Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.
May 9, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:
The Gunma Bank, Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
8334
URL:
https://www.gunmabank.co.jp/
Representative:
Akihiko Fukai, President
Inquiries:
Hideyuki Saito, Managing Executive Officer and General Manager, Corporate Planning Department
Scheduled date of annual general meeting of shareholders:June 20, 2024
Scheduled date to commence dividend payments:
June 21, 2024
Scheduled date to file annual securities report:
June 20, 2024
Trading accounts:
None
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)(1) Consolidated operating results
Ordinary income
Fiscal year ended
Mar.31, 2024
Mar.31, 2023
Note:

Comprehensive income

Millions of yen
200,356
176,589

Fiscal year ended
Mar.31, 2024
Mar.31, 2023
Reference:

%
13.5
17.6

For the fiscal year ended Mar.31, 2024 :For the fiscal year ended Mar.31, 2023 :Basic earnings
per share
Yen
78.43
68.19

Profit attributable toowners of parent
Millions of yen
31,12527,933

Ordinary profit
Millions of yen
43,78838,31673,225(5,377)

[
[

―
―

%
11.4
5.7

%]
%]

Ratio of ordinary
profit to total assets
%
%
5.7
0.4
5.3
0.4

Diluted earnings
per share
Yen――

Share of profit(loss) of entities accounted for using equity method
For the fiscal year ended Mar.31, 2024 : 141 million yen

million yen
million yen

%
14.3
(2.0)

Ratio of operating
profit to net sales

Return on equity

For the fiscal year ended Mar.31, 2023 :

221

%
21.9
21.7
million yen(2) Consolidated financial position
Total assets
As of
Mar.31, 2024
Mar.31, 2023

Net assets

Millions of yen
10,818,218
10,662,300

Equity-to-asset ratio

Net assets per share
%
5.3
4.8

Millions of yen
573,095
515,810Yen
1,460.16
1,268.77

As of Mar.31, 2024 :As of Mar.31, 2023 :Reference:
Equity573,095 million yen
515,810 million yen
Note:“Equity-to-asset ratio” represents “Net assets”/ “Total assets” at term end.
“Equity-to-asset ratio” stated above was not calculated based on the public notice of “Equity-to-asset ratio”.

(3) Consolidated cash flows
As ofMar.31, 2024
Mar.31, 2023

Cash flows fromoperating activities
Millions of yen(394,524)(656,166)

Cash flows frominvesting activities
Millions of yen
411,002(153,319)

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(15,929)
1,830,503(8,066)
1,829,954

2. Cash dividends
Annual dividends per share

Fiscal year
ended Mar. 31, 2023
ended Mar. 31, 2024
ending Mar. 31, 2025(Forecast)
Note:

First
quarterend

Secondquarterend

Third
quarterend

Yen
―
―
―

Yen
8.00
10.00
14.00

Yen
―
―
―

Fiscalyearend

Yen
10.00
12.00
14.00

Total

Yen
18.00
22.00
28.00

Total cash
dividends(Total)payout ratio(Consolidated)

Millions of yen
7,352
8,677

Ratio of dividends
to net assets(Consolidated)

%
26.4
28.1
31.4

%
1.4
1.5

Fiscal year-end cash dividend of 10.00 yen for the fiscal year ended Mar. 31, 2023 includes a commemorative dividend of 1.00 yen
for the 90th anniversary of the establishment of the Gunma Bank, Ltd.

3. Consolidated earnings forecast for the fiscal year 2024 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)

Ordinary profit
Fiscal year 2024
ending Sep. 30, 2024
ending Mar. 31, 2025

Millions of yen
25,50051,500

%
29.6
17.6

Profit attributable toowners of parent
Millions of yen
17,50035,000

Basic earnings
per share
%
17.8
12.4

Yen
44.59
89.17

Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in the change in scope of consolidation):

None(2) Changes in accounting policies, changes in accounting estimates, and restatement① Changes in accounting policies due to revisions to accounting standards and other regulations:None② Changes in accounting policies due to other reasons:None③ Changes in accounting estimates:

None④ Restatement:

None(3) Number of issued shares (common shares)① Total number of issued shares at the end of the period (including treasury shares)

As of Mar. 31, 2024

425,888,177 shares

As of Mar. 31, 2023

425,888,177 shares② Number of treasury shares at the end of the period

As of Mar. 31, 2024

33,399,503 shares

As of Mar. 31, 2023

19,344,421 shares③ Average number of shares outstanding during the period

Fiscal year ended Mar. 31, 2024

396,851,385 sharesFiscal year ended Mar. 31, 2023

409,628,996 shares(Reference) Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)(1) Non-consolidated operating results
Ordinary income
Fiscal year ended
Mar.31, 2024
Mar.31, 2023

Millions of yen
166,740
143,243

Ordinary profit
%
16.4
22.8

Millions of yen
39,18633,567

Basic earnings
per share
Fiscal year ended
Mar.31, 2024
Mar.31, 2023

Profit
%
16.7
(2.5)

Millions of yen
28,15324,622%
14.3
5.3

Diluted earnings
per share
Yen
―
―

Yen
70.94
60.11

(2) Non-consolidated financial position
Total assets
As of
Mar.31, 2024
Mar.31, 2023
Reference:
Note:

EquityNet assets

Equity-to-asset ratio

Millions of yen
512,143
473,386

Millions of yen
10,763,856
10,633,101
As of Mar. 31, 2024 :

512,143 million yen

As of Mar. 31, 2023 :473,386 million yen

Net assets per share

%
4.8
4.5

Yen
1,304.86
1,164.42“Equity-to-asset ratio” represents “Net assets”/ “Total assets” at term end.
“Equity-to-asset ratio” stated above was not calculated based on the public notice of “Equity-to-asset ratio”.

2. Non-consolidated earnings forecast for the fiscal year 2024 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)

Ordinary profit
Fiscal year 2024
ending Sep. 30, 2024
ending Mar. 31, 2025

Millions of yen
23,00045,500

Basic earnings
per share

Profit%32.5
16.1

Millions of yen
16,00031,000

%
18.5
10.1

Yen
40.77
78.98

* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The description of future performance of this report is based on information which is presently available and certain assumptions which are considered to bereasonable, and it does not guarantee future performance. Please take note that future performance may differ from forecasts depending on various future factors.

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Table of contents

1. Operating results(1) Analysis of the operating results ･･･････････････････････････････････････････････････････････････････

2(2) Analysis of the financial conditions ･････････････････････････････････････････････････････････････････

2(3) Analysis of the cash flows ･････････････････････････････････････････････････････････････････････････

2(4) Earnings forecasts for the fiscal year 2024, ending March 31, 2025･･･････････････････････････

2(5) Basic policy on profit distribution and dividends for the current and next fiscal periods ･･････････････

2

2. Basic approach to the selection of accounting standards･････････････････････････････

2

3. Consolidated financial statements and notes(1) Consolidated balance sheets ･･････････････････････････････････････････････････････････････････････

3(2) Consolidated statements of income and comprehensive Income･･････････････････････････････････

5(3) Consolidated statements of changes in net assets ･･････････････････････････････････････････････････

7(4) Consolidated statements of cash flows ･････････････････････････････････････････････････････････････

9(5) Notes to the consolidated financial statements ･････････････････････････････････････････････････････

11

4. Non-consolidated financial statements(1) Non-consolidated balance sheets ･････････････････････････････････････････････････････････

13(2) Non-consolidated statements of income ･･･････････････････････････････････････････････････

16(3) Non-consolidated statements of changes in net assets ･･･････････････････････････････････････

18

Supplementary information-1-

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

1. Operating results(1) Analysis of the operating results
Operating results for the consolidated fiscal year were as follows.
Ordinary income amounted to 200,356 million yen, an increase of 23,766 million yen compared with the previous fiscal year, mainly due
to increases in interest income, etc.
Ordinary expenses amounted to 156,567 million yen, an increase of 18,294 million yen compared with the previous fiscal year, mainly due
to increases in interest expenses, etc.
As a result, ordinary profit amounted to 43,788 million yen, a increase of 5,472 million yen compared with the previous fiscal year.
Also, profit attributable to owners of parent amounted to 31,125 million yen, an increase of 3,192 million yen compared with the previous
fiscal year.

(2) Analysis of the financial conditions
The financial position as of the end of the consolidated fiscal year was as follows.
Total assets increased by 155.9 billion yen to 10,818.2 billion yen during the period. Total liabilities increased by 98.6 billion yen
to 10,245.1 billion yen during the period. Also, net assets increased by 57.2 billion yen to 573.0 billion yen during the period.
As for the main accounts, loans and bills discounted increased by 414.7 billion yen to 6,406.0 billion yen during the period.
Securities decreased by 326.2 billion yen to 2,290.9 billion yen during the period.
Deposits increased by 258.4 billion yen to 8,303.2 billion yen during the period.

(3) Analysis of the cash flows
The cash flow status for the consolidated fiscal year was as follows.
The cash flow from operating activities was a net inflow of 394.5 billion yen during the period, mainly due to a decrease in cash collateral
received for securities lent and an increase in loans and bills discounted.
The cash flow from investing activities was a net inflow of 411.0 billion yen during the period, mainly due to proceeds from sales of
securities. The cash flow from financing activities was a net outflow of 15.9 billion yen during the period, mainly due to dividends paid andpurchase of treasury shares.
As a result, cash and cash equivalents at end of period increased by 0.5 billion yen to 1,830.5 billion yen during the period.

(4) Earnings forecasts for the fiscal year 2024, ending March 31, 2025
Earnings forecasts for the fiscal year 2024, ending March 31, 2025 were as follows.
(Unit : Billions of yen)
FY2024 ending
Mar.31, 2025
【Consolidated】

Ordinary profit(Attributable to owners of parent) Profit

Compared with FY2023
ended Mar.31, 2024

51.5
35.0

FY2024 ending
Mar.31, 2025
【Non-Consolidated】

45.5
31.0

7.8
3.9

Compared with FY2023
ended Mar.31, 2024

6.4
2.9

Note: Earnings forecasts are based on information available at the present time.
Actual results may differ from the forecasts due to various of economic situation, etc(5) Basic policy on profit distribution and dividends for the current and next fiscal periods
As a regional financial institution, the Gunma Bank, Ltd. (" the Bank ") will strive to increase shareholder returns by striving to enhanceequity capital while balancing profitability and investment for growth.
Specifically, the Bank is setting a target of 40% of the profit attributable to owners of parent for the ratio of total payout to shareholders
combining stable cash dividend payments and the acquisition cost of treasury shares.
As announced in November 2023, the Bank plans to pay a year-end dividend of 12 yen for the FY2023, ended Mar. 31, 2024.
The annual dividend will be 22 yen in total (up 4 yen compared with the previous year), including the interim dividend of 10 yen.
In the dividend forecast for the fiscal year 2024 ending March 31, 2025, the annual cash dividends per share is increased by 6 yen to 28 yen(14 yen as the interim cash dividends , 14 yen as the year-end cash dividends).
FY2024 ending Mar.31,2025
forecast (a)Annual cash dividends per share
Interim cash dividends
Year-end cash dividends

28.00 yen
14.00 yen
14.00 yen(a)-(b)6.00 yen
4.00 yen
2.00 yen

FY2023 ended Mar.31,2024 (b)22.00 yen
10.00 yen
12.00 yen

2． Basic approach to the selection of accounting standards
In consideration for adapting to the International Financial Reporting Standards ("IFRS"), the Bank intend to respond appropriately in lightof the environment surrounding the Bank and trends of other banks.

