Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2021
(Based on Japanese GAAP)May 13, 2021
Company name:

The Musashino Bank, Ltd.

Stock exchange listing: Tokyo
Stock code:
8336
Representative:
Inquiries:

URL

http://www.musashinobank.co.jp

President
General Manager ofKazumasa Nagahori

Takuo Toma
General Planning and Management DivisionScheduled date of ordinary general meeting of shareholders:June 25, 2021
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 25, 2021
June 28, 2021

Trading accounts:
Preparation of supplementary material on financial results:

No
Yes

Holding of financial results meeting:

No

TEL

048-641-6111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toOrdinary income
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2021
71,4185.2
12,80746.4
8,022(0.5)
Year ended March 31, 2020
67,852(12.8)
8,745 (23.0)
8,066
50.9
Profit attributable toOrdinary profit/total
owners ofassets
parent/equity
Yen%%
239.463.3
0.2
240.75
3.4
0.1

Diluted earnings per
share

Earnings per share
Yen
239.57240.86

Year ended March 31, 2021
Year ended March 31, 2020

Ordinary
profit/ordinary
income%17.9
12.8(2) Consolidated financial position
Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
5,319,971
4,674,059

Millions of yen
249,179
235,458

Cash flows fromoperating activities
Millions of yen
425,70230,710Cash flows frominvesting activities
Millions of yen(57,734)
9,441

Net assets per share%
4.6
5.0

Yen
7,439.22
7,029.26(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(2,685)739,274(2,947)373,991

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

40.00
40.00

––

40.00
40.00

80.00
80.00

2,683
2,682

33.2
33.3

1.11.1–40.00

–

40.00

80.00

132.6

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toOrdinary income
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
September 30, 2021
Full year

34,300

(0.6)

6,400

12.8

4,400

32.7

131.4069,100(3.2)

11,900(7.0)

8,200

2.2

244.88

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021

33,805,456 shares As of March 31, 2020

33,805,456 shares

Number of treasury shares at the end of the period
As of March 31, 2021

320,038 shares As of March 31, 2020

318,691 shares

33,486,268 shares Year ended March 31, 2020

33,491,332 shares

Average number of shares during the period
Year ended March 31, 20212

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2020
AssetsCash and due from banks
Monetary claims bought
Trading securitiesMoney held in trust
Securities
Loans and bills discounted
Foreign exchanges
Lease receivables and investments in leases
Other assets
Tangible fixed assets
Buildings, net
Land
Leased assets, net
Construction in progress
Other tangible fixed assets
Intangible fixed assets
SoftwareLeased assets
Other intangible fixed assets
Retirement benefit asset
Deferred tax assets
Customers' liabilities for acceptances and guarantees
Allowance for loan losses
Total assets
Liabilities
Deposits
Negotiable certificates of deposit
Call money and bills soldCash collateral received for securities lentBorrowed money
Foreign exchanges
Borrowed money from trust account
Other liabilities
Provision for bonuses
Provision for bonuses for directors (and other officers)
Retirement benefit liability
Provision for retirement benefits for directors (and otherofficers)
Provision for loss on interest repayment
Provision for reimbursement of deposits
Provision for point card certificates
Provision for contingent loss
Provision for share-based compensation
Allowance for demolition of non-current assets
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities

3

As of March 31, 2021

374,688
510
48
1,494
624,140
3,571,715
5,191
21,10335,04342,224
8,843
25,363
20
6,391
1,605
4,375
4,068
104
201
5,341
3,218
4,795
(19,831)739,970
613
62
1,494
683,379
3,789,948
3,157
21,24533,796
48,0698,535
25,363
13
11,995
2,161
4,533
4,253
78
201
8,986
1,126
5,315
(21,730)

4,674,059

5,319,971

4,210,049
133,830
30,422
16,137
11,890358
1,043
19,954
1,133
11
3,452

4,586,566
71,39035,427
20,158311,228223
3,283
25,504
1,152
12
3,255

39

32

52
366
88
256
60
329
99
4,227
4,795

42
320
96
318
78
–
2,159
4,227
5,315

4,438,601

5,070,791

(Millions of yen)
As of March 31, 2020
Net assets
Share capital
Capital surplus
Retained earnings
Treasury shares

