This document has been translated from the Japanese original for reference purposes only. Although Japan Securities
Finance intends this to serve as a faithful translation of the Japanese original, it does not guarantee the accuracy andcorrectness of the translation, and encourages you to refer to the Japanese original.

Summary of Financial Results for the Fiscal Year
Ended March 31, 2024 [Japanese GAAP] (Consolidated)
May 7, 2024
Company name：Japan Securities Finance Co., Ltd.
Listing：Tokyo Stock Exchange
Securities code：8511
URL: https://www.jsf.co.jp
Representative: (Title) Representative Executive Officer & President(Name) Shigeki Kushida
Contact Person: (Title) General Manager of Corporate Planning Dept.
(Name) Katsuhiko Yamamoto
Tel. +81-03-3666-3184
Scheduled date for annual general meeting: June 25, 2024
Scheduled date for commencement of dividend payments: June 4, 2024
Scheduled filing date of annual securities reports: June 27, 2024
Preparation of supplementary explanatory materials on financial statements: Yes
Convening of financial results briefing: Yes(Millions of yen, rounded down to nearest million)

1. Consolidated Financial Results for Fiscal 2023 (April 1, 2023 - March 31, 2024)(1) Consolidated Operating Results(% change from year-on-year for those items)

Operating revenues

Operating profit

Profit attributableto owners of parent

Ordinary profit(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)

Fiscal 2023

50,008

17.6

9,928

56.2

11,024

45.0

8,030

34.6

Fiscal 2022

42,518

41.1

6,354

1.9

7,601

6.1

5,966

15.3

(Note) Comprehensive income: Fiscal 2023: 15,465 millions of yen (342.9%) Fiscal 2022 : 3,491 millions of yen (△55.7%)
Ordinary profit／Total Assets(Yen)

Return on
EquityROE (％)ROA (％)

Operating profit／Operating
Revenues
(％)

94.04

―

5.7

0.1

19.9

67.76

―

4.4

0.1

14.9

Net income per share

Net income per share- diluted(Yen)

Fiscal 2023
Fiscal 2022

(Reference) Equity method investment profit and loss: Fiscal 2023 : 556 millions of yen

Fiscal 2022 : 523 millions of yen(2) Consolidated Financial Position
Total assets

Shareholders’equity ratio

Net assets

Net Assets per
Share(Millions of Yen)

(Millions of Yen)

(%)

(Yen)

Fiscal 2023

13,744,765

144,606

1.1

1,725.62

Fiscal 2022

14,056,217

135,7281.0

1,574.64(Reference) Net worth Fiscal 2023 : 144,606 millions of yen

Fiscal 2022 : 135,728 millions of yen(3) Consolidated Statements of Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of the period(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

Fiscal 2023

383,411

4,575△ 6,624

1,977,628

Fiscal 2022

303,546

3,447△ 5,786

1,596,264

2. Dividends
1stQuarter(Yen)
Fiscal 2022-

Dividends per Share
2nd
3rd
YearQuarter Quarter
end
(Yen)
(Yen) (Yen)
16.00

-

Total Cash
Dividends(Full-year)(Yen)(Millions of Yen)

Annual

16.00

32.00

Dividends
Payout Ratio

Dividends on
Equity(Consolidated)(Consolidated)(％)

DOE (％)

47.2

2.1

2,825

Fiscal 2023
17.00
30.00
47.00
4,017
50.0
2.8
(Plan)
Fiscal 2024
35.00
35.00
70.00
69.0
(Forecast)(Notes) The year-end dividend for the fiscal year ended March 31, 2024 will be approved at the Board of Directors
meeting held in May.
Fiscal 2024 (Forecast) 2nd quarter: Ordinary dividend 32.00 yen Special dividend 3.00 yen
Fiscal 2024 (Forecast) End of the period: Ordinary dividend 32.00 yen Special dividend 3.00 yen

3. Consolidated Performance Forecast for Fiscal 2024 (April 1, 2024－March 31, 2025)(% change from the previous fiscal year)

Operating profit

Full Ye ar(Note)Net income
per share

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen

%

Yen

9,300

△ 6.3

11,000

△ 0.2

8,500

5.8

101.44See section “1. (3) Future Outlook” in the attached materials regarding the details.

