Japan Securities Finance Co., Ltd. TSE:8511
Japan Securities Finance : Financial Results for the Second 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)
November 13, 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 to file semi-annual securities report: November 13, 2025 Scheduled date for commencement of dividend payments: December 5, 2025
Preparation of supplementary explanatory materials on quarterly financial statements: Yes Convening of quarterly financial results briefing: Yes (for institutional investors and analysts)
(Millions of yen, rounded down to nearest million)
-
Consolidated Financial Results for the Second Quarter of Fiscal 2025 (from April 1, 2025 to September 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)
Second Quarter o f Fiscal 202 5
50,882
85.1
6,894
9.8
7,317
7.1
5,144
-17.3
Second Quarter o f Fiscal 2 02 4
27,491
10.9
6,276
3.6
6,831
5.3
6,217
32.8
(Note) Comprehensive income: Second Quarter of Fiscal 2025: 6,055 millions of yen (-%)
Second Quarter of Fiscal 2024: -1,002 millions of yen (-%)
Net income per share
Net income per share
- diluted
(Yen)
(Yen)
Second Quarter o f Fiscal 2025
62.63
-
Second Quarter o f Fiscal 20 24
74.20
-
- Consolidated Financial Position
Total assets
Net assets
Shareholders' equity ratio
(Millions of Yen)
(Millions of Yen)
(%)
Second Quarter
of Fiscal 2025
15,500,488
135,638
0.9
Fiscal 2024
13,769,589
134,346
1.0
(Reference) Net worth: Second Quarter of Fiscal 2025: 135,638 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
-
40.00
Fiscal 2025 (Forecast)
-
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
114.79
(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 Sep. 30, 2025: 88,000,000 as of Mar. 31, 2025: 88,000,000
Number of treasury stock shares
as of Sep. 30, 2025: 6,288,549 as of Mar. 31, 2025: 5,601,375
Average number of shares (quarter-to-date)
-
Notes
for three months ended Sep. 30, 2025: 82,148,913
for three months ended Sep. 30, 2024: 83,791,254
(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 and BBT-RS).
Note: Quarterly financial report is not subject to quarterly review by a certified public accountant or auditing firm.
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 Second Quarter of Fiscal Year Ending March 2026)
In the second quarter cumulative consolidated accounting period, our group posted an increase in its consolidated gross operating profit to 10,834 million yen (up 7.7% year-on-year). This was due to robust performance in security finance operations, such as loans for margin transactions and equity repo transactions, driven by a robust stock market and increased demand for financing brought on by rising market interest rates. As a result, our consolidated operating profit increased to 6,894 million yen (up 9.8% year-on-year), and our consolidated ordinary profit also increased to 7,317 million yen (up 7.1% year-on-year). The profit attributable to owners of the parent amounted to 5,144 million yen (a decrease of 17.3% year-on-year) due to the absence of the extraordinary gain of 1,828 million yen 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)
46,943
21,731
86.2
Including premium charges
50,882
23,391
85.1
Operating expenses (Excluding premium charges)
36,116
20,952
138.2
Including premium charges
40,048
22,618
129.8
Gross profit
10,834
772
7.7
General and administrative expenses
3,939
154
4.1
Operating profit
6,894
617
9.8
Non-operating income
423
-131
-23.7
Ordinary profit
7,317
486
7.1
Extraordinary income
-
-1,828
-100.0
Profit before income taxes etc.
7,317
-1,342
-15.5
Profit attributable to owners of the parent
5,144
-1,072
-17.3
Overview of Financial Status
(Status of Assets, Liabilities, and Net Assets)
As of the end of the second quarter of the consolidated accounting period (September 30, 2025), total assets amounted to 15,500.4 billion yen (an increase of 1,730.8 billion yen from the previous fiscal
year-end), due to an increase in securities purchased under resale agreements. Total liabilities amounted to 15,364.8 billion yen (an increase of 1,729.6 billion yen from the previous fiscal year-end), due to an increase in securities sold under repurchase agreements. Total net assets amounted to 135.6 billion yen (an increase of 1.2 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 Second Quarter Consolidated Cumulative Period (from April 1, 2024
to September 30, 2024)
Current Second Quarter Consolidated Cumulative Period (from April 1, 2025
to September 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
7,945
77.5
8,682
78.6
14,905
77.9
Loans for margin
transactions (Excluding premium charges)
2,214
21.6
2,957
26.8
4,390
22.9
Securities financing
3,721
36.3
3,430
31.1
7,351
38.4
Equity repo transactions,
etc.