As of March 31, 2021

45,74338,352
136,947(909)

45,74338,352
142,286(911)

Total shareholders' equity

220,133

225,471

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans

10,543(1,454)
8,286(2,122)

15,099(311)
8,286
559

Total accumulated other comprehensive income

15,25323,634472347
26

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4235,458

249,179

4,674,059

5,319,971

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2020
Ordinary income

Fiscal year ended
March 31, 2021

67,852

71,41838,87232,56039,38032,478

6,115
(25)

6,615
(6)

0222

0293

Trust fees
Fees and commissions

15
14,20955
14,808Other ordinary income
Other income

1,836
12,9182,167
15,005373
12,544579
14,426

59,1062,479

58,611
1,274Interest on deposits
Interest on negotiable certificates of deposit

847
26538
12

Interest on call money and bills soldInterest expenses on cash collateral received for securities

746

188

443

100

Interest income
Interest on loans and discounts
Interest and dividends on securities
Interest on call loans and bills boughtInterest on deposits with banks
Other interest income

Recoveries of written off receivables
Other
Ordinary expenses
Interest expenses

lentInterest on borrowings and rediscounts

3839

Other interest expenses
Fees and commissions payments

376
3,838

395
4,016

Other ordinary expenses
General and administrative expenses

1,484
35,4001,741
35,473

Other expenses
Provision of allowance for loan losses

15,902
4,164

16,105
4,283

11,738

11,821

Other
Ordinary profit

8,745

12,807Extraordinary income

10Gain on disposal of non-current assets
Extraordinary losses

1150
1115

11

Profit before income taxes

Loss on disposal of non-current assets

8,732

12,796

Income taxes - current

1,054

4,148

Income taxes - deferred(415)

622

638

4,771

8,094

8,025

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

527

3

8,066

8,022

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
8,094
(8,883)

8,025
8,381

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(7,847)
(0)

4,555
1,142

Remeasurements of defined benefit plans, net of tax(1,035)

2,682

(789)

16,406(817)

16,40327

3Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders' equity
Share
capitalBalance at beginningof period

Capitalsurplus45,743Retainedearnings

38,291

Treasuryshares131,563

(906)

Total
shareholders'equity

214,692

Changes during
periodDividends ofsurplus
Profit attributableto owners of parent(2,682)(2,682)

8,066

8,066

Purchase oftreasury shares
Disposal oftreasury shares

1

Purchase of shareof consolidated

(42)

(42)

39

40

59

subsidiaries
treasury stock59

Net changes in
items other thanshareholders'equityTotal changes during
periodBalance at end ofperiod–

60

5,383

(3)

5,441

45,74338,352

136,947(909)

220,133

7

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference

Deferredon
available-gains orlosses onfor-salesecurities

hedges

18,391(1,453)

Total

Revaluation Remeasurements accumulated
reserve forland

of definedotherbenefit planscomprehensive

Shareacquisition

Noncontrollingrightsinterests

Total net
assetsincome8,286(1,087)

24,13766

318

239,214

Changes during
periodDividends of(2,682)

surplusProfit attributableto owners of parent

8,066

Purchase oftreasury shares(42)

Disposal of40

treasury shares
Purchase of shareof consolidated
subsidiaries

59

treasury stock
Net changes initems other thanshareholders'equityTotal changes during
periodBalance at end ofperiod(7,847)(0)–(1,035)(8,884)

(18)

(294)

(9,197)(7,847)(0)–(1,035)(8,884)

(18)

(294)

(3,755)

10,543(1,454)

8,286(2,122)

15,25347

23

235,458

8

Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share
capitalBalance at beginningof period

Capitalsurplus45,743Retainedearnings

38,352

Treasuryshares136,947

(909)

Total
shareholders'equity220,133

Changes during
periodDividends ofsurplus
Profit attributableto owners of parent(2,682)(2,682)

8,022

8,022

Purchase oftreasury shares
Disposal oftreasury shares–

Purchase of shareof consolidated

(2)