* Notes(1) Changes in scope of significant consolidated subsidiaries (changes in the case of specified subsidiaries
accompanying change in the scope of consolidation) : None
(2) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies caused by revision of accounting standards : None(ii) Changes in accounting policies other than (i) : None(iii) Changes in accounting estimates : None(iv) Restatements : None
(3) Number of issued and outstanding shares (common stock)(i) Number of issued and outstanding shares (including treasury stocks)
as of Mar. 31, 2024 : 88,000,000 as of Mar. 31, 2023 : 96,000,000(ii) Number of treasury stock shares at end of the period
as of Mar. 31, 2024 : 4,199,877 as of Mar. 31, 2023 : 9,803,815(iii) Average number of shares during the period
for annual year ended Mar. 31, 2024 : 85,399,335
for annual year ended Mar. 31, 2023 : 88,051,380(Notes) The number of treasury stock shares deducted in the calculation of the number of issued and outstanding
shares at the end of the period and the average number of issued and outstanding shares during the period
includes the shares of the Company held by the Share Benefit Trust (BBT).
On April 20th 2023, the company cancelled 8 million of its treasury stock shares (common stocks) on
20th March 2023, pursuant to a resolution the Board of Directors . This reduced the number of issued andoutstanding shares to 88 million shares.

2

[Reference] Non-consolidated Financial Results for Fiscal 2023 (April 1, 2023 - March 31,2024)(1) Non-consolidated Operating Results(% change from year-on-year for those items)

Operating revenues

Operating profit

Ordinary profit

Net income(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)

Fiscal 2023

46,070

19.3

7,473

70.2

10,070

△2.0

7,885

△15.2

Fiscal 2022

38,631

45.3

4,390

3.4

10,274

73.3

9,302

104.9

Net income per share

Net income per share- diluted

(Yen)

(Yen)

Fiscal 2023

92.33

―

Fiscal 2022

105.63―(2) Non-consolidated Financial Position
Total assets

Net assets

Shareholders’equity ratio

Net Assets per
Share(Millions of Yen)

(Millions of Yen)

(%)

(Yen)

Fiscal 2023

12,469,435

129,003

1.0

1,539.22

Fiscal 2022

12,482,291

121,5731.0

1,410.24(Reference) Net worth Fiscal 2023 : 129,003 million

Fiscal 2022 : 121,573 million

Note: Summary of financial results is not subject to review by a certified public accountant or an auditing
firm.
Note: Explanation on proper use of business performance forecasts and other notes
The Company does not disclose earnings forecasts due to the fact that the performance of its
securities finance business, the Group's core business, is significantly affected by trends in the stock
market, interest rates, and other factors. Instead, for the purpose of disclosing information
appropriate for the Group’s type of business, we provide estimates calculated based the outstandingbalance of the margin loans business and other assumptions.
Furthermore, financial results are disclosed as soon as reasonable estimates can be made for eachquarter.
See section “1. (3) Future Outlook” in the attached materials regarding the details.

31. Qualitative Information on the Results in Fiscal Year Ending March 2024
(1) Review of Operating Results(Financial and Economic Environment)
During the current consolidated cumulative period (from April 1, 2023 to March 31, 2024), theeconomic environment was characterized by downside risks due to the impact of monetary tightening in
the United States and various European countries, concerns over a rapid slowdown in the Chinese
economy and other factors. However, the economy continued to recover, supported by improvements incorporate earnings and inbound demand.
Looking at the stock market, the Nikkei 225 (closing price) started at 28,188 yen at the beginning of
the period, and continued to rise, mainly driven by expectations over the various initiatives by listedcompanies to realize management that is conscious of capital costs and stock prices. In October, themarket softened due to tensions in the Middle East, but rallied again in November on speculation of theend of US interest rate hikes and strong corporate performance. As the year progressed, such trends
accelerated, with the index reaching 39,098 yen on February 22th, its highest point on record in 34 years.
Subsequently, despite the elimination of the BOJ’s negative interest rate policy, relief prevailed in themarket as the continuation of an accommodative financial environment was confirmed. As the result,the index rose to its highest point of the period, 40,888 yen and closed at 40,369 yen at the end of
March.
Looking at the standardized margin trading purchase balance on the Tokyo market and other markets(TSE, NSE, and PTS) during this period, as stock prices rose, the balance gradually decreased, mainly
due to profit-taking sales, from the 2.17 trillion yen range at the beginning of the period, to fall to the
1.96 trillion yen range on May 19th, its bottom for the period. However, the balance subsequently
increased due to expectations for a rise in stock prices, reaching its peak for the period in the 2.84
trillion yen range on March 15th, and closed at 2.70 trillion range at the end of March. Meanwhile, thestandardized margin trading sales balance increased from the 530 billion yen range at the beginning of
the period to reach its peak for the period in the 780 billion yen range on May 19th. However, thebalance subsequently decreased, reaching its bottom for the period in the 510 billion yen range on
October 6th. Thereafter, as the stock price rose, the balance rallied again and closed at 690 billion yen
range at the end of March.
(Results in Fiscal Year Ending March 2024)
Under this market environment, in the current consolidated cumulative period our Group posted anincrease in consolidated operating revenue to 50,008 million yen (up 17.6% year-on-year), an increasein consolidated operating profits to 9,928 million yen (up 56.2% year-on-year), and an increase inconsolidated ordinary profits to 11,024 million yen (up 45.0% year-on-year), due to an increase in
margin transaction balances for both loans and securities lending, and continued to enjoy strong
performance in securities financing business, mainly in Bond repo and gensaki transactions and equity
repo transactions. Although the profit attributable to owners of parent for the quarter did not include thespecial profit that accompanied a change to the retirement benefit system recorded in the previous
period, it increased to 8,030 million yen (up 34.6% year-on-year).
An overview of business conditions in each segment during the period is as follows.
- Securities Finance Business
Operating revenues for securities financing services reached 46,049 million yen (up 19.3% year-onyear).
Looking at operating revenues by business segment, the operating revenue for margin transactions
business reached 11,581 million yen (up 44.7% year-on-year). With an increase in margin transaction
balances, with loan balances averaging 286.9 billion yen during the period (an increase of 32.2 billion
yen year-on-year) and securities lending balances averaging 252.4 billion yen during the period (anincrease of 63.4 billion yen year-on-year), both interest on loans and securities lending fees increased,
resulting in increased revenues.
Operating revenue for the securities financing business reached 28,360 million yen (up 29.2% yearon-year). Among these, bond repo and gensaki transactions (24,593 million yen, up 29.9% year-onyear) increased significantly, reaching its highest on record due to continued strong transactional needs
arising from tight supply and demand for government bonds. Equity repo transactions and the like4