871
8.5
972
8.8
1,762
9.2
Bond repo and gensaki transactions
2,066
20.1
1,536
13.9
4,060
21.2
Loans for negotiable
margin transactions
151
1.5
197
1.8
358
1.9
General stock lending
379
3.7
443
4.0
664
3.5
Retail loans
253
2.5
280
2.5
505
2.6
Other
2,009
19.6
2,294
20.8
3,164
16.5
Trust and Banking Business
1,700
16.6
1,806
16.4
3,043
15.9
Real Estate Leasing Business
611
6.0
551
5.0
1,185
6.2
Total (Non-Consolidated)
10,257
100.0
11,041
100.0
19,134
100.0
Total (Consolidated)
10,061
-
10,834
-
18,746
-
Status of the Group's Transaction Balances by Business Sector (Average Balance)
Previous Second Quarter Consolidated Cumulative Period (from April 1, 2024
to September 30, 2024)
Current Second Quarter Consolidated Cumulative Period (from April 1, 2025
to September 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)
423.1
327.2
370.8
Securities loaned for margin transactions
157.0
237.7
159.5
Securities financing
12,081.7
13,039.1
12,215.8
Equity repo transactions, etc.
802.4
952.6
806.9
Bond repo and gensaki transactions
11,159.4
11,991.9
11,299.6
Loans for negotiable margin transactions
39.6
43.2
44.6
General stock lending
56.0
21.5
39.2
Retail loans
24.2
29.8
25.3
Trust Bank Loans
195.6
111.3
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 September 30, 2025
Assets
Current assets
Cash and deposits
1,435,297
1,349,783
Call loans
10,000
5,000
Securities
96,241
74,684
Operating loans
796,827
676,696
Securities purchased under resale
agreements
6,441,120
8,007,456
Cash collateral provided for securities
borrowed
4,307,086
4,646,507
Other
92,480
45,621
Allowance for doubtful accounts
-111
-125
Total current assets
13,178,942
14,805,624
Non-current assets
Property, plant and equipment
5,578
5,495
Intangible assets
618
552
Investments and other assets
Investment securities
544,475
651,004
Bad debts
63
58
Retirement benefit asset
3,832
3,890
Deferred tax assets
857
693
Other
35,283
33,227
Allowance for doubtful accounts
-63
-58
Total investments and other assets
584,450
688,815
Total non-current assets
590,647
694,863
Total assets
13,769,589
15,500,488
(Millions of yen)
As of March 31, 2025
As of September 30, 2025
Liabilities
Current liabilities
Call money
1,506,000
1,509,000
Short-term borrowings
92,005
92,000
Current portion of long-term borrowings
1,000
1,000
Commercial papers
438,466
623,486
Securities sold under repurchase agreements
8,044,038
9,592,941
Cash collateral received for securities lent
2,549,554
2,533,679
Income taxes payable
1,547
1,122
Provision for bonuses
550
605
Provision for bonuses for directors (and other officers)
103
-
Borrowed money from trust account
575,934
565,523
Other
106,460
126,236
Total current liabilities
13,315,661
15,045,594
Non-current liabilities
Long-term borrowings
315,600
315,600
Deferred tax liabilities
1,354
1,577
Deferred tax liabilities for land revaluation
76
76
Provision for share awards for directors (and other officers)
222
206
Retirement benefit liability
269
228
Asset retirement obligations
58
59
Derivative liabilities
1,500
1,002
Other
498
504
Total non-current liabilities
319,581
319,255
Total liabilities
13,635,242
15,364,850
Net assets
Shareholders' equity
Share capital
10,000
10,000
Capital surplus
5,194
5,194
Retained earnings
125,323
126,968
Treasury shares
-7,764
-9,027
Total shareholders' equity
132,754
133,135
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
-11,778
-7,745
Deferred gains or losses on hedges
11,673
8,657
Revaluation reserve for land
165
165
Remeasurements of defined benefit plans
1,531
1,426
Total accumulated other comprehensive
income
1,592
2,503
Total net assets
134,346
135,638
Total liabilities and net assets
13,769,589
15,500,488
Quarterly Consolidated Income Statement and Quarterly Consolidated Comprehensive Income Statement
(Quarterly Consolidated Income Statement)
(Millions of yen)
Previous Second Quarter
Consolidated Cumulative Period
(from April 1, 2024
to September 30, 2024)
Current Second Quarter
Consolidated Cumulative Period
(from April 1, 2025
to September 30, 2025)
