February 9, 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: Tatsuya Akita(TEL 03-3279-5536)

Announcement regarding Losses on Sales of Securities Holdings, etc. and Revisionof Full-Year Earnings Forecasts for the Fiscal Year Ending March 31, 2023
Suruga Bank, Ltd. announces that the company has revised the earnings forecast announced on November 11,2022, as follows, considering that the company has recorded a loss for the purpose of restructuring its securities
portfolio and that the company estimates that actual credit costs will decrease, in anticipation of the start of thenext medium-term management plan (FY2023-FY2025) currently being formulated.
Note
１．Revision of Full-Year Earnings Forecasts
Revision of consolidated earnings forecast for the fiscal year ending March 31, 2023 (April 1, 2022 - March 31,2023)
Ordinary revenue

Profit attributableto owners ofparent

Ordinary profit

Earnings pershare

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)86,00011,00010,00053.08

Revised forecast (B)86,00011,000

9,000

47.77

Change (B-A)

00(1,000)

Percent change

00(10.0)

92,072

10,596

7,960(Reference)
Results for the previous term
(fiscal year ending March 31,2022）

34.72

Non-consolidated
Ordinary revenue

Ordinary profit

Earnings pershareProfit

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)77,00010,000

9,500

50.43

Revised forecast (B)77,00010,000

8,500

45.12

Change (B-A)

00(1,000)

Percent change00(10.5)

83,658

10,093

7,854(Reference)
Results for the previous term
(fiscal year ending March 31,2022）

34.26

２．Major Reasons for Revisions（１）Restructuring of securities portfolio
Considering growing concerns of a global recession and the risk of high inflation, we will restructure oursecurities portfolio by reducing mainly multi-asset funds that have valuation losses. As a result, we expect torecord approximately 11.0 billion yen in redemption losses and other losses. In the next medium-term
management plan, we will work to shift to a stable profit securities management structure.
（２）Actual credit costs
In the third quarter, in addition to organized negotiations, etc., fewer borrowers have taken measures such assuspending repayments than was estimated at the time of the previous announcement, and preventive
allowance and the expected loss ratio are lower than expected, so actual credit costs are expected to decrease
from the previous forecast.
Beginning with the third quarter of the current fiscal year, we have increased the allowance for doubtful
accounts for borrowers, etc., for whom collection is difficult to normalize in the future among restructuredloans.

【Reference】
Non-consolidated earnings forecast for the fiscal year ending March 31, 2023
(Billions of yen)
Current forecast (A)Previous forecast (B)Change (A) – (B)Ordinary income

77.0

77.0

―

Gross operating profit

45.0

56.0

(11.0)

Expenses

37.0

37.5(0.5)

Core net operating profit

22.5

22.0

0.5

Net operating profit

8.0

17.5(9.5)

Ordinary profit

10.0

10.0

―Profit

8.5

9.5(1.0)

Actual credit costs

1.0

10.0(9.0)

Normal credit costs(3.0)

3.5(6.5)

Share house-related loans

(3.5)

(3.0)

(0.5)

Preventive allowance

7.5

9.5

(2.0)

(Note)The performance forecasts in this report are based on information currently available to the company andon certain assumptions deemed to be reasonable. Actual performance may differ.