(1,799 million yen, up 17.6% year-on-year) increased as balances remained at high levels. General stock
lending (1,083 million yen, up 35.6% year-on-year) and loans for negotiable margin transactions (250
million yen, up 67.8% year-on-year) increased due to a high level of outstanding balances
accompanying the robust stock market. Retail loans (633 million yen, up 16.3% year-on-year) increased
due to the robust stock market and increased balances as the result of successful improvements in
product quality.
Other revenue came in at 6,107 million yen (down 29.3% year-on-year). This was due to a decline inprofits from the sale of government bonds held as part of the portfolio replacement carried out in theprevious period in our securities investment business, which was conducted from a standpoint of
securing liquidity and strengthening the revenue base for our margin transaction business and securities
financing business. However, operating expenses also decreased due to a decline in losses from the saleof foreign bonds held.
- Trust and Banking Business
Operating revenue for our trust banking business came in at 3,127 million yen (up 0.4% year-onyear). Custodian type trust services continued to perform well and trust fees increased.
- Real Estate Leasing Business
Operating revenue for our real estate leasing business reached 831 million yen (up 2.9% year-onyear).

5

[Reference]
Status of the Group's Operating Revenues by Business Sector
Previous consolidated Consolidated fiscal year
fiscal year
under review(from April 1, 2022 to (from April 1, 2023 toMarch 31, 2023)
March 31, 2024)
Amount(Millions of yen)

Composition
ratio (%)

(Millions of yen)

Composition
ratio (%)

(Millions of yen)

38,59490.8

46,049

92.1

7,454

19.3

8,003

18.8

11,581

23.2

3,577

44.7

1,619

3.8

1,831

3.7

212

13.1

Interest on collateralmoney for securities
borrowed

565

1.3

844

1.7

279

49.4

Premium charges

4,711

11.1

7,508

15.0

2,796

59.4

Lending fees

808

1.9

1,080

2.2

272

33.7

Securities financing

21,952

51.6

28,360

56.7

6,408

29.2

149

0.4

250

0.5

101

67.8

1,529

3.6

1,799

3.6

269

17.6

Retail loans

544

1.3

633

1.3

88

16.3

General stock lending

799

1.9

1,083

2.2

284

35.6

Bond repo andgensaki transactions

18,92944.5

24,593

49.2

5,664

29.9

8,638

20.3

6,107

12.2

△ 2,531△ 29.3

Trust and Banking
Business

3,115

7.3

3,127

6.3

12

0.4

Interest on loans

32

0.1

36

0.1

3

11.2

Trust fees

1,347

3.2

1,530

3.1

183

13.6

Other

1,734

4.1

1,560

3.1

△ 174

△ 10.1

808

1.9

831

1.7

23

2.9

42,518100.0

50,008

100.0

7,489

17.6

Securities FinanceBusiness
Loans for margintransactions
Interest on loans

Loans for negotiablemargin transactions
Equity repo
transactions

Other

Real Estate Leasing
Business
Total

6

AmountIncrease/Decrease
AmountRatio (%)