Operating revenue
Interest on loans
2,619
3,817
Interest income on securities purchased
under resale agreements
3,254
13,860
Interest income on cash collateral provided
for securities borrowed
4,351
12,826
Securities lending fees
4,471
5,649
Other
12,794
14,729
Total operating revenue
27,491
50,882
Operating expenses
Interest expenses
6,316
13,880
Interest expenses on securities sold under
repurchase agreements
2,012
16,888
Securities borrowing fees
4,886
6,161
Other
4,213
3,118
Total operating expenses
17,429
40,048
Operating gross profit
10,061
10,834
General and administrative expenses
3,785
3,939
Operating profit
6,276
6,894
Non-operating income
Dividend income
174
189
Share of profit of entities accounted for
using equity method
340
174
Gain on investments in investment
partnerships
41
8
Other
26
91
Total non-operating income
582
463
Non-operating expenses
Commission for purchase of treasury shares
2
3
Loss on investments in investment
partnerships
24
36
Other
0
0
Total non-operating expenses
27
40
Ordinary profit
6,831
7,317
Extraordinary income
Gain on sale of non-current assets
1,163
-
Gain on sale of investment securities
664
-
Total extraordinary income
1,828
-
Profit before income taxes
8,660
7,317
Income taxes - current
2,302
2,218
Income taxes - deferred
140
-45
Total income taxes
2,442
2,173
Profit
6,217
5,144
Profit attributable to non-controlling interests
-
-
Profit attributable to owners of parent
6,217
5,144
(Quarterly Consolidated Comprehensive Income Statement)
(Millions of yen)
Previous Second Quarter Consolidated Cumulative Period
(from April 1, 2024
to September 30, 2024)
Current Second Quarter Consolidated Cumulative Period
(from April 1, 2025
to September 30, 2025)
Profit
6,217
5,144
Other comprehensive income
Valuation difference on available-for-sale securities
-4,806
3,995
Deferred gains or losses on hedges
-2,321
-3,016
Remeasurements of defined benefit plans, net of tax
-99
-100
Share of other comprehensive income of
entities accounted for using equity method
6
31
Total other comprehensive income
-7,220
910
Comprehensive income
-1,002
6,055
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
-1,002
6,055
Comprehensive income attributable to non-controlling interests
-
-
Notes Regarding Quarterly Consolidated Financial Statements (Segment Information)
Previous Second Quarter Consolidated Cumulative Period (from April 1, 2024 to September 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
24,941
2,123
426
27,491
Internal operating revenues or balance of transfers among
segments
56
51
196
305
Total
24,998
2,174
623
27,796
Segment profit (ordinary profit)
6,456
1,017
365
7,839
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
7,839
Elimination of inter-segment transactions
-1,347
Equity in gains of affiliates
340
Other adjustments
-
Ordinary profit in the quarterly consolidated income statement
6,831
Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment Not applicable.
Current Second Quarter Consolidated Cumulative Period (from April 1, 2025 to September 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
45,890
4,623
368
50,882
Internal operating revenue or balance of transfers among segments
115
33
196
344
Total
46,005
4,656
564
51,226
Segment profit (ordinary profit)
8,443
1,042
378
9,864
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
9,864
Elimination of inter-segment transactions
-2,721
Equity in gains of affiliates
174
Other adjustments
-
Ordinary profit in the quarterly consolidated income statement
7,317
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 September 2025, the Company acquired 710,500 shares for 1,274 million yen.
As a result of this acquisition and other related activities, treasury shares increased by 1,263 million yen during the current second quarter consolidated cumulative period, and treasury shares amounted to 9.027 billion yen as of the end of the consolidated second quarter accounting period.
(Notes Regarding Going Concern Assumptions) Not applicable.
(Significant Subsequent Events) Not applicable.