May 7, 2024
Company name:
Suruga Bank, Ltd.
Representative:
Kosuke Kato, President(Code: 8358, Prime Market of the Tokyo Stock Exchange)
Inquiries:Fujio Sato, Senior Executive Officer,
General Manager of General Management
Planning Headquarters
Tel: +81-3-3279-5536

Notice Regarding Upward Revisions to Full-year Earnings Forecast
for the Fiscal Year Ended March 2024
Suruga Bank, Ltd. hereby announces that it has revised its earnings forecast for the fiscal year ended March 31,
2024, which was announced on February 9, 2024.

1. Revisions to earnings forecast
Revision of consolidated earnings forecast for the fiscal year ended March 2024 (April 1, 2023 to March 31, 2024)
Ordinary revenue

Ordinary profit

Profit attributableto owners ofparent

Net income
per share

millions of yen

millions of yen

millions of yenyen

Previous forecast (A)87,50017,50012,00059.50

Revised forecast (B)91,40020,60015,30075.44

Change (B - A)

3,900

3,100

3,300

Change (%)

4.5

17.7

27.5

92,403

13,266

10,576(Reference) Previous year
results (FY3/23)

56.15

Revision of non-consolidated earnings forecast for the fiscal year ended March 2024 (April 1, 2023 to March 31, 2024)
Ordinary revenue

Ordinary profit

Net income

Net income
per share

millions of yen

millions of yen

millions of yenyen

Previous forecast (A)79,50017,00011,500

57.02

Revised forecast (B)83,60020,10015,00073.73

Change (B - A)

4,100

3,100

3,500

Change (%)

5.2

18.2

30.4

82,794

11,267

9,537(Reference) Previous year
results (FY3/23)

50.63

2. Reason for revision
On a non-consolidated basis, the Bank expects ordinary revenue, ordinary profit, and net income to exceed
its previously announced forecasts due to stronger-than-expected core gross operating profit, as well as cost
reductions and improvement in actual credit costs, which also exceeded forecasts.

3. Dividend forecast
The Bank’s basic policy for shareholder returns is to improve returns by considering the optimal balance
between the soundness of capital and investments for growth. Upon which, the Bank’s basic policy for
dividends is a stable dividend with a payout ratio of approximately 30%. Regarding the year-end dividend pershare forecast for the fiscal year ended March 2024, the Bank plans to keep the year-end dividend forecast(ordinary dividend) as announced on April 4, 2024 at 14 yen per share.
* Please refer to the “Notice Regarding Revision of Year-End Dividend Forecast (Dividend Increase)” announced on April
4, 2024.

Reference:Non-consolidated earnings forecast for the full year ended March 2024
Revised Forecast
Ordinary revenue(billions of yen)
ChangePrevious Forecast

836

795

41

585

575

10351

360

(9)

Core net operating profit

233

215

18

Loss on securities

(52)

(60)

8

Ordinary profit

201

170

31

Net income

15011535Actual credit costs

(20)

(10)

(10)

Normal amount

(50)

(50)

0

Preventive allowances*23040(10)Core gross operating profit*

1Expenses*1 Core gross operating profit: The forecast does not include gains/losses from the redemption of investment trusts.
*2 Preventive allowances: Allowance for (a) suspension of repayments by some investment real estate loan customers
triggered by organized negotiations, and for (b) restructured loans for which normalization of recovery is unlikely.

Note: The above earnings forecasts are based on information currently available to the company and on certain assumptions
deemed to be reasonable. Actual performance may differ.