-2-The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

3. Consolidated financial statements and notes(1) Consolidated balance sheets(Unit: Millions of yen)

As of Mar. 31, 2023

As of Mar. 31, 2024

Assets：Cash and due from banks
Trading securities
Money held in trust

1,833,043

1,844,728

541

268

9,854

12,251

Securities

2,617,250

2,290,971

Loans and bills discounted

5,991,297

6,406,055

Foreign exchanges

10,0458,445

Lease receivables and investments in leases

60,55463,506

Other assets

74,120109,746

Tangible fixed assets

65,01364,772

Buildings, net

18,53919,025

Land

38,23337,584530

463

Leased assets, net
Construction in progress

960

450

Other tangible fixed assets

6,748

7,250

Intangible fixed assets

8,053

8,162

Software

7,559

7,672

Other intangible fixed assets

494

490

Retirement benefit asset

16,96340,728Deferred tax assets

13,003

1,335

Customers' liabilities for acceptances and guarantees

8,527

8,609

Allowance for loan losses
Total assets(45,967)(41,366)

10,662,300

10,818,218

8,044,837

8,303,258

199,419

174,403

Liabilities：
Deposits
Negotiable certificates of deposit
Call money and bills sold

28,70840,880

Payables under repurchase agreements

86,565

136,841

Cash collateral received for securities lent

723,449

283,947

Borrowed money

926,993

1,122,729

338

341

Foreign exchanges
Bonds payable

50,00050,000Borrowed money from trust account12,988

13,575

Other liabilities

55,77495,309Provision for bonuses for directors (and other officers)

56

61

Retirement benefit liability

358

342

Provision for retirement benefits for directors (and other officers)

167

140

Provision for reimbursement of deposits

264

154

Provision for contingent loss

926

915

Reserves under special laws

00Deferred tax liabilities

―

6,708

7,112

6,902

Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities

-3-

8,527

8,609

10,146,489

10,245,122

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Unit: Millions of yen)

As of Mar. 31, 2023

As of Mar. 31, 2024

Net assets：
Share capital

48,652

48,652

Capital surplus

29,581

29,587Retained earnings

429,438

452,960

Treasury shares(9,233)(17,146)

498,439

514,053(2,920)23,617250

942

Total shareholders' equity
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land

13,022

12,593Remeasurements of defined benefit plans

7,018

21,889Total accumulated other comprehensive income

17,37059,041

Total net assets
Total liabilities and net assets-4-515,810573,095

10,662,300

10,818,218

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income(Unit: Millions of yen)

FY2022 ended
Mar. 31, 2023

FY2023 ended
Mar. 31, 2024

Ordinary income

176,589

200,356

Interest income

87,076

105,807

Interest on loans and discounts

58,544

68,882

Interest and dividends on securities

26,38135,820Interest on call loans and bills boughtInterest on deposits with banks
Other interest income
Trust fees

55

12

2,024

1,002

69

89

36

37

Fees and commissions

22,763

28,239Other ordinary income

37,38533,504

Other income

29,32832,767

4

9

Recoveries of written off receivables

29,32332,757

Ordinary expenses

Other

138,273

156,567Interest expenses

15,62039,779Interest on deposits

1,512

4,672

Interest on negotiable certificates of deposit

1,257

637

Interest on call money and bills sold

1,699

3,390

Interest expenses on payables under repurchase agreements

1,023

6,501

Interest expenses on cash collateral received for securities lent

2,790

3,291

Interest on borrowings and rediscounts

559

1,159

Interest on bonds

226

272
19,853

Other interest expenses

6,552

Fees and commissions payments

8,357

9,129

Other ordinary expenses

59,60353,003General and administrative expenses

51,54951,547

Other expenses

3,141

3,107

909

770

Provision of allowance for loan losses
Other
Ordinary profit

2,232

2,337

38,31643,788Extraordinary income

1,597

210

Gain on disposal of non-current assets

1,597

210

Extraordinary losses

1,013

1,016

Loss on disposal of non-current assets

603

228

Impairment losses

409

787

0

0

Profit before income taxes

Provision of reserve for financial instruments transaction liabilities

38,901

42,982

Income taxes - current

8,426

11,850

Income taxes - deferred

2,542

6

Total income taxes

10,968

11,856

Profit27,93331,125

Profit attributable to owners of parent

27,93331,125-5-The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated statements of comprehensive income(Unit: Millions of yen)

FY2022 ended
Mar. 31, 2023

FY2023 ended
Mar. 31, 2024

Profit27,93331,125

Other comprehensive income(33,310)

42,099Valuation difference on available-for-sale securities(36,479)

25,818388

691

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method

2,601

14,870179

719

Comprehensive income(5,377)73,225(5,377)73,225

Deferred gains or losses on hedges（Comprehensive income attributable to）
Comprehensive income attributable to owners of parent-6-

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Consolidated statements of changes in net assets
FY2022 ended Mar. 31, 2023
(Unit: Millions of yen)
Shareholders' equity

Share
capitalBalance at beginning of period

Capitalsurplus48,652Retainedearnings

29,581

407,300

Accumulated other comprehensive income

Treasuryshares(7,352)

Total
shareholders'equityValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges478,181

33,379(137)(36,300)

388

Changes during period
Dividends of surplus(6,161)(6,161)

Profit attributable to owners of parent

27,93327,933Purchase of treasury shares
Disposal of treasury shares(25)

Reversal of revaluation reserve for land393

(2,000)(2,000)

119

94
393

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period――

22,138(1,880)20,257(36,300)

388

48,65229,581

429,438(9,233)

498,439(2,920)250

Accumulated other comprehensive income
Total
accumulated
RemeasureRevaluationotherments of definedreserve for landcomprehensive
benefit plansincomeBalance at beginning of period

13,415

4,417

51,074

Total net assets

529,256

Changes during period
Dividends of surplus(6,161)

Profit attributable to owners of parent

27,933Purchase of treasury shares(2,000)

Disposal of treasury shares

94

Reversal of revaluation reserve for land393

Net changes in items other thanshareholders' equity

(393)

2,601

(33,703)(33,703)

Total changes during period

(393)

2,601

(33,703)(13,445)

13,022

7,018

17,370515,810

Balance at end of period-7-

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

FY2023 ended Mar. 31, 2024
(Unit: Millions of yen)
Shareholders' equity

Share
capitalBalance at beginning of period

Capitalsurplus48,652Retainedearnings

29,581

429,438

Accumulated other comprehensive income

Treasuryshares(9,233)

Total
shareholders'equityValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges498,439(2,920)250

26,538691

Changes during period
Dividends of surplus(8,033)(8,033)

Profit attributable to owners of parent

31,12531,125Purchase of treasury shares

5

Disposal of treasury shares(8,001)(8,001)

88

94

428

Reversal of revaluation reserve for land428

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period―

523,521(7,913)

15,614

26,538691

48,65229,587452,960(17,146)

514,053

23,617942

Accumulated other comprehensive income
Total
accumulated
RemeasureRevaluationotherments of definedreserve for landcomprehensive
benefit plansincomeBalance at beginning of period

13,022

7,018

17,370Total net assets

515,810

Changes during period
Dividends of surplus(8,033)

Profit attributable to owners of parent

31,125Purchase of treasury shares(8,001)

Disposal of treasury shares

94

Reversal of revaluation reserve for land428

Net changes in items other thanshareholders' equity(428)

14,87041,67041,670Total changes during period(428)

14,87041,67057,285

12,593

21,88959,041

573,095

Balance at end of period-8-The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(4)

Consolidated statements of cash flows(Unit: Millions of yen)

FY2022 ended
Mar. 31, 2023

FY2023 ended
Mar. 31, 2024

Cash flows from operating activities
Profit before income taxes

38,901

42,982

Depreciation

6,572

6,193

Impairment losses

409

787

Share of loss (profit) of entities accounted for using equity method

(221)

(141)

(6,517)(4,601)(2)

4

Decrease (increase) in retirement benefit asset(6,150)(23,764)

Increase (decrease) in allowance for loan losses
Increase (decrease) in provision for bonuses for directors (and other officers)

Increase (decrease) in retirement benefit liability

(4)

(16)

Increase (decrease) in provision for retirement benefits for directors(and other officers)

(36)

(26)

Increase (decrease) in provision for reimbursement of deposits

(103)

(110)

25

(10)

Interest income(87,076)(105,807)

Interest expenses

15,62039,779Loss (gain) related to securities

1,772(5,719)Loss (gain) on money held in trust

11

(0)

Foreign exchange losses (gains)(2,554)(1,505)

Increase (decrease) in provision for contingent loss

Loss (gain) on disposal of non-current assets

(994)

18

Net decrease (increase) in trading securities

400

272

(233,200)(414,758)

Net increase (decrease) in deposits

85,504258,420

Net increase (decrease) in negotiable certificates of deposit(9,838)(25,016)

Net increase (decrease) in borrowed money (excluding subordinated borrowings)(573,802)

195,736

Net decrease (increase) in due from banks (excluding due from Bank of Japan)

523(11,136)

Net decrease (increase) in loans and bills discounted

Net decrease (increase) in call loans

6,119

―

Net increase (decrease) in call money

36,623

12,171

Net increase (decrease) in payables under repurchase agreements―

50,275

Net increase (decrease) in cash collateral received for securities lent

(9,545)(439,502)

Net decrease (increase) in foreign exchanges - assets

24,1991,599

Net increase (decrease) in foreign exchanges - liabilities

(196)

3

Net decrease (increase) in lease receivables and investments in leases(363)(2,952)931

587

Interest received

Net increase (decrease) in borrowed money from trust account90,335

108,367Interest paid

(14,451)(38,513)

Other, net(13,296)(28,661)

Subtotal(650,404)(385,043)(5,761)(9,480)(656,166)(394,524)

Income taxes paid
Net cash provided by (used in) operating activities-9-

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Unit: Millions of yen)

FY2022 ended
Mar. 31, 2023

FY2023 ended
Mar. 31, 2024

Cash flows from investing activities
Purchase of securities(823,174)(830,733)

Proceeds from sales of securities

519,392

1,065,544

Proceeds from redemption of securities

151,062

185,624

Increase in money held in trust(1,600)(2,400)Decrease in money held in trust

14

2

Purchase of tangible fixed assets(3,775)(4,347)Purchase of intangible fixed assets(2,031)(2,941)

Proceeds from sale of tangible fixed assets

2,356

252

Proceeds from sale of businesses

4,437

―

(153,319)

411,002

Issuance of subordinated bonds

10,00010,000

Redemption of subordinated bonds(10,000)(10,000)

Purchase of treasury shares(2,000)(8,001)

94

94

Dividends paid

(6,159)(8,021)

Net cash provided by (used in) financing activities(8,066)(15,929)

Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from sale of treasury shares

Net increase (decrease) in cash and cash equivalents(817,552)

548

Cash and cash equivalents at beginning of period

2,647,506

1,829,954

Cash and cash equivalents at end of period

1,829,954

1,830,503- 10 -

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(5) Notes to the consolidated financial statements(Note on going concern assumption)
Not applicable.