(2)

–––

subsidiaries
treasury stock–

Net changes in
items other thanshareholders'equityTotal changes during
periodBalance at end ofperiod

–

–

5,339

(2)

5,337

45,74338,352

142,286(911)

225,4719

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference

Deferredonavailable-gains orlosses on

for-salesecurities

hedges10,543(1,454)

Total

Revaluation Remeasurements accumulated
reserve forland

of definedotherbenefit planscomprehensive

Shareacquisition

Noncontrollingrightsinterests

Total net
assetsincome8,286(2,122)

15,25347

23

235,458

Changes during
periodDividends of(2,682)

surplusProfit attributableto owners of parent

8,022

Purchase oftreasury shares(2)

Disposal of–treasury shares
Purchase of shareof consolidated
subsidiaries–

treasury stock
Net changes in
items other thanshareholders'equityTotal changes during
periodBalance at end ofperiod

4,555

1,142–

2,682

8,381–

3

8,384

4,555

1,142–

2,682

8,381–

3

13,721

15,099

(311)

8,286

559

23,63447

26

249,17910

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Share of loss (profit) of entities accounted for using equity
methodIncrease (decrease) in allowance for loan losses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors (andother officers)
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in provision for loss on interest repayment

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
8,732

12,7962,870

2,711(7)(2)(3,191)

1,898

(14)

18

10(476)

(450)

(96)

(191)

9(7)

8(9)

Increase (decrease) in provision for reimbursement of deposits
Increase (decrease) in provision for point card certificates

(126)
3(46)
7

Increase (decrease) in provision for contingent lossIncrease (decrease) in provision for share-based compensation

58(6)6117Increase (decrease) in allowance for demolition of non-current
assets

(282)

(329)

(38,872)
2,479(39,380)
1,274(8)3(1,694)
2

1,123
13(2,029)
10

Net decrease (increase) in trading securities
Net decrease (increase) in loans and bills discounted

13(49,584)(13)(218,233)

Net increase (decrease) in deposits
Net increase (decrease) in negotiable certificates of deposit

84,619(23,600)

376,517(62,440)

Net increase (decrease) in borrowed money (excluding
subordinated borrowings)

957

299,337

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

9,915

0

Net decrease (increase) in call loans
Net increase (decrease) in call money

12,123(100)

(102)
5,005

Net increase (decrease) in cash collateral received forsecurities lent

(5,013)

4,020

Net decrease (increase) in foreign exchanges - assets
Net increase (decrease) in foreign exchanges - liabilities(2,630)
158

2,033
(134)

Net increase (decrease) in borrowed money from trust accountInterest received

1,043
40,0212,239
39,896

Interest paid
Other, net(2,596)(326)(1,406)
3,557

Subtotal

37,219424,934

Income taxes refund
Income taxes paid–(6,509)

2,160(1,392)

Net cash provided by (used in) operating activities

30,710425,702

Interest income
Interest expenses
Loss (gain) related to securities
Loss (gain) on money held in trust
Foreign exchange losses (gains)
Loss (gain) on disposal of non-current assets

11

(Millions of yen)

Cash flows from investing activities
Purchase of securities

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

(237,880)(309,024)

Proceeds from sale of securities
Proceeds from redemption of securities

32,422
223,679

81,587
178,329

Increase in money held in trust
Purchase of tangible fixed assets(9)(7,006)(5)(7,110)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets

13(1,661)

7(1,518)

Payments for asset retirement obligations

(114)

(1)

Net cash provided by (used in) investing activities

9,441(57,734)

Dividends paid
Dividends paid to non-controlling interests(2,682)(0)(2,682)–

Purchase of treasury shares
Purchase of treasury shares of subsidiaries

(42)
(262)

(2)
–

Cash flows from financing activities

Proceeds from sale of treasury shares40–(2,947)(2,685)

Net increase (decrease) in cash and cash equivalents

37,204365,282

Cash and cash equivalents at beginning of period

336,786

373,991

Cash and cash equivalents at end of period

373,991739,274

Net cash provided by (used in) financing activities

12