Status of the Group's Transaction Balances by Business Sector (Average Balance)
Previous consolidated Consolidated fiscal year
fiscal year
under review(from April 1, 2022 to (from April 1, 2023 toMarch 31, 2023)
March 31, 2024)

Increase/Decrease(billions of yen)(billions of yen)(billions of yen)

254.7

286.9

32.2

188.9

252.4

63.4

11,473.9

12,984.0

1,510.0

Loans for negotiablemargin transactions

18.8

34.7

15.8

Equity repo transactions

697.7

775.3

77.5

Retail loans

16.7

20.4

3.6

General stock lending

63.3

121.0

57.7

Bond repo andgensaki transactions

10,677.2

12,032.4

1,355.2

539.9

591.3

51.4

Loans for margintransactions
Securities loaned for
margin transactions
Securities financing

Trust Bank Loans7

(2) Overview of Financial Status(Features of the Group's Assets, Liabilities, and Cash flows)
The majority of assets consist of loans for margin transactions (operating loans), which fluctuate daily,
deposits to the current account at the Bank of Japan (cash and deposits), collateral pledged for
procurement of securities (cash collateral provided for securities borrowed, securities purchased under
repurchase agreements) and securities held for the purpose of efficiently utilizing funds.
Liabilities consist mainly of marketable funding, such as call money and commercial paper, which canbe adjusted on a daily basis to match fluctuating assets, as well as collateral accepted for securities lent.
Note that, within the security finance business, which has been a focus in recent years, bond repo andrepurchase agreements have seen a significant increase in their balance in line with the growth of thebusiness due to the large transaction lots. As such transactions are intermediary transactions that match theneeds of lenders and borrowers, the assets (cash collateral provided for securities borrowed and securities
purchased under resale agreements) and liabilities (cash collateral received for securities lent andsecurities sold under repurchase agreement) are accounted in both directions on the company's balance
sheet. However, in such transactions, exposure is controlled by receiving and paying amounts equivalent
to the bonds’ market value as collateral for the bonds subject to the transactions, by conducting daily
mark-to-market valuations during the term of the transactions, and by making appropriate margin calls(i.e., receiving and paying the difference between the cash collateral and a bond's market value). In
addition, most of the counterparties are subject to debt assumptions by financial institutions with relatively
high credit ratings or central clearing houses. These risk controls ensure that the increase in exposure andcredit risk will be adequately controlled, even as assets and liabilities expand.
For other security finance operations, in addition to the same risk control measures as for bond repo andrepurchase agreements, appropriate haircuts (weight) are set according to the volatility and market
liquidity of the shares subject to transactions in order to ensure that the exposure is well controlled. In
addition, under the framework of integrated risk management, the company weighs the amount of risk ona daily basis and manages this risk to keep it within the risk capital framework set based on the company's
operational strength. Furthermore, we also monitor, on a daily basis, the exposure to each counterparty intimes of stress to see that it is within a certain limit so as to constrain excessive exposure to certain
counterparties.
Cash flows are mainly generated by the changes in assets and liabilities mentioned above, as well as bydividend payments and share buy-backs and disposals.
Cash and deposits in assets may increase or decrease significantly, depending on the status of standby
funds in trust accounts in liabilities and the cash flow status of the Group as a whole.
No significant capital expenditure is planned at present.
(Status of Assets, Liabilities, and Net Assets)
As of the end of the consolidated accounting period (March 31, 2024), total assets amounted to 13,744.7
billion yen (a decrease of 311.4 billion yen year-on-year), total liabilities amounted to 13,600.1 billion yen(a decrease of 320.3 billion yen year-on-year), and total net assets amounted to 144.6 billion yen (anincrease of 8.8 billion yen year-on-year).
The main factors for these are as follows.
- Assets:
Cash and deposits increased by 379.3 billion yen, year-on-year, due to an increase in deposits to thecurrent account at the Bank of Japan.
Operating loans increased by 103.0 billion yen, year-on-year, due to an increase in the balance of loans
for margin transactions at the end of the period.
Securities purchased under resale agreements increased by 1,192.2 billion yen, year-on-year, due to anincrease in bond gensaki transactions.
Cash collateral provided for securities borrowed decreased by 1,716.7 billion yen, year-on-year, due toa decrease in the balance for bond repo transactions at the end of the period..
- Liabilities:
Call money and commercial paper respectively decreased by 325.6 billion yen and increased by 138.0
billion yen, year-on-year, as the result of flexible funding conducted in line with changes in loans andother assets on the asset side.
8