(Changes in accounting principles)
Not applicable.

(Segment information)
1. Summary of reportable segments
The reportable segments of the Group are group components for which separate financial information can be obtained. Each segment issubject to periodic examinations to allow the highest decision - making body of the Bank with respect to matters of management andexecution of business to decide how to allocate management resources and assess performance.
In addition to its core banking services, the Group provides financial services such as leasing and manages its businesses through tworeportable segments — Banking and Lease.
In Banking, the Bank offer deposit services, loan services, securities dealing, trading account securities services, securities investment
services, domestic and foreign exchange services, and trust and other services.
In Lease, the Bank's consolidated subsidiary, Gungin Leasing Co., Ltd., offers leasing services.

2. Basis of measurement of reportable segment ordinary income, profit (loss), assets, liabilities, and other items
The accounting methods applied to the business segments reported are the same as those described for the basis of presenting theconsolidated financial statements. The figures for profit of reportable segments are based on ordinary profit. Inter - segment transaction
prices are set under arm's length conditions, the same as transactions with parties external to the Group.

- 11 -

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

3. Information on the amount of reportable segment ordinary income, profit (loss), assets, liabilities, and other items
FY2023 ended Mar. 31, 2024

(Unit: Millions of yen)
Reportable segments

Others

Total

Adjustment

Consolidated

200,356―

200,356

2,905(2,905)―

6,711

203,262(2,905)200,356

3,275

43,850(61)

43,788Banking

Lease

Total

166,040

29,256

195,296

5,059

861

392

1,253

1,651

166,902

29,648

196,550

1,226

40,575

Ordinary income generated from businesses with
External customers
Internal units
Total
Segment profit

39,348Segment assets

10,797,074

87,562 10,884,637

52,386 10,937,023(118,805) 10,818,218

Segment liabilities

10,258,142

71,092 10,329,235

23,104 10,352,340(10,727) 10,245,122

Others
5,320

691

6,012

64

6,076

117

6,193

Interest income

106,10919

106,12815

106,143(335)

105,807

Interest expenses

Depreciation

39,770320

40,090―40,090(311)

39,779

Share of profit of entities accounted for using equity method

166

―

166

―

166

(24)

141

Extraordinary income

210

―

210

―

210

―

210

[Gain on disposal of non - current assets]

[210]

[―]

[210]

[―]

[210]

[―]

[210]

Extraordinary losses

1,013

―

1,013

2

1,016

―

1,016

[Loss on disposal of non - current assets]

[226]

[―]

[226]

[2]

[228]

[―]

[228]

[Impairment losses]

[787]

[―]

[787]

[―]

[787]

[―]

[787]

Tax

10,232531

10,763

1,093

11,857(1)

11,856

Investment of unconsolidated subsidiaries and associatedcompanies

1,477

―

1,477

―

1,477

―

1,477

Increase of tangible fixed assets and intangible fixed assets

6,142

825

6,967

32

7,000

288

7,289

(Note 1) Ordinary income is presented in lieu of sales of companies in other industries.
(Note 2) “Others” include business segments not included in the reportable segments, such as the delivery of goods, etc.,
the maintenance of ATMs and operations of securities, guarantees and management consulting, the fund formation and management operations services.
(Note 3) Adjustments are as follows:(1) Adjustment for segment profit of (61) million yen was elimination of intersegment transactions.
(2) Adjustment for segment assets of (118,805) million yen was elimination of intersegment transactions.
(3) Adjustment for segment liabilities of (107,217) million yen was elimination of intersegment transactions.
(4) Adjustment for depreciation of 117 million yen was elimination of intersegment transactions and the depreciation related to investments in leases classified
as “tangible fixed assets” and “intangible fixed assets” on a consolidated basis.
(5) Adjustment for interest income of (335) million yen, adjustment for interest expenses of (311) million yen, adjustment for share of profit of entities accounted
for using equity method of (24) million yen and adjustment for tax of (1) million yen were elimination of intersegment transactions.
(6) Adjustment for increase of tangible fixed assets and intangible fixed assets of 288 million yen were transferred from investment in leases.
(Note 4) Segment profit was adjusted with reference to ordinary profit as stated in the consolidated statements of income.

(Per share information)(Unit: Yen)FY2023 ended Mar. 31, 2024
Total net assets per share

1,460.16

Profit per share

78.43

Diluted profit per share―(Note 1) Basis for computing net assets per share(Unit: Millions of yen)

As of Mar. 31, 2024
Total net assets

573,095

Amounts to be deducted from total net assets―

Net assets attributable to common stock

573,095

Number of common stock outstanding at the end of the fiscal period(Note 2) Basis for computing profit per share392,488 thousand shares(Unit: Millions of yen)

FY2023 ended Mar. 31, 2024
Profit attributable to owners of parent

31,125

Amount that does not belong to common shareholders―

Profit attributable to common stock

31,125

Average number of shares

396,851 thousand shares(※) Diluted profit per share is not presented as there are no potentially dilutive shares.
(Material subsequent events)
Not applicable.

- 12 -

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

4. Non-consolidated financial statements(1) Non-consolidated balance sheets(Unit: Millions of yen)

As of Mar. 31, 2023

As of Mar. 31, 2024

Assets：Cash and due from banks
Cash1,831,185

1,843,327

64,771

61,223Due from banks

1,766,413

1,782,104

Trading securities

541

268

Trading government bonds

187

56

Trading local government bonds
Money held in trust
Securities

353

212

3,354

3,351

2,623,820

2,296,691

Government bonds

783,825

340,465

Local government bonds

768,313764,699

Corporate bonds

194,945

185,938

Stocks

208,419

226,336

Other securities
Loans and bills discounted
Bills discounted

668,317779,250

6,049,701

6,467,848

23,19520,553Loans on bills

29,196

16,556Loans on deeds

5,449,535

5,860,810

547,774

569,927

Overdrafts
Foreign exchanges

10,0458,445

Due from foreign banks (our accounts)

10,045

8,445

Other assets

54,761

88,817

Prepaid expenses

82

66

Accrued revenue

8,845

9,506

Variation margins of futures markets

315

174

7,635

8,355

Cash collateral paid for financial instruments

3,213

29,785

Other34,66840,929Tangible fixed assets

61,76461,431

Buildings, net

18,297

18,792

Land

37,75937,109Financial derivatives

Leased assets, net

569

497

Construction in progress

960

450

Other tangible fixed assets

4,177

4,581

Intangible fixed assets

7,942

8,074

Software

7,461

7,594

481

480

Other intangible fixed assets
Prepaid pension costs

6,864

9,233

Deferred tax assets

14,652

2,898

Customers' liabilities for acceptances and guarantees
Allowance for loan losses
Total assets- 13 -

8,527

8,609

(40,060)(35,412)

10,633,101

10,763,586

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Unit: Millions of yen)

As of Mar. 31, 2023

As of Mar. 31, 2024

Liabilities：
Deposits

8,053,786

8,316,236

Current deposits

355,509378,843

Ordinary deposits

5,670,979

5,936,551

Savings deposits

104,582

104,733

Deposits at notice

25,03424,182

1,782,391

1,787,491

279

220

Time deposits
Installment savings
Other deposits

115,010

84,213

Negotiable certificates of deposit

230,319

206,003

Call money

28,70840,880

Payables under repurchase agreements

86,565

136,841

Cash collateral received for securities lent

723,449

283,947

Borrowed money

924,693

1,120,429

Borrowings from other banks

924,693

1,120,429

338

341

Foreign exchanges
Foreign bills sold

35

154

Foreign bills payable

302

187

Bonds payable

50,00050,000Borrowed money from trust account12,988

13,575

Other liabilities

31,831

66,426
5,861

Income taxes payable

3,663

Accrued expenses

4,734

6,219

Unearned revenue

1,711

1,576

Reserve for interest on installment savings

0

0

Financial derivatives

13,29339,591

Cash collateral received for financial instruments

2,470

4,049

Lease liabilities
Other

569

496

5,388

8,632

Provision for bonuses for directors (and other officers)

56

61

Provision for retirement benefits for directors (and other officers)

145

116

Provision for reimbursement of deposits

264

154

Provision for contingent loss

926

915

7,112

6,902

Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities- 14 -

8,527

8,609

10,159,715

10,251,442

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Unit: Millions of yen)

As of Mar. 31, 2023

As of Mar.31, 2024

Net assets：
Share capital

48,652

48,652

Capital surplus

29,114

29,120Legal capital surplus

29,114

29,114―

5

Retained earnings

Other capital surplus

396,033

416,582

Legal retained earnings

43,54843,548Other retained earnings

352,485

373,034

2,006

1,209

General reserve

314,650

329,650

Retained earnings brought forward

35,82842,174(9,233)(17,146)464,567

477,208(4,453)

21,399Reserve for tax purpose reduction entry

Treasury shares
Total shareholders' equity
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

250

942

Revaluation reserve for land

13,022

12,593

Total valuation and translation adjustments

8,819

34,934

Total net assets
Total liabilities and net assets- 15 -

473,386

512,143

10,633,101

10,763,586

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Non-consolidated statements of income(Unit: Millions of yen)

FY2022 ended
Mar.31, 2023

FY2023 ended
Mar.31, 2024

Ordinary income

143,243

166,740

Interest income

87,335

106,113Interest on loans and discounts

58,79569,180Interest and dividends on securities

26,38935,287

Interest on call loans
Interest on deposits with banks
Other interest income

55

12

2,024

1,002

69

89

36

37

Fees and commissions

20,88924,550Fees and commissions on domestic and foreign exchanges

4,270

4,203
20,347

Trust fees

Other fees and commissions

16,618Other ordinary income

6,017

3,611

Gain on foreign exchange transactions

2,797

1,719

Gain on sale of bonds

3,220

1,317

Gain on financial derivatives
Other income
Recoveries of written off receivables
Gain on sale of equity securities
Other

