
-1,347
Equity in gains of affiliates
102
Other adjustments
-
Ordinary profit in the quarterly consolidated income statement
3,681
Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment Not applicable.
Current First Quarter Consolidated Cumulative Period (from April 1, 2025 to June 30, 2025)
Information on the amount of operating revenue and profits or losses for each reporting segment
(millions of yen)
Securities Finance Business
Trust and Banking Business
Real Estate Leasing Business
Total
Operating Revenue
Revenue from sales to outside customers
21,506
2,164
183
23,854
Internal operating revenue or balance of transfers among segments
65
19
98
183
Total
21,572
2,183
281
24,037
Segment profit (ordinary profit)
5,238
562
226
6,028
Difference between the total amount of profit or loss for each reporting segment and the amount recorded in the quarterly consolidated income statement, and the main content of the difference (matters related to difference adjustments)
(millions of yen)
Profit
Amount
Total for reporting segments
6,028
Elimination of inter-segment transactions
-2,720
Equity in gains of affiliates
57
Other adjustments
-
Ordinary profit in the quarterly consolidated income statement
3,364
Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment Not applicable.
(Notes in the Event of Significant Changes in Shareholders' Equity)
At the Board of Directors meeting held on May 15, 2025, the Company resolved to acquire its own shares, with the total number of shares to be acquired capped at 1,700,000 shares and the total acquisition amount capped at 2.8 billion yen, during the period from May 16, 2025, to March 31, 2026. From May to June 2025, the Company acquired 206,900 shares for 354 million yen.
As a result of this acquisition and other related activities, treasury shares increased by 343 million yen during the current first quarter consolidated cumulative period, and treasury shares amounted to 8.107 billion yen as of the end of the consolidated first quarter accounting period.
(Notes Regarding Going Concern Assumptions) Not applicable.
(Note on the Quarterly Consolidated Statement of Cash Flows)
No quarterly consolidated statement of cash flows has been prepared for the cumulative third quarter consolidated period. However, the depreciation expense for the cumulative third quarter consolidated period (including the amortization of intangible fixed assets excluding goodwill) is as follows.
Previous First Quarter Consolidated Cumulative Period
(from April 1, 2024
to June 30, 2024)
Current First Quarter Consolidated Cumulative Period
(from April 1, 2025
to June 30, 2025)
Depreciation 128 million of yen 111 million of yen
(Significant Subsequent Events) Not applicable.