Securities sold under repurchase agreements increased by 1,167.5 billion yen, year-on-year, due to anincrease in bond gensaki transactions.
Cash collateral received for securities loaned decreased by 1,311.3 billion yen, year-on-year, due to adecrease in bond repo transactions.
Borrowed money from trust accounts decreased by 131.2 billion yen, year-on-year, due to a decrease instandby funds in the trust accounts at JSF Trust and Banking Co., Ltd.
- Net assets:
Shareholders' equity increased by 1.4 billion yen, year-on-year, due to the recognition of profit
attributable to owners of the parent.
Other accumulated comprehensive income increased by 7.4 billion yen year-on-year, as a result of an
improvement in deferred gains or losses on hedges and unrealized gains or losses on available-for-salesecurities incidental to price fluctuations in securities and other assets held.
(Status of cash flow)
As of the end of the consolidated accounting period (March 31, 2024), cash and cash equivalents
amounted to 1,977.6 billion yen (an increase of 381.3 billion yen, year-on-year).
The status of each cash flow and their factors are as follows:- Cash flow from operating activities
Net inflow by cash flow from operating activities was 383.4 billion yen (an over inflow of 303.5 billion
yen, year-on-year), due to an increase in proceeds from the sale of government bonds, etc.
- Cash flow from investing activities
Net inflow by cash flow from investing activities was 4.5 billion yen (an over inflow of 3.4 billion yen,
year-on-year), due to an increase in proceeds from the sale of investment securities etc.
- Cash flow from financing activities
Net outflow by cash flow from investing activities was 6.6 billion yen (an over outflow of 5.7 billion
yen, year-on-year), due to dividend payments and share buy-backs.
(3) Future Outlook
The Company does not disclose earnings forecasts due to the fact that the performance of its securities
finance business, the Group's core business, is significantly affected by trends in the stock market,
interest rates, and other factors. Instead, for the purpose of disclosing information appropriate for theGroup’s type of business, we provide estimates calculated based the outstanding balance of marginloans business and other assumptions.
As an extraordinary profit is expected to be recorded following the sale of a property owned by a
subsidiary of the company, which is scheduled to take place during the first quarter, the net income
attributable to owners of the parent in the estimated results below includes an extraordinary profit(approximately 1.2 billion yen) on this sale.

9[Estimates for Consolidated Performance](Full Year)
Operating profit(millions of yen)
Estimate (A)(Reference)
Actual Results in
Previous Period (B)Increase/Decrease(A-B)
Increase/Decrease
Rate (%)

Profit attributableto owners of parent(millions of yen) (millions of yen)
Ordinary profit

Net income per
share
(yen)

9,300

11,0008,500

101.44

9,928

11,024

8,030

94.04

△ 628

△ 24

469

△ 6.3

△ 0.2

5.8

[Balances for Margin Transaction Business Serving as Premise for Estimates]
Average balance of margin transactions: Loans 330 billion yen,
Securities lending 180 billion yen
Margin transaction interest rates, etc. : Loan interest rate 0.78% per annum,
Securities borrowing fees 0% per annum,
Securities lending fees 0.4% per annum
2. Basic Approach to the choice of Accounting Standards
The group prepares its consolidated financial statements in accordance with Japanese GAAP, for the time
being, taking into account inter-company comparability and the current status of international businessdevelopment and financing.

102. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet

AssetsCurrent assets
Cash and deposits
Call loans
Securites
Operating loans
Securities purchased under resale agreements
Cash collateral provided for securities borrowed
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Bad debts
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total Assets
Liabilities
Current liabilities
Call money
Short-term borrowings
Current portion of long-term borrowings
Commercial papers
Securities sold under repurchase agreements
Cash collateral received for securities lent
Income taxes payable
Provision for bonuses
Provision for bonuses for directors and other officers

Borrowed money from trust account
Other
Total current liabilities

11

Fiscal 2022
as of Mar. 31, 2023

(millions of yen)
Fiscal 2023
as of Mar. 31, 2024

1,598,274－
71,013
955,550
3,561,406
6,669,821
405,951△ 165
13,261,853

1,977,638
20,000185,801
1,058,630
4,753,614
4,953,081
164,699△ 83
13,113,382

9,044△ 6,893
2,150
1,280
△ 699
580
3,264
1
5,997
916

9,062
△ 7,001
2,061
1,289
△ 846
443
3,264
5,769
677

745,62181
1,180
40,648△ 81
787,450
794,364
14,056,217

583,146
72
3,226
38,563△ 72
624,936
631,383
13,744,765

2,190,400
92,0101,000
451,000
4,781,801
5,073,776
750
495
107
871,335
219,774
13,682,448