―

574

28,96432,4274

928,57832,059381

358

Ordinary expenses

109,675

127,553

Interest expenses

15,611

39,770Interest on deposits

1,512

4,672

Interest on negotiable certificates of deposit

1,257

637

Interest on call money

1,699

3,390

Interest expenses on payables under repurchase agreements

1,023

6,501

Interest expenses on cash collateral received for securities lent

2,790

3,291

Interest on borrowings and rediscounts

549

1,149

Interest on bonds

226

272

6,295

19,171

Interest expenses on interest rate swaps
Other interest expenses
Fees and commissions payments
Fees and commissions on domestic and foreign exchanges

256

682

9,123

9,649

393

403

Other fees and commissions

8,730

9,246

Other ordinary expenses

32,37925,887Net loss on trading securities transactions

19

8

31,48325,376

Loss on redemption of bonds

530

501

Loss on devaluation of bonds―

0

Loss on financial derivatives

345―

General and administrative expenses

49,61849,706

Other expenses

Loss on sale of bonds

2,942

2,540

Provision of allowance for loan losses

810

293

Written-off of loans

―

5

1,382

1,749

Loss on devaluation of equity securities

Loss on sale of equity securities

170

23

Loss on money held in trust

11

0

Other

567

468

Ordinary profit

33,56739,186- 16 -

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Unit: Millions of yen)

FY2022 ended
Mar.31, 2023

FY2023 ended
Mar.31, 2024

Extraordinary income

1,645

210

Gain on disposal of non - current assets

1,597

210

Other

47

―

1,012

1,013

Loss on disposal of non - current assets

603

226

Impairment losses

409

787

Profit before income taxes

34,20038,382

Income taxes - current

7,103

10,334

Income taxes - deferred

2,475

(104)

Extraordinary losses

Total income taxes

9,578

10,229Profit24,62228,153- 17 -

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Non-consolidated statements of changes in net assets
FY2022 ended Mar. 31, 2023
(Unit: Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained earnings

Share capital Legal capitalsurplus

Balance at beginning of period

48,652

29,114

Other capitalsurplus

Total capitalsurplus―29,114

Legalretainedearnings

Reserve fortax purpose
reduction
entry

43,5482,961

Generalreserve

304,650

Retainedearnings
brought
forward

Total retained
earnings

26,046377,205(6,161)(6,161)

Changes during period
Dividends of surplus
Provision of reserve for tax purpose
reduction entry
Reversal of reserve for tax purpose
reduction entry

880

(880)

(1,835)

1,835
10,000

Provision of general reserve(10,000)
24,622

Profit24,622

Purchase of treasury shares
Disposal of treasury shares

(25)

(25)

Reversal of revaluation reserve for land

393

393

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

―

―

―

―

―

(954)

10,000

9,782

18,82748,652

29,114―

29,11443,5482,006

314,650

35,828396,033

Valuation and translation adjustments

Shareholders' equity

TreasurysharesBalance at beginning of period(7,352)

Valuation
Total
difference onshareholders' available-forsale
equitysecurities

447,620

31,973

Deferred
gains orlosses onhedges(137)

Revaluation
reserve for
land

Total
valuationandtranslation
adjustments

13,41545,251

Total net
assets492,871

Changes during period
Dividends of surplus(6,161)(6,161)

Provision of reserve for tax purpose
reduction entry
Reversal of reserve for tax purpose
reduction entry
Provision of general reserve

24,622

24,622

Purchase of treasury shares(2,000)(2,000)(2,000)

Disposal of treasury shares

119

94

94

393

393

ProfitReversal of revaluation reserve for land
Net changes in items other thanshareholders' equity
Total changes during period(1,880)

Balance at end of period(9,233)(36,427)

388

(393)

(36,432)

16,946(36,427)

464,567(4,453)

388

(393)

(36,432)(19,485)250

13,022

8,819

473,386- 18 -(36,432)

The Gunma Bank, Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

FY2023 ended Mar. 31, 2024
(Unit: Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained earnings

Share capital

Balance at beginning of period

48,652

Legal capitalsurplus

Other capitalsurplus29,114―

Total capital Legal retained
surplusearnings

29,114

Reserve fortax purpose
reduction
entry

43,5482,006

Generalreserve

314,650

Retainedearnings
brought
forward

Total retained
earnings

35,828396,033(8,033)(8,033)

Changes during period
Dividends of surplus
Provision of reserve for tax purpose
reduction entry
Reversal of reserve for tax purpose
reduction entry

84

(84)

(880)

880
15,000

Provision of general reserve
Profit(15,000)
28,15328,153428

428

Purchase of treasury shares

5

Disposal of treasury shares

5

Reversal of revaluation reserve for land
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

―

―

5

5

―

(796)

15,000

6,345

20,54948,652

29,114

5

29,12043,5481,209

329,650

42,174

416,582

Shareholders' equity

TreasurysharesBalance at beginning of period(9,233)

Valuation and translation adjustments

Valuation
Total
difference onshareholders'available-forequity
sale securities

464,567(4,453)

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Total valuationandtranslation
adjustments

250

13,022

8,819

Total net
assets473,386

Changes during period
Dividends of surplus(8,033)(8,033)28,15328,153(8,001)(8,001)

Provision of reserve for tax purpose
reduction entry
Reversal of reserve for tax purpose
reduction entry
Provision of general reserve
ProfitPurchase of treasury shares(8,001)

Disposal of treasury shares

88

Reversal of revaluation reserve for land

94

94

428

428

Net changes in items other thanshareholders' equity

25,853691(428)

26,115

26,115

Total changes during period(7,913)

12,64125,853691(428)

26,11538,757

Balance at end of period(17,146)477,208

21,399942

12,59334,934512,143- 19 -

Supplementary Information
for the Fiscal Year 2023,
Ended March 31, 2024

The Gunma Bank, Ltd.

【 Table of contents 】

Ⅰ Financial Highlights for the Fiscal Year 2023, Ended March 31, 2024…

1

1. Profit and Loss Conditions…

8

2. Main Account Conditions…

9

3. Interest Rate Spread…

9

4. Capital Ratio (International Standard)…

10

5. Earnings Forecasts…

10

6. Allowance for Loan Losses

…

11

…

12

…

13

8. Relationship between Self-Assessment, Disclosed Claims under the FRL and
Risk-Monitored Loans(”RML”）…

13

9. Loans Breakdown by Industry, etc.

…

14

…

15

…

15

Ⅱ Financial Data for the Fiscal Year 2023, Ended March 31, 2024

(1) Written-off／allowance criteria(2) Breakdown of allowance for loan losses
7. Disclosed Claims under the Financial Reconstruction Law (”FRL”)(1) Balance of disclosed claims under the FRL and ratio to the total claims(2) Status of coverage on disclosed claims under the FRL(1) Loans breakdown by industry(2) Disclosed Claims under the ”FRL”(3) Balance of small and medium-sized enterprises, etc. loans and ratio
10．Loans Breakdown by Domicile of Borrower, etc.
(1) Balance of loans to specific foreign countries(2) Balance of loans to Asian countries(3) Balance of loans to Latin American countries(4) Balance of loans to Russia

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Ⅰ Financial Highlights for the Fiscal Year 2023, Ended March 31, 2024
1. Profit and Loss Conditions 【Consolidated / Non-consolidated 】
・ Core net business profit excluding gains (losses) on bonds and cancellation of investment trusts increased compared withthe previous fiscal year due to increases in interest on loans and discounts and non-interest business profit.
・ Profit increased compared with the previous fiscal year due to an increase in gains (losses) on investment securities anda decrease in net credit cost. Record profits on both consolidated and non-consolidated.
(Unit : Billions of yen)
FY2023 ended Mar.31, 2024
【Consolidated】

Core net business profit
excluding gains (losses) on bonds

compared with FY2022

FY2023 ended Mar. 31, 2024
【Non-Consolidated】

compared with FY2022

38.0

(2.2)

33.2

(2.4)

45.4

5.5

40.6

5.3

Ordinary profit

43.7

5.4

39.1

5.6

(Attributable to owners of parent) Profit

31.1

3.1

28.1

3.5

excluding cancellation of investment trusts

2. Main Account Conditions 【Non-consolidated】
・ Loans and bills discounted increased due to general increase in loans to retail, cross-boader, structured finance, large enterprises.
・ Deposits and negotiable certificates of deposit steadily increased individual deposits and corporate deposits.
(Unit : Billions of yen)
As of Mar. 31, 2024 (a)As of Mar.31, 2023 (b)(a) - (b)Loans and bills discounted

6,467.8

418.1

6,049.7

Deposits and negotiable certificates of deposit

8,522.2

238.1

8,284.1

3. Disclosed Claims under the Financial Reconstruction Law 【Non-consolidated】
・ Ratio to the total claims amounted to 1.58%, down 0.23 point compared with the previous fiscal year-end.
(Unit : Billions of yen)
As of Mar.31, 2024 (a)As of Mar.31, 2023 (b)(a) - (b)Disclosed claims under the FRL

103.5

(7.1)

110.7

Ratio to the total claims

1.58%(0.23)%

1.81%

4. Capital Ratio 【Consolidated】
・ Total capital ratio amounted to 14.86%, and maintained a high level.
As of Mar.31, 2024 (a)Total capital ratio

As of Mar.31, 2023 (b)(a) - (b)14.86%

1.04%

13.82%*The Gunma Bank, Ltd. has early adopted the new "International convergence of capital measurement and capital standards(finalising Basel Ⅲ reforms)" from the end of Mar. 2023.

