April 14, 2023
To whom it may concern:
Name of Company:

Suruga Bank, Ltd.

Name of Representative:

Director and President: Kosuke Saga(Code No. 8358 Prime Section of Tokyo Stock Exchange)

Contact Person:

Senior Executive Officer
General Manager of General Management Planning Headquarters:
Fujio Sato
(TEL 03-3279-5536)

Announcement Regarding the Revision to Earnings and Dividend Forecast
Suruga Bank, Ltd. announces that the Company has revised its full-year earnings forecast and per-share yearend dividend forecast for the fiscal year ended March 2023 (April 1, 2022 - March 31, 2023) announced on
February 9, 2023, as follows.
Note
1. Revision of earnings forecast
Revision of full-year consolidated earnings forecast for the fiscal year ended March 31, 2023 (April 1, 2022 –March 31, 2023)
Ordinary income

Ordinary profit

Profit attributableto owners ofparent

Earnings pershare

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)86,00011,000

9,000

47.77

Revised forecast (B)91,00012,00010,00053.09

Change (B - A)

5,000

1,000

1,000

5.8

9.1

11.1

92,072

10,596

7,960

Percent change(Reference) Results for theprevious period(Fiscal year ended March2022)

134.72

Revision of full-year non-consolidated earnings forecast for the fiscal year ended March 31, 2023 (April 1, 2022- March 31, 2023)
Ordinary income

Ordinary profit

Earnings pershare

Net income

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)77,00010,000

8,500

45.12

Revised forecast (B)82,00010,500

9,000

47.78

Change (B - A)

5,000

500

500

6.5

5.0

5.9

83,658

10,093

7,854

Percent change(Reference) Results for theprevious period(Fiscal year ended March2022)

34.26

2. Reasons for revision
In the fourth quarter (January 1, 2023 to March 31, 2023), as announced on March 29, 2023, the Company
has sold multi-asset funds and bonds that had unrealized losses in order to restructure its securities portfolio.
As a result, the Company expects to record a total loss on redemption and sales of JGBs and other bonds ofapproximately 14.0 billion yen. On the other hand, actual credit costs are expected to decrease from theprevious forecast due to fewer cases of suspension of repayments versus expectations at the time of theprevious announcement among borrowers for which systematic negotiations and other actions were taken.
Note that the Company expects to record an excess reversal of the general allowance for loan losses andspecific allowance for loan losses, and plans to record the excess reversal amount as a gain on reversal ofallowance for loan losses (non-recurring income).
(Reference)
Full-year non-consolidated earnings forecast for the fiscal year ended March 31, 2023 (Billions of yen)
Revised forecast
82.0

Previous forecast
77.0

Gross operating profit
Expenses

43.0
36.5

45.0
37.0(2.0)(0.5)

Core net operating profit
Net operating profit

23.5
6.5

22.5
8.0

1.0(1.5)

Ordinary profit
Net income

10.5
9.0

10.0
8.5

0.5
0.5

Actual credit costs(1.0)

1.0(2.0)

Ordinary income

Change5.0(Note)The capital adequacy ratio as of March 31, 2023 is expected to be about 13%, new loan disbursements inthe business areas for promotion in the fiscal year ended March 31, 2023 are expected to be about 230
billion yen (including the acquisition of monetary claims purchased), and the actual credit cost ratio is
expected to be about -5 bps.

2

3. Revision of dividend forecast
After comprehensively taking into account business performance trends for the fiscal year ended March 31,2023, the soundness of the capital base, and future financial condition, the Company has revised its year-end
dividend forecast per share with a record date of March 31, 2023, to 9 yen per share for the ordinary dividend.
The dividend forecast for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024) will beannounced in the earnings results for the fiscal year ended March 31, 2023, based on the second phase of themid-term business plan, Re:Start 2025, which will begin in the fiscal year ending March 31, 2024.
Dividends per share (yen)ndPrevious forecast

2 quarter-end
Yen

Fiscal year-end
Yen
6.00

Revised forecast
Current fiscal year results

Total
Yen
6.00

9.00

9.00

6.00

6.00

―

Previous fiscal year results(Fiscal year ended March―2021)(Note)Earnings forecasts and other forward-looking statements in this document are based on information
currently available and certain assumptions that are judged to be reasonable. Actual performance may
differ from forecasted figures due to a variety of factors that may arise.
(End of document)3