1,864,800
92,010149,800
589,066
5,949,364
3,762,412
1,197
562
116
740,130
126,345
13,275,805

Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for share awards for directors and other officers

Retirement benefit liability
Asset retirement obligations
Derivatives liabilities
Other
Total non-current liabilities
Total Liabilities
Net Assets
Shareholders’equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

12

Fiscal 2022
as of Mar. 31, 2023

(millions of yen)
Fiscal 2023
as of Mar. 31, 2024

232,700
2,196
74
240
217
56
2,013
542
238,040
13,920,489

316,600
5,416
74
218
243
57
1,160
581
324,353
13,600,158

10,0008,878
118,702△ 7,655
129,925

10,0005,181
121,036△ 4,847
131,369△ 4,300
9,782
168
152
5,802
135,728
14,056,217

1,214
10,369168
1,484
13,236
144,606
13,744,765

(2) Consolidated Income Statement and Consolidated Comprehensive Income Statement(Consolidated Income Statement)
Fiscal 2022
Apr.1,2022Mar.31,2023
Operating revenue
Interest on loans receivable
Interest income on securities purchased under resale agreements
Interest income on cash collateral provided for securities borrowed

Securities lending fees
Other operating revenue
Total operating revenue
Operating expenses
Interest expenses
Interest expenses on securities sold under repurchase agreements

Securities borrowing fees
Other operating expenses
Total operating expenses
Operating gross profit
General and administrative expenses
Remuneration salary etc.
Retirement benefit expenses
Provision of allowance for bonus
Provision of allowance for bonus for directors and other officers
Provision of allowance for share awards for directors and other officers
Depreciation
Provision for allowance for doubtful accounts
Rebasal of allowance for doubtful accounts
Other
Total general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method

Gain on investments in investment partnerships
Other
Total non-operating income
Non-operating expenses
Interest expense
Commission for purchase of treasury shares
Loss on investments in investment partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investments in securities
Gain on revision of retirement benefit plan
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

13(millions of yen)
Fiscal 2023
Apr.1,2023Mar. 31, 2024

2,486
10,683
2,553
12,844
13,94942,5182,895
14,4003,143
17,642
11,92650,0081,033
6,015
13,456
8,258
28,765
13,753

2,452
7,514
18,986
3,662
32,615
17,392

2,897
169
495
107
49
682
17
2,981
7,398
6,354

2,962
179
562
116
32
626
－
△ 91
3,075
7,463
9,928

247
207
523
156
122
1,257

251
242
556
25
48
1,124

0
8
2
0
10
7,601

0
10
17
0
28
11,024

－
671
671
8,273
1,965
340
2,306
5,966
－
5,966

18
－
18
11,043
3,072
△ 59
3,012
8,030
－
8,030

(Consolidated Statement of Comprehensive Income)

ProfitOther comprehensive income
Net unrealized valuation difference on available-for-sale securities

Deferred gains or losses on hedges
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

14

Fiscal 2022
Apr.1,2022Mar.31,2023
5,966(millions of yen)
Fiscal 2023
Apr.1,2023Mar. 31, 2024
8,030

△ 14,213
11,749△ 56
45△ 2,474
3,491
3,491
－

5,461
587
1,277
108
7,434
15,465
15,465－

(3) Consolidated Statement of Changes of Net Assets
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(millions of yen)

Shareholders’ equity
Retained
Total
Share capital Capital surplus
Treasury shares Shareholders’earnings
equityBalance at April 1,
2022
Changes arisingduring the year
- Cash dividends- Profit attributable toowners of parent- Purchase of treasury
share- Disposal of treasury
share- Net changes otherthan stockholders’equityTotal changes during
the year
Balance at March 31,
2023

10,0008,878

115,521△ 4,680

129,719△ 2,786△ 2,786

5,966

5,966
△ 3,000△ 3,000

26

26

-

-

3,180

△ 2,974206

10,0008,878

118,702△ 7,655

129,925(millions of yen)
Accumulated other comprehensive income
Total
Valuation Deferred gains Revaluation Remeasurements accumulated
Total
difference on or losses on
net assets
reserveforofdefinedbenefitotheravailable-forhedges
land
plans
comprehensive
sale securities
incomeBalance at April
1, 2022
Changes arisingduring the year
- Cash dividends- Profit
attributable toowners of parent- Purchase oftreasury shares- Disposal oftreasury share- Net changes
other thanstockholders’equityTotal changes
during the year
Balance at March
31, 2023