5. Earnings Forecasts 【Consolidated / Non-consolidated 】
・ Profit for fiscal year 2024, ending March 31, 2025 will be 35.0 billion yen on a consolidated basis and 31.0 billion yen on a
non-consolidated basis, exceeding the level of the previous fiscal year.
(Unit : Billions of yen)Core net business profit
excluding gains (losses) on bonds

FY2024 ending Mar.31,2025【Consolidated】

compared with FY2023

FY2024 ending Mar.31,2025【Non-Consolidated】

compared with FY2023

46.0

8.0

40.0

6.8

50.0

4.6

44.0

3.4

Ordinary profit

51.5

7.8

45.5

6.4

(Attributable to owners of parent) Profit

35.0

3.9

31.0

2.9

excluding cancellation of investment trusts

6. Shareholder Return・ As announced in November 2023, the Gunma Bank, Ltd. ("the Bank") plans to pay a year-end dividend of 12 yen for FY2023 ,ended Mar. 31 2024. The annual dividend will be 22 yen in total, including the interim dividend of 10 yen.
・ In addition, the Bank have resolved to acquire treasury shares (up to 5.0 billion yen) at today's board meeting. As a result,
total shareholder return combining cash dividends payments and the acquisition of treasury shares will be 53% degree.
・ The annual cash dividends per share for FY 2024, ending Mar. 31, 2025 is planned to be 28 yen, up 6 yen compared with theprevious year. The dividend has increased for four consecutive fiscal years.
FY2023 ended Mar.31,2024
compared with FY2022

FY2024 ending Mar.31,2025【forecast】

compared with FY2023

Annual cash dividends per share

22.00yen

4.00yen28.00yen

6.00yenInterim cash dividends

10.00yen

2.00yen14.00yen

4.00yenYear-end cash dividends

12.00yen

2.00yen14.00yen

2.00yen-1-

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

1. Profit and Loss, etc. Conditions
・ Core net business profit excluding gains (losses) on bonds and cancellation of investment trusts amounted to 45.4 billion yen,up 5.5 billion yen compared with the previous year, due to increases in interest on loans resulting from increase in loans andin non-interest business profit through operating activitiesbased on corporate purpose.
・ Ordinary profit amounted to 43.7 billion yen, up 5.4 billion yen compared with the previous year, due to an increase in gains orlosses on investment securities and a decrease net credit cost.
・ As a result, profit attributable to owners of parent amounted 31.1 billion yen, up 3.1 billion yen compared with the previous year.
We achieved the target of 30.0 billion yen set in medium-term business plan one year ahead of schedule.
The 31.1 billion yen is a record high, exceeding the 28.6 billion yen in the fiscal year ended Mar. 31, 2016.
【Consolidated】(Unit : Millions of yen)
FY2023 ended
Mar. 31, 2024 (a)FY2022 ended
Mar. 31, 2023(b)(a)-(b)FY2023 ended
Mar. 31, 2024
forecast

Gross business profits

1

65,676

1,996

63,679Core gross business profits(1-12)

2

90,243(2,234)

92,47891,2003

66,028(5,426)71,45567,900

4(7,446)(7,804)357

524,214

3,191

21,022

Net fees and commissions income

6

19,147

4,704

14,442

Profit from other business transactions

7

5,067

(1,512)6,580

852,191(23)

52,21552,700938,052(2,210)40,26338,5001045,498

5,593

39,90543,300

11

5,719

7,492

(1,772)

Gains (losses) on bonds

12(24,566)

4,231(28,798)

Gains (losses) on stocks and other securities

13

30,286

3,261

27,025

14

1,180

(92)

1,272

Net interest income
Of which,gains (losses)on cancellation of investment trusts

Non-interest business profit(refer to marginal table)

Expenses (excluding non-recurrent expenses)
Core net business profit
excluding gains (losses) on bonds(2-8)[-]

Core net business profit excluding gains (losses) on
bonds and cancellation of investment trusts

Gains or losses on investment securities

Net credit costs[-]

Others

15

1,197

97

1,099

Ordinary profit

16

43,788

5,472

38,316Extraordinary income (losses)

17

(806)

(1,390)

584

18

(18)

(1,012)994

1942,982

4,081

38,901

Of which, gains (losses) on disposal of non-current assets

Profit before income taxes

20

11,856888

10,968

Profit21

31,125

3,192

27,933

Profit attributable to owners of parent

22

31,125

3,192

27,933

Total income taxes[-]

23,3001,800

42,00030,000Note: Gains (losses) on bonds are excluded from "Profit from other business transactions" and included in "Gains or losses on investment securities".

(Breakdown of non-interest business profit by business)(Unit : Millions of yen)

23

24,214

3,191

21,022

23,300

Corporate service revenue

24

7,571

1,562

6,008

7,100

Deposit financial asset, etc. revenue

25

7,624

773

6,850

7,600

Others

26

9,018

855

8,163

8,600

Non-interest business profit(Related items regarding consolidated companies)(Unit 27, 28 : number of companies / Unit 29 : million yen)

Number of consolidated subsidiaries

27

6

－

6

Number of affiliated companies applicable to the equity method

28

3

－

3

29

2,972

(338)

3,311

30

57.8%

1.4%

56.4%

31

53.4%

(3.2)%

56.6%

32

5.7%

0.4%

5.3%

Total profit of the bank group companies*Profit attributable to owners of parent－profit(non-consolidated)

Over head ratio(8 / 2)
excluding cancellation of investment trusts(8 / (2-4))

Return on equity-2-

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

【Non-consolidated】(Unit: Millions of yen)
FY2023 ended
Mar. 31, 2024 (a)Gross business profits
Core gross business profits(1-20)
Net interest income
Domestic business
Of which, interest on loans and discounts
Of which, interest and dividends on securities
Of which, gains (losses) on cancellationof investment trusts

International business
Non-interest business profit
Net fees and commissions income
Profit from other business transactions
Expenses (excluding non-recurrent expenses)
Personnel expenses
Non-personnel expenses
Taxes
Core net business profit
excluding gains (losses) on bonds(2-12)[-]Core net business profit excluding gains (losses)
on bonds and cancellation of investment trusts

Real net business profit(16+20)
Gains or losses on investment securities
Gains (losses) on bonds
Gains (losses) on stocks and other securities
Net credit costs[-]
Other non-recurrent gains (losses)
Ordinary profit
Extraordinary income (losses)
Of which, gains (losses) on disposal of non-current assets

Profit before income taxes
Total income taxes
Profit[-]FY2022 ended
Mar. 31, 2023(b)(a)-(b)57,16485,95871,724
66,81851,35013,802

FY2023 ended
Mar. 31, 2024
forecast

1
2
3
4
5
6

59,006
83,567
66,34360,85253,055
7,165

1,841(2,390)(5,381)(5,965)
1,704(6,637)

7(7,446)(7,804)

357

8
9
10
11
12
13
14
15

5,490
17,224
14,9382,285
50,35827,775
19,765
2,817

584
2,990
3,136
(145)
64
(221)
173
112

4,906
14,233
11,802
2,431
50,29327,997
19,591
2,705

16

33,209(2,455)35,66433,9001740,656

5,349

35,30638,700

18
19
20
21
22
23
24
25
26
27
28
29

8,648
5,725
(24,561)
30,286614
866
39,186(803)(16)
38,382
10,22928,153

1,777
7,493
4,232
3,261
(460)
119
5,618
(1,436)(1,010)
4,182
651
3,531

6,870
(1,768)(28,793)
27,025
1,075
746
33,567632
994
34,2009,578
24,622

84,70068,20016,50050,8001,300
37,50027,000Note: Gains (losses) on bonds are excluded from "Profit from other business transactions" and included in "Gains or losses on investment securities".

(Reference) Gains or losses on investment securities conditions(Unit: Millions of yen)

FY2023 ended
Mar. 31, 2024 (a)Gains or losses on investment securities
Gains (losses) on bonds
Gain on sales
Gain on redemption
Loss on sales
Loss on redemption
Loss on devaluation
Gains (losses) on stocks and other securities
Gain on sales
Loss on sales
Loss on devaluation

[-]
[-]
[-]

[-]
[-]

30
31
32
33
34
35
36
37
38
39
40

5,725
(24,561)
1,317－
25,376501
030,28632,0591,749
23

FY2022 ended
Mar. 31, 2023(b)(a)-(b)

7,493
4,232
(1,902)－(6,107)
(28)
0
3,261
3,480
366
(147)

(Reference) Net credit costs conditions(Unit: Millions of yen)
FY2023 ended
Mar. 31, 2024 (a)Net credit costs(42+43-49)
Net transfer to general allowance for loan losses(1,768)(28,793)
3,220－
31,483530－
27,02528,578
1,382
170

[-]
[-]
[-]

Disposal of non-performing loans
Written-off of loans
Provision of specific allowance for loan losses
Provision of accident loss
Losses on sales of loans
Cost born under joint responsibility system ofguarantee corporations
Recoveries of written off receivables

FY2022 ended
Mar. 31, 2023(b)(a)-(b)

41
42
43
44
45
46
47

614
(1,567)
2,192
5
1,861
(10)
8

(460)
302
(757)
5
(818)
(36)
(20)

1,075
(1,869)
2,949
－
2,680
25
29

48

327

112

214

49

9

4

4

-3-

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

2. Main Account Conditions
・ Loans and bills discounted amounted to 6,467.8 billion yen, up 418.1 billion yen (+6.9%) compared with the previous fiscal
year-end, due to general increase in loans to retail, cross-boader loans, structured finance, large enterprises.
In FY 2023, the Bank executed sustainable finance of 414.7 billion yen. The cumulative total during 2 years was 680.9 billion
yen, and the progress rate towards the cumulative total during 3 years target of 800.0 billion yen was 85.1%.
・ Deposits and negotiable certificates of deposit amounted to 8,522.2 billion yen, up 238.1 billion yen compared with theprevious fiscal year-end, due to an steadily increase individual deposits and corporate deposits.
・ Deposit financial assets amounted to 1,154.2 billion yen, up 95.0 billion yen compared with the previous fiscal year-end,
due to an increase in the balance of investment trust and life insurance.
・ Unrealized gains on valuation of other securities amounted 30.5 billion yen.

(1) Loans 【Non-consolidated】(Unit : Billions of yen)
As of
Mar.31, 2024(a)(a) - (b)As of
Sep.30, 2023(b)(a) - (c)As ofMar.31, 2023
(c)

6,467.8

223.0

418.1

6,244.7

6,049.7

4,824.5

92.4

135.1

4,732.0

4,689.3

Small and medium-sized enterprises

2,399.0

61.6

83.4

2,337.4

2,315.5

Individuals

2,425.4

30.8

51.7

2,394.6

2,373.7

2,333.3

25.7

44.7

2,307.6

2,288.5

Housing loans

1,416.2

17.7

34.6

1,398.4

1,381.6

Apartment loans

677.3

10.4

17.1

666.8

660.1

Others

239.7

(2.5)

(7.0)

242.2

246.7

71.3

4.7

8.3

66.6

62.9

1,643.3

130.6

282.9

1,512.6

1,360.3

Loans and bills discounted
Retail loans

Of which, housing-related loans

Of which, unsecured consumer loans

Other loans

304.6

46.3

118.6

258.2

185.9

1,131.8

69.5

140.2

1,062.2

991.6

Public sectors

103.1

(0.4)

(3.9)

103.6

107.1

Overseas branch

103.6

15.1

28.0

88.5

75.6

cross-boader loans and structured financeCorporations(large / second-tier enterprises, etc.)

Note: Regional public corporations and Tokyo, Osaka Branch accounts are not included in "Small and medium- sized enterprises" but are classified into "Corporations".

(Reference)(Unit : Billions of yen)

FY2022

Amount of sustainable finance executed

cumulative total
during 2 years(Apr.2022-Mar.2024)

FY2023

266.2

414.7

Medium-term business plan
final year target(cumulative total during 3 years)(Apr.2022-Mar.2025)

680.9

800.0

Note: Sustainable finance targets finance that contributes to solving environmental and social issues such as renewable energy-related, start-up financing and businesssuccession-related, etc. ( including investment by Gunma Regional Advanced Solution Partners, an investment specialized subsidiary) .

(2) Deposits and negotiable certificates of deposit 【Non-consolidated】
As of
Mar.31, 2024(a)(a) - (b)As of
Sep.30, 2023(b)(a) - (c)(Unit : Billions of yen)
As of
Mar.31, 2023
(c)

8,522.2

168.5

238.1

8,353.6

8,284.1

8,316.2

219.2

262.4

8,096.9

8,053.7

Of which, individuals

5,732.7

68.6

137.9

5,664.0

5,594.7

Of which, corporations

2,028.0

11.7

94.7

2,016.3

1,933.2

Negotiable certificates of deposit

206.0(50.7)(24.3)

256.7

230.3

Deposits and negotiable certificates of deposit
Deposits-4-

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Deposit financial assets 【Consolidated】(Unit : Billions of yen)

As of
Mar.31, 2024(a)

Deposit financial assets(a) - (b)As of
Sep.30, 2023(b)(a) - (c)As ofMar.31, 2023(c)

1,154.2

52.8

95.0

1,101.4

1,059.2

1,063.6

51.3

97.5

1,012.3

966.1

Bank, non-consolidated

898.6

40.1

93.7

858.4

804.8

Investment trust

289.7

22.6

44.4

267.0

245.3

Public bonds (Government bonds, etc.)

35.5

(1.9)

(3.2)

37.4

38.7

Life insurance

573.3

19.4

52.6

553.9

520.7

255.6

12.6

1.2

242.9

254.3

(Of which, individual deposit financial assets)

Gungin Securities (including intermediation)(4) Unrealized gains and losses on valuation of other securities 【Non-consolidated】
As of
Mar.31, 2024(a)(a) - (b)As of
Sep.30, 2023(b)(a) - (c)(Unit : Billions of yen)

As of
Mar.31, 2023
(c)

30.5

38.8

37.1

Stocks

75.9

13.1

21.4

62.7

54.5

215.2

Bonds

(28.3)

7.6

6.3(36.0)(34.7)

1,250.0

Others

(16.9)

17.9

9.4(34.9)(26.4)

775.9

3.6

15.7

4.0

(12.1)

(0.4)

557.2

(20.6)

2.1

5.3(22.8)(25.9)

218.7

Other securities

Foreign securities
Investment trusts, etc.

(8.2)

(6.6)

As of Mar.31,
2024 balance
sheet value

3. Disclosed Claims under the Financial Reconstruction Law ("FRL") 【Non-consolidated】
As of
Mar.31, 2024(a)Disclosed claims under the FRL①

Normal claims
Total claims
Ratio to the total claims②①/②

Coverage rate(a) - (b)(a) - (c)2,241.2(Unit : Billions of yen)

As of
Sep.30, 2023
(b)

As of
Mar.31, 2023
(c)

103.5

(3.1)

(7.1)

106.7

110.7

6,423.1

224.3

425.2

6,198.7

5,997.9

6,526.6

6,305.4

6,108.6

221.2

418.0

1.58 %(0.11)%(0.23)%

1.69 %

1.81 %

73.2 %

0.1 %

2.8 %

73.1 %

70.4 %

Note: The Bank does not apply partial direct written-off. The below figures are presented if the Bank had applied the partial direct written-off.

Disclosed claims under the FRL

85.4

(2.4)

(9.4)

87.8

94.8

Ratio to the total claims

1.31 %(0.08)%(0.24)%

1.39 %

1.55 %

4. Capital Ratio(International Standard)【Consolidated】
As of
Mar.31, 2024(a)(a) - (b)(a) - (c)As ofSep.30, 2023
(b)

As of
Mar.31, 2023(c)

Total capital ratio

14.86 %

1.43 %

1.04 %

13.43 %

13.82 %

Tier1 ratio

13.79 %

1.42 %

1.31 %

12.37 %

12.48 %

Common equity Tier1 ratio

13.52 %

1.15 %

1.04 %

12.37 %

12.48 %

*The Bank has early adopted the new "International convergence of capital measurement and capital standards (finalising Basel Ⅲ reforms) " from the end of Mar. 2023.

5. Earning Forecasts【Consolidated / Non-consolidated】
FY2024 ending
Mar.31,2025 forecast【Consolidated】(Unit : Billions of yen)

compared with FY2023

FY2024 ending
Mar.31,2025 forecast【Non-consolidated】

compared with FY2023

Core net business profit excluding gains (losses) on bonds

46.0

8.0

40.0

6.8

excluding cancellation of investment trusts

50.0

4.6

44.0

3.4

Ordinary profit

51.5

7.8

45.5

6.4

(Attributable to owners of parent) Profit

35.0

3.9

31.0

2.9

Note: Earnings forecasts are based on information available at the present time. Actual results may differ from the forecasts due to various of
economic situation, etc.

-5-The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

6. Shareholder Return・ As announced in November 2023, the Bank plans to pay a year-end dividend of 12 yen for the FY 2023, ended Mar. 31, 2024.
The annual dividend will be 22 yen in total, including the interim dividend of 10 yen.
・ In addition, the Bank has resolved to acquire treasury shares at today's board meeting.
【Total cost of acquisition ： Up to 5.0 billion yen / Total number of shares to be acquired ： Up to 6.5 million shares /Period of acquisition ： from May 10, 2024 to June 14, 2024】
・ Total shareholder return combining cash dividends payments (8.6 billion yen in total) and the acquisition of treasury shares(8.0 billion yen, total of 3.0 billion yen already acquired and 5.0 billion yen of the above acquisition limit) will be 53% degree.
・ The annual cash dividends per share for FY 2024, ended Mar. 31, 2025 is planned to be 28 yen, up 6 yen compared with theprevious year. The dividend has increased for four consecutive fiscal years.

2021/3
Total amount of shareholders return
Consolidated shareholder return ratio*1

Non-consolidate shareholder return ratio*12022/32023/32024/3

5.4billion yen

9.3billion yen

14.3billion yen

16.6billion yen

―

―

51.4%

53.6%

46.8%

39.9%

―

―

5.4billion yen

5.8billion yen

7.3billion yen

8.6billion yen

Consolidated dividend payout ratio

40.4%

22.1%

26.4%

28.1%

Annual cash dividends per share

13yen

14yen

18yen

22yen

Of which, interim cash dividends

6yen

7yen

8yen

10yen

Total amount of diviends

Of which, year-end cash dividends
Total amount of acquisition treasury shares

7yen

7yen

―

3.5billion yen

*2

10yen

12yen

7.0billion yen

8.0billion yen*2*1 The Bank is setting a target of 40% of the profit for the shareholders return ratio combining cash dividend payments and the acquisition cost of treasury
shares. From the fiscal year ended Mar. 31, 2023, the Bank changed its profit, which is the basis for shareholder returns, from a non-consolidated basis
to a consolidated basis.
*2 The amount of acquisition treasury shares is rounded up.In calculating the shareholder return ratio, the amount of acuisition treasury stock is calculated
based on the amountof stock buybacks during the one-year period starting from the date of the annual general meeting of shareholders. The amountof 5.0 billion yen (up to ) announced today is included in the FY 2023, ended Mar. 31, 2024.
*3 Cash dividend of 10 yen for the FY ended Mar. 31, 2023 included a commemorative dividend of 1 yen for the 90th anniversary of the establishment of
the Bank.

(reference) Changes in total amount of shareholders returnchange of shareholder return policy
non-consolidate basis

28円

consolidated basis

22yen
18yen
annual cash
dividends per share

13yen

14yen

（unit : billion yen）

16.6

14.3
8.0
7.0

9.3

total amount ofshareholders returntotal amount ofacquision treasury
shares5.4
0

3.5

total amount ofdividends

5.4

5.8

shareholder
return ratio

2021/32022/32023/32024/32025/3

46.8%

39.9%

51.4%

53.6%

forecast

7.3

-6-

8.6

10.9

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Reference) Reduction status of shares for policy purpose
・The bank has set and announced the following reduction target in November 9, 2022 in order to further accelerate the reductionof its shares for policy purposes for the purpose of sound development of the capital markets, further improvement of its capitalefficiency, and strengthening of its financial position.
Reduction target : reduction of listed shares for policy purposes with a book value of 20.0 billion yen(approx. 50% of the book value of shares for policy purposes at the end of March 2022)
Time frame: Five years from the fiscal year ended March 31, 2023 (the current fiscal year) to the fiscal year ending March 31, 2027

・Listed shares for policy purposes with a book value in FY2023 were reducted by 7.2 billion yen to 26.4 billion yen.
Also, the progress rate is 59% towards the reduction target of 20.0 billion yen.
・ In addition, ratio of shares for policy purposes (market value balance) to consolidated net assets was 17.5%.

Ratio of shares for policy
purposes (market value balance)
to consolidated net assets

32.5%
28.6%

30.1%
28.4%
24.3%
20.9%

22.1%
19.0%

Shares for policy purposes bookvalue balance

66.4

63.0

18.0%

17.5%

60.9
53.8
49.2

46.1

44.8

（Unit：billion yen）

41.3
36.8

Of which,
Listed

64.0

15/3

29.6
60.7

16/3

58.5

17/3

51.6

18/3

46.9

19/3

21.0
43.9

20/3

41.6

21/3

38.2

22/3

33.6

23/3

*including unlisted stocks excluding stocks related to subsidiaries ・ affiliates*there are no stocks related to retirement benefit trust contributions after the FY2022, ended Mar. 31 2023 .

-7-

26.4
24/3

18.0
27/3(target)

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Ⅱ Financial Data for the Fiscal Year 2023, Ended March 31, 2024
1.Priofit and Loss Conditions【Non-consolidated】
FY2023 ended
Mar.31, 2024(a)Gross business profits(Unit : Millions of yen)
FY2022 ended
Mar.31, 2023(b)(a) - (b)1

59,006

1,841

57,164(excluding gains (losses) on bonds)

2

Domestic gross business profits3

83,567(2,390)85,95853,135(26,438)

79,573

Net interest income
Net fees and commissions income

460,852(5,965)66,8185

14,712

3,074

11,637

Profit from other business transactions

6(22,429)(23,547)

1,117(Of which, gains (losses) on bonds)

7(22,522)(23,598)

1,075International gross business profits

8

5,870

28,279(22,409)

Net interest income

9

5,490

584

4,906

Net fees and commissions income

10

226

61

164

Profit from other business transactions

11

154

27,633(27,479)

12(2,038)27,830(29,869)

13

50,35864

50,293

Personnel expenses

14

27,775(221)

27,997

Non-personnel expenses

15

19,765

173

19,591

Taxes

16

2,817

112

2,705

17

8,648

1,777

6,870

18

33,209(2,455)35,66419

40,656

5,349

35,306(Of which, gains (losses) on bonds)
Expenses (excluding non-recurrent expenses)[-]

Core net business profit(1-13)
Core net business profit
excluding gains (losses) on bonds (2-13)
Core net business profit excluding gains(losses) on bonds
and cancellation of investment trusts
Provision of general allowance for loan losses[-]

Net business profit (1-13-20)(Of which, gains (losses) on bonds)
Non-recurrent gains (losses)
Disposal of non-performing loans