9,920△ 1,967

168

156

8,277

137,996△ 2,786
5,966△ 3,000
26△ 14,220

11,749-△4△ 2,474△ 2,474△ 14,220

11,749-△4△ 2,474△ 2,268△ 4,300

9,782

168

152

5,802

135,72815

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(millions of yen)

Shareholders’ equity
Retained
Total
Share capital Capital surplus
Treasury shares Shareholders’earnings
equityBalance at April 1,
2023
Changes arisingduring the year
- Cash dividends- Profit attributable toowners of parent- Purchase of treasury
share- Disposal of treasury
share- Cancelation oftreasury share- Transfer fromretained earnings tocapital surplus- Net changes otherthan stockholders’equityTotal changes during
the year
Balance at March 31,
2024

10,0008,878

118,702△ 7,655

129,925△ 2,870△ 2,870

8,030

8,030
△ 3,802△ 3,802

977

87△ 6,532

6,532

-

2,825

△ 2,825-△ 3,697

2,334

2,807

1,444

10,0005,181

121,036△ 4,847

131,369

16-

(millions of yen)
Accumulated other comprehensive income
Total
Valuation Deferred gains Revaluation Remeasurements accumulated
Total
difference on or losses on
net assets
reserveforofdefinedbenefitotheravailable-forhedges
land
plans
comprehensive
sale securities
incomeBalance at April
1, 2023
Changes arisingduring the year
- Cash dividends- Profit
attributable toowners of parent- Purchase oftreasury share- Disposal oftreasury share- Cancelation oftreasury share- Transfer fromretained earnings
to capital surplus- Net changes
other thanstockholders’equityTotal changes
during the year
Balance at March
31, 2024△ 4,300

9,782

168

152

5,802

135,728△ 2,870
8,030△ 3,802
87
-

5,515

587

-

1,331

7,434

7,434

5,515

587

-

1,331

7,434

8,878

1,214

10,369168

1,484

13,236

144,60617

(4) Consolidated Cash Flow Statement

Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale and retirement of non-current assets
Loss (gain) related to securities
Increase (decrease) in allowance for loan losses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors and other officers
Increase (decrease) in provision for share awards for directors and other officers
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Decrease (increase) in operating loans receivable
Net decrease (increase) in call loans
Net decrease (increase) in securities purchased under resale agreements
Decrease (increase) in cash collateral provided for securities borrowed
Net increase (decrease) in call money
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Net increase (decrease) in securities sold under repurchase agreements
Increase (decrease) in cash collateral received for securities lent
Net increase (decrease) in cash collateral received for margin transactions
Net increase (decrease) in borrowed money from trust accountNet increase (decrease) in long-term borrowings
Purchase of short-term and long-term investment securities
Proceeds from sale and redemption of short-term and long-term investment securities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) opereting activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Other, net
Net cash provided by (used in) investing acutivities
Cash flows from financing activities
Dividends paid
Purchase of treasury shares
Proceeds from disposal of treasury shares
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

18

Fiscal 2022
as of Mar. 31, 2023

(millions of yen)
Fiscal 2023
as of Mar. 31, 2024

8,273
682
5
1,530
17
28
0
11
(739)
(20,347)
7,049
(523)
(64,064)－
366,739(170,398)
332,000(147,200)(45,000)(763,097)
367,279(19,829)(160,077)
229,700(228,058)
539,458
62,003
295,443
21,016(6,999)(11,911)
5,995
303,546

11,043
626
0
509
(91)
67
8
(21)
(2,020)(25,308)
9,967
(556)
(103,079)(20,000)(1,192,208)
1,716,739(325,600)－
138,066
1,167,562(1,311,363)(14,938)(131,204)
232,700(557,408)
602,205
173,533
369,231
24,579(9,417)(10,813)
9,830
383,411

(317)
4,402
(353)
(285)
1
3,447

(238)
4,954
(78)
(62)
－
4,575

(2,786)(3,000)－(5,786)－301,206
1,295,058
1,596,264(2,870)(3,802)
49(6,624)－
381,363
1,596,264
1,977,628

(5) Notes Regarding Quarterly Consolidated Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable.

19

(Segment Information)
I. Overview of reporting segments
The group’s reporting segments are components of the Group for which separate financial
information is available and which are regularly subjected to review by the Board of Directors todetermine the allocation of management resources and to evaluate their performance.
The Group has three reporting segments: the company’s securities finance business, and the trustand banking business of JSF Trust and Banking Co., Ltd., and the real estate leasing business of Nihon
Building, which are consolidated subsidiaries.
In the securities finance business, the company provides loans for margin transactions, bondfinancing & general loans, and lending services such as bond service and stock lending. The trust andbanking business includes securities trust services and banking services such as deposits and loans.
The real estate leasing business is mainly comprised of the leasing and management of properties
owned by the group.
II.