[-]

20

(1,567)302(1,869)21

10,215

1,475

8,740

22

(24,561)

4,232(28,793)

23

28,971

4,143

24,827

24

2,192

(757)

2,949

Written-off of loans

25

5

5

－

Provision of specific allowance for loan losses

26

1,861

(818)

2,680

Provision of accident loss

27

(10)

(36)

25

Losses on sales of loans
Cost born under joint responsibility system ofguarantee corporations

28

8

(20)

29

29

327

112

214

30

9

4

4

31

614

(460)

1,075

Gains (losses) on stocks and other securities

32

30,286

3,261

27,025

Other non-recurrent gains (losses)

33

866

119

746

Recoveries of written off receivables(Net credit costs) (20+24-30)

Of which, retirement benefit costs

[-]

34

(751)

24

(776)

Ordinary profit

35

39,186

5,618

33,567Extraordinary income (losses)

36

(803)

(1,436)632

Of which, gains (losses) on disposal of non-current assets 37(16)(1,010)994

Of which, impairment losses

[-]

[-]

Profit before income taxes
Total income taxes

787

377

409

39

38,382

4,182

34,20040

10,229651

9,578

Income taxes-current

41

10,334

3,231

7,103

Income taxes-deferred

42

(104)

(2,579)2,475

4328,153

3,531

24,622

Profit

[-]

38

-8-

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

2. Main Account Conditions 【Non-consolidated】(Unit : Billions of yen)
As of
Mar.31, 2024(a)

Loans and bills discounted
Securities
Deposits(a) - (b)As of
Sep.30, 2023
(b)

As of
Mar.31, 2023
(c)

418.1

6,244.7

6,049.7(a) - (c)Term-end balance

6,467.8

223.0

Average balance

6,181.3

103.6

345.8

6,077.6

5,835.5

Term-end balance

2,296.6(36.0)(327.1)2,332.7

2,623.8

Average balance

2,347.5(108.4)(100.7)2,455.9

2,448.2

Term-end balance

8,316.2

219.2

262.4

8,096.9

8,053.7

Average balance

8,065.7

29.2

174.2

8,036.4

7,891.4

3. Interest Rate Spread 【Non-consolidated】(All branches)(Unit : %)FY2023 ended
Mar. 31, 2024 (a)① Average yield on interest earning assets

FY2022 ended
Mar. 31, 2023 (b)(a) - (b)

1.22

0.22

1.00

Average yield on loans and bills discounted

1.11

0.11

1.00

Average yield on securities

1.52

0.45

1.07

0.87

0.21

0.66

Average yield on deposits and negotiablecertificates of deposit

0.06

0.03

0.03

Average yield on external liabilities

0.33

0.14

0.19

0.35

0.01

0.34

② Average yield on interest bearing liabilities③ Average interest rate spread (①-②)(Domestic segment)(Unit : %)FY2023 ended
Mar. 31, 2024 (a)① Average yield on interest earning assets

FY2022 ended
Mar. 31, 2023 (b)(a) - (b)0.74

(0.06)

0.80

Average yield on loans and bills discounted

0.90(0.01)

0.91

Average yield on securities

0.39(0.27)

0.66

0.49(0.02)

0.51

Average yield on deposits and negotiablecertificates of deposit

0.00

－

0.00

Average yield on external liabilities(0.00)－(0.00)

0.25(0.04)

0.29② Average yield on interest bearing liabilities③ Average interest rate spread (①-②)-9-The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

4. Capital Ratio (International Standard)【Consolidated】(Unit : Billions of yen)
As of
Mar.31, 2024 (a)Total capital ratio
Tier1 ratio
Common equity Tier1 ratio(Note4)
Core CET 1 ratio
Total capital
Tier1 capital
Common equity Tier1 capital
Risk weighted assets
Total required capital(a) - (b)14.86%
13.79%
13.52%
12.91%
570.6
529.5
519.5
3,840.1
307.2

As of
Sep.30, 2023 (b)(a) - (c)

1.43%
1.42%
1.15%
0.54%
46.7
46.7
36.7
(61.2)
(4.9)

1.04%
1.31%
1.04%
0.43%
40.6
50.7
40.7
5.4
0.4

13.43%
12.37%
12.37%
12.37%
523.9
482.8
482.8
3,901.3
312.1【Non‐consolidated】

As of
Mar.31, 2023 (c)13.82%
12.48%
12.48%
12.48%
529.9
478.7
478.7
3,834.6
306.7(Unit : Billions of yen)

As of
Mar.31, 2024 (a)(a) - (b)14.14%
13.07%
12.80%
529.1
489.1
479.1
3,741.3
299.3

Total capital ratio
Tier1 ratio
Common equity Tier1 ratio
Total capital
Tier1 capital
Common equity Tier1 capital
Risk weighted assets
Total required capital

As of
Sep.30, 2023 (b)(a) - (c)

1.32%
1.31%
1.04%
44.4
44.4
34.4
(39.0)
(3.1)

0.91%
1.19%
0.92%
37.1
47.1
37.1
23.3
1.8

12.82%
11.76%
11.76%
484.6
444.6
444.6
3,780.3
302.4

As of
Mar.31, 2023 (c)13.23%
11.88%
11.88%
492.0
442.0
442.0
3,718.0297.4

Note1: The Gunma Bank has early adopted the new "International convergence of capital measurement and capital standards (finalising Basel Ⅲ
reforms) " from the end of Mar. 2023.
Note2: " Total required capital " = " Risk weighted assets " × 8%
Note3: Of the amount of "Risk weighted assets", credit risk is calculated by the foundation internal rating-based approach, and operational risk is
calculated by the standardized measurement approach.
Note4: calculated by deducting valuation difference on available-for-sale securities from common equity Tier1. (If negative, no deduction.)

5. Earnings Forecasts【Consolidated】(Unit : Billions of yen)
FY2024 ending
Sep.30, 2024
forecast

Core gross business profits
Net interest income
Non-interest business profit
Of which, corporate service revenue
Of which, deposit financial assets, etc. revenue

Expenses (excluding non-recurrent expenses)[-]

Core net business profit excluding
gains(losses) on bonds (1-6)
excluding cancellation of investment trusts

Net credit costs
Ordinary profit[-]

Profit attributable to owners of parent

compared with FY2023
ended Sep.30, 2023

FY2024 ending
Mar.31, 2025
forecast

compared with FY2023
ended Mar.31, 2024

1
2
3
4
5
6

49.7
36.6
13.1
4.1
4.2
27.7

2.1
1.7
0.4
0.7
0.4
1.8

100.0
74.0
26.0
8.2
9.3
54.0

9.8
8.0
1.8
0.7
1.7
1.9

7

22.0

0.3

46.0

8.0

8
9
10
11

24.0
1.8
25.5
17.5

0.6
2.6
5.9
2.7

50.0
3.4
51.5
35.0

4.6
2.3
7.8
3.9

【Non‐consolidated】(Unit : Billions of yen)
FY2024 ending
Sep.30, 2024
forecast

Core gross business profits
Net interest income
Non-interest business profit
Expenses (excluding non-recurrent expenses)[-]

Core net business profit excluding
gains (losses) on bonds (12-15)
excluding cancellation of investment trusts

Net credit costs
Ordinary profit
Profit[-]compared with FY2023
ended Sep.30, 2023

FY2024 ending
Mar.31, 2025
forecast

compared with FY2023
ended Mar.31, 2024

12
13
14
15

46.1
36.8
9.3
26.6

1.9
1.8
0.2
1.7

91.9
74.4
17.5
51.9

8.4
8.1
0.3
1.6

16

19.5

0.3

40.0

6.8

17
18
19
20

21.5
1.6
23.0
16.0

0.6
2.7
5.7
2.6

44.0
3.0
45.5
31.0

3.4
2.4
6.4
2.9

Note1: Gains or losses on bonds are excluded from "Non-interest business profit".
Note2: Earnings forecasts are based on information available at the present time. Actual results may differ from the forecasts due to various of economic
situation, etc.

- 10 -

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

6. Allowance for Loan Losses 【Consolidated / Non‐consolidated】(1) Written-off / allowance criteria○ General allowance
Allowance criteria
Normal claims

The amount of possible loan losses over the next one year calculated based on the historical rateof credit losses is reserved.

Claims requiring caution

The amount of possible loan losses calculated for each category is reserved.

Substandard claims, etc.

The amount of possible loan losses over the next three years calculated based on the historicalrate of credit losses is reserved.
However, for claims to large borrowers with credit exceeding a certain amount, provisions are
Other claims requiring caution reserved using the discounted cash flow (DCF) method.
Note: Substandard claims, etc. are " Substandard claims" and "claims to borrowers, etc. classified as borrowers requiring caution, excluding substandard
claims due to failing to correspond to restructured loans in the management improvement plan, etc. even after changing the lending terms".

○ Specific allowance
Allowance criteria

Potentially bankrupt claims

For the part of a claim not secured by collateral or guarantees, etc., the amount of possible loan
losses over the next three years calculated based on the historical rate of credit losses is reserved.
However, for claims to large borrowers with credit exceeding a certain amount, provisions arereserved using the cash-flow deduction method.

Effectively bankrupt claims
The entire amount of a claim not secured by collateral or guarantees, etc., is reserved.
Bankrupt claims(2) Breakdown of allowance for loan losses【Consolidated】
As of
Mar.31, 2024(a)(a) - (b)(a) - (c)As ofSep.30, 2023(b)

(Unit : Millions of yen)
As of
Mar.31, 2023(c)

Allowance for loan losses

41,366(1,711)(4,601)

43,07845,967

General allowance

13,59718(1,948)

13,57815,546

Specific allowance

27,768(1,730)(2,652)29,49930,421【Non‐consolidated】
As of
Mar.31, 2024(a)(a) - (b)(a) - (c)As ofSep.30, 2023(b)

(Unit : Millions of yen)
As of
Mar.31, 2023(c)

Allowance for loan losses

35,412(1,564)(4,648)36,976

40,060General allowance

11,87234(1,567)

11,83813,439Specific allowance

23,539(1,598)(3,080)25,13826,620- 11 -

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

7. Disclosed Claims under the Financial Reconstruction Law ("FRL")【Consolidated／Non-consolidated】
With the implementation of the Cabinet Office Order to Amend the Ordinance for Enforcement of the Banking Act, etc.on March 31, 2022,
the categories of Risk-monitored Loans under the Banking Act and the scope of claims subject to disclosure were aligned with theDisclosed Claims under the "FRL" stipulated under the Act on Emergency Measures for the Revitalization of Financial Functions.

(1) Balance of disclosed claims under the "FRL" and ratio to the total claims【Consolidated】(Unit : Millions of yen)
As of Mar.31, 2024(a)(a) - (b)(a) - (c)As of Sep.30, 2023(b)

As of Mar.31, 2023
(c)

Bankrupt and substantially bankrupt claims

29,228(2,085)3,724

31,31325,504

Doubtful claims

36,684(592)(5,022)37,276

41,706

Substandard claims

42,163(905)(6,605)43,06948,768Loans past due 3 months or more

6,385

2,598

2,739

3,786

3,645

Restructured loans

35,778(3,504)(9,344)39,28245,122

108,076(3,583)(7,903)

111,659

115,979

Normal claims

6,419,241

224,877

421,339

6,194,363

5,997,902

Total claims

6,527,317

221,294

413,436

6,306,023

6,113,881(a) - (b)(a) - (c)As of Sep.30, 2023(b)

As of Mar.31, 2023
(c)

Total

Ratio to the total claims
As of Mar.31, 2024(a)Bankrupt and substantially bankrupt claims

0.44%(0.05) %

0.41%

0.56%

(0.03) %0.03 %(0.12) %0.49%

Doubtful claims

0.59%

0.68%

Substandard claims

0.64%(0.04) %(0.15) %

0.68%

0.79%

Loans past due 3 months or more

0.09%

0.05%

0.54%

0.04 %(0.19) %0.06%

Restructured loans

0.03 %(0.08) %

0.62%

0.73%

1.65%

(0.12) %(0.24) %

1.77%

1.89%

Total

Note: The Bank does not apply partial direct written-off. The below figures are presented if the Bank had applied the partial direct written-off.

Disclosed claims under the "FRL"
Ratio to the total claims

89,496(2,923)1.37%(0.10) %(10,283)(0.26) %92,42099,7801.47%【Non-consolidated】

1.63%(Unit : Millions of yen)
As of Mar.31, 2024(a)(a) - (b)(a) - (c)As of Sep.30, 2023(b)

As of Mar.31, 2023
(c)

Bankrupt and substantially bankrupt claims

28,610(2,165)

3,622

30,77524,988

Doubtful claims

36,671(593)(5,025)37,264

41,697

Substandard claims

38,283(381)(5,753)38,66444,037

6,385

2,598

2,739

3,786

3,645

Loans past due 3 months or more
Restructured loans

31,898(2,979)(8,493)34,87740,391

103,566(3,139)(7,157)

106,705

110,723

Normal claims

6,423,121

224,352

425,219

6,198,768

5,997,902

Total claims

6,526,687

221,213418,061

6,305,473

6,108,625(a) - (b)(a) - (c)As of Sep.30, 2023(b)

As of Mar.31, 2023
(c)

Total

Ratio to the total claims
As of Mar.31, 2024(a)Bankrupt and substantially bankrupt claims

0.43%(0.05) %

0.40%

0.56%

(0.03) %0.03 %(0.12) %0.48%

Doubtful claims

0.59%

0.68%

Substandard claims

0.58%(0.03) %(0.14) %

0.61%

0.72%

Loans past due 3 months or more

0.09%

0.05%

0.48%

0.04 %(0.18) %0.06%

Restructured loans

0.03 %(0.07) %

0.55%

0.66%

1.58%

(0.11) %(0.23) %

1.69%

1.81%

Total

Note: The Bank does not apply partial direct written-off. The below figures are presented if the Bank had applied the partial direct written-off.

Disclosed claims under the "FRL"
Ratio to the total claims

85,4201.31%- 12 -(2,410)(9,462)(0.08) %(0.24) %87,8301.39%

94,882
1.55%

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Status of coverage on disclosed claims under the "FRL"【Consolidated】
As of
Mar.31,2024(a)(a) - (b)(a) - (c)①76,495

Value covered by collateral and guarantees

49,871

Allowance for loan losses

26,624
108,076(3,583)

Total coverage

Disclosed claims under the "FRL"②①／②

Coverage ratio(2,087)(Unit : Millions of yen)
As of
Mar.31, 2023
(c)

As of
Sep.30, 2023(b)

(2,079)78,58378,575

(638)

1,312

50,51048,559(1,448)(3,391)

28,07230,015(7,903)

111,659

115,97970.7 %

0.4 %

3.0 %

70.3 %

67.7 %【Non-consolidated】(Unit : Millions of yen)
As of
Mar.31,2024(a)(a) - (b)As of
Sep.30, 2023(b)(a) - (c)As ofMar.31, 2023(c)①

75,865(2,167)(2,184)78,03378,049

Value covered by collateral and guarantees

49,691

(643)

1,280

50,334

48,411

26,173(1,524)(3,464)

27,69829,638103,566(3,139)(7,157)

106,705

110,723

Total coverage
Allowance for loan losses
Disclosed claims under the "FRL"②①／②

Coverage ratio

73.2 %

0.1 %

2.8 %

73.1 %

70.4 %

8. Relationship between Self-Assessment, Disclosed Claims under the FRL and Risk-Monitored
Loans("RML") 【Non-consolidated】(Unit : Billions of yen)

A Credit-related assets
Borrowers classification under
the self-assessment guideline

Bankrupt borrowers

Disclosed claims
under the "FRL"

"RML"

B／A

Allowance forloan losses

28.6

9.9

(Allowance ratio
100%)

36.6

21.6

(Allowance ratio
32.4%)

18.0(Allowance ratio
against substandard
claims 6.8%)

Potentially bankrupt
borrowers

36.6

Doubtful claims

Substandard
borrowers

53.3

Substandard
claimsOther
borrowers
requiring
caution

341.0

Coverage ratio

18.6

Bankrupt and substantially bankrupt
claims21.2

Normal Borrowers

Covered bycollaterals
and guarantees

7.3

Effectively bankrupt
borrowers

Borrowers
requiring
cautionB Total coverage

100.0%

4.8

Loans past due 3months or more
Restructured
Loans

2.6

6.3

38.2
31.8

Normal claims

6,423.1

Total

6,526.6

5,963.8

Others

103.2

Total

6,526.6○The scope of disclosed claims under the "FRL" and "RML"
The claims include loans and bills discounted, customers' liabilities for acceptances and guarantees, foreign exchange, securities loaned, accrued interest,
suspense payments and bank guaranteed private placement bonds. Note that substandard claims include only loans and bills discounted.

- 13 -

72.4%

54.0%

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

9. Loans Breakdown by Industry, etc. 【Non-consolidated】(1) Loans breakdown by industry (domestic branches excluding loans booked at offshore markets)(Unit : Billions of yen)
As of
Mar.31, 2024(a)(a) - (b)As of
Sep.30, 2023(b)(a) - (c)As ofMar.31, 2023
(c)

Domestic branches

6,364.1

207.9

390.0

6,156.1

5,974.0

Manufacturing

759.5

2.8

36.2

756.7

723.3

Agriculture and forestry

9.8

0.0

0.4

9.8

9.3

Fishery

3.4

(0.0)

(0.3)

3.5

3.8

Mining, quarrying and gravel

6.5

(0.0)

0.3

6.6

6.1

Construction

220.3

12.2

7.0

208.1

213.3

Electricity, gas, heat supply and water

126.9

16.8

28.2

110.1

98.7

Information and communications

28.2

3.7

4.7

24.5

23.5

Transport and postal service

219.9

22.7

39.7

197.1

180.1

Wholesale and retail trade

515.5

15.5

30.6

500.0

484.9

Financial and insurance

259.8

31.9

53.1

227.8

206.6

Real estate and leasing

918.1

50.8

90.5

867.2

827.6

Medical, welfare

326.1

1.2

0.5

324.8

325.6

Other services

265.4

4.1

3.0

261.3

262.4

Local public sector

103.1

(0.4)

(3.9)

103.6

107.1

2,600.8

46.3

99.7

2,554.4

2,501.1

2,425.4

30.8

51.7

2,394.6

2,373.7

OthersOf which, individuals(2) Disclosed Claims under the "FRL"(Unit : Billions of yen)
As of
Mar.31, 2024(a)

All branches(a) - (b)As of
Sep.30, 2023(b)(a) - (c)As ofMar.31, 2023
(c)

103.5

(3.1)

(7.1)

106.7

110.7

Manufacturing

28.8

(3.7)

(4.3)

32.6

33.2

Agriculture and forestry

1.0

(0.3)

(0.2)

1.4

1.3

Fishery

－

－

－

－

－

Mining, quarrying and gravel

－

－

－

－

－

Construction

3.9

0.1

0.3

3.7

3.5

Electricity, gas, heat supply and water

0.2

0.0

0.0

0.2

0.2

Information and communications

0.6

(0.2)

0.2

0.9

0.4

Transport and postal service

3.1

(1.1)

(1.2)

4.2

4.3

Wholesale and retail trade

14.7

(1.1)

(2.0)

15.8

16.7

Financial and insurance

0.0

0.0

0.0

0.0

0.0

Real estate and leasing

7.6

0.0

(1.0)

7.6

8.6

Medical, welfare

14.0

0.7

0.7

13.2

13.2

Other services

15.7

0.2

(0.9)

15.5

16.6

－

－

－

－

－

13.3

2.2

1.4

11.0

11.9

Local public sector
Others- 14 -

The Gunma Bank,Ltd.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Balance of small and medium-sized enterprises, etc. loans and ratio(Unit : Billions of yen)
As of
Mar.31, 2023
(c)

As of
Mar.31, 2024(a)(a) - (b)(a) - (c)As ofSep.30, 2023(b)

5,124.4

146.8

231.4

4,977.6

4,893.0

Balance of small and medium-sized enterprises, etc. loans

Loans to individuals

2,425.4

30.8

51.7

2,394.6

2,373.7

Loans to small and medium-sized enterprises

2,698.9

116.0

179.6

2,582.9

2,519.3

Small and medium-sized enterprises, etc. loans ratio

80.5 %(0.3) %

(1.4) %

80.8 %

81.9 %

Note1: In loans to individuals, apartment loans are included.
Note2: In loans to small and medium-sized enterprises, loans to regional public corporations are included.
Note3: Small and medium-sized enterprises, etc. loans ratio is the ratio of balance of small and medium-sized enterprises, etc. loans to domestic loans andbills discounted.

10. Loan Breakdown by Domicile of Borrower, etc. 【Non-consolidated】(1) Balance of loans to specific foreign countries
Not applicable.

(2) Balance of loans to Asian countries(Unit : Billions of yen)
As of
Mar.31, 2023
(c)

As of
Mar.31, 2024(a)(a) - (b)(a) - (c)As ofSep.30, 2023
(b)

91.3

9.4

30.9

81.9

60.4

－

－

－

－

－

Balance of loans to Asian countries
Of which, disclosed claims under the "FRL"(3) Balance of loans to Latin American countries
As of
Mar.31, 2024(a)(Unit : Billions of yen)
As of
Mar.31, 2023(c)(a) - (c)As ofSep.30, 2023(b)

Balance of loans to Latin American countries

11.0

(1.1)

1.3

12.1

9.6

Of which, disclosed claims under the "FRL"

－

－

－

－

－

(4) Balance of loans to Russia
Not applicable.

- 15 -(a) - (b)