Method of determining reporting segments
The accounting method used for the reporting segments are the same as those used in the preparationof the consolidated financial statements.

III. Information on the amount of operating revenue and profits or losses for each reporting segment
Previous consolidated fiscal year (from April 1, 2022 to March 31,2023)(millions of yen)
Securities
financebusiness
Operating revenue
Revenue from sales to outside
customers
Internal operating revenues orbalance of transfers among
segments
Total
Segment profit (ordinary profit)
Segment assets
Others- Depreciation- Interest income- Tax expense

Trust andbankingbusiness

Real estateleasingbusiness

Total

38,594

3,115

808

42,518

36

249

389

675

38,631
10,274
12,482,291

3,364
1,415
1,758,123

1,197
651
7,788

43,194
12,342
14,248,203

482
247
1,644

105
439

94
13
221

681
260
2,306

20

Consolidated fiscal year under review (from April 1, 2023 to March 31,2024)(millions of yen)
Securities
financebusiness
Operating revenue
Revenue from sales to outside
customers
Internal operating revenues orbalance of transfers among
segments
Total
Segment profit (ordinary profit)
Segment assets
Others- Depreciation- Interest income- Tax expense

Trust andbankingbusiness

Real estateleasingbusiness

Total

46,0493,127

831

50,008

21

141

391

554

46,07010,07012,469,435

3,269
1,855
1,360,088

1,223
713
8,721

50,562
12,638
13,838,245

441
251
2,203

97
567

87
6
242

626
257
3,013

IV. Differences between the total amount of profits or losses for each reporting segment and amountrecorded in the consolidated income statement, and the main content of these differences (mattersrelated to difference adjustments)(millions of yen)Previous
consolidated
Consolidated
fiscal year
Operating revenue
fiscal year
under review
50,562
Total for reporting segments
43,194
Elimination of inter-segment
△ 675
△ 554
transactions
Other adjustments
Operating revenue in the42,51850,008
consolidated income statement

Ordinary profit
Total for reporting segments
Elimination of inter-segment
transactions
Equity in gains of affiliates
Other adjustments
Ordinary profit in the consolidated
income statement

Previous consolidated
fiscal year
12,342(millions of yen)
Consolidated fiscal year
under review
12,638△ 5,264△ 2,171

523
-

556
-

7,601

11,02421

Assets
Total for reporting segments
Elimination of inter-segment
offsetting receivables
Equity in gains of affiliates
Other adjustments
Assets in the consolidated income
statement

OthersDepreciation
Interest income
Tax expense

Previous consolidated
fiscal year
14,248,203(millions of yen)
Consolidated fiscal year
under review
13,838,245△ 172,025△ 75,842△ 24,913
4,953△ 24,913
7,276

14,056,217

13,744,765

Total for reporting
segments(millions of yen)Amount in the
consolidated income
statement

Adjustments

Previous Consolidated Previous Consolidated Previous Consolidated
consolidated fiscal year consolidated fiscal year consolidated fiscal year
fiscal year under review fiscal year under review fiscal year under review

681
260
2,306

626
257
3,013

0
△ 13
0

0
△6
△0

682
247
2,306

626
251
3,012

(Per Share Information)(yen)Previous consolidated
Consolidated fiscal year
fiscal year
under review(April 1, 2022 to March(April 1, 2023 to March
31,2023)
31,2024)
1,574.64
Net assets per share
1,725.62
67.76
Net income per share
94.04(Note) 1 Diluted net income per share is not shown, as no dilutive shares exist.
2 The basis for the calculation of the net income per share is as follows:(yen)Previous consolidated
Consolidated fiscal year
fiscal year
under review(April 1, 2022 to March(April 1, 2022 to March
31,2023)
31,2023)
Profit attributable to owners of parent
5,966
8,030
(million yen)
Profit unattributable to shareholdersof common stocks (million yen)
Profit on common stocks attributable
5,966
8,030
to owners of parent (million yen)
Average number of shares ofcommon stocks during the period
88,051
85,399(thousand shares)
3 In the calculation of net assets per share, the number of treasury stock shares deductedfrom the number of issued and outstanding shares at the end of the period includes theshares of the Company held by the Share Benefit Trust (BBT).
Also, in the calculation of net income per share, the number of treasury stock sharesdeducted from the average number of issued and outstanding shares during the period areincluded. (Previous consolidated fiscal year: 1,035 thousand shares Consolidated fiscal
year under review: 961thousand shares)(Significant Subsequent Events)
Not applicable.

22