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, 2019
(Based on Japanese GAAP)May 10, 2019
Company name:

The Musashino Bank, Ltd.

Stock exchange listing: Tokyo
Stock code:
8336

URL

http://www.musashinobank.co.jp

Representative:

President
Managing Executive Officer and General

Kikuo Kato

Inquiries:

Manager of General Planning andManagement DivisionKen Otomo

TEL

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 26, 2019
June 26, 2019

Scheduled date to commence dividend payments:
Trading accounts:

June 27, 2019No

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

048-641-6111(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2019 (from April 1, 2018 to March 31, 2019)(1) Consolidated operating results
Ordinary income
Year ended March 31, 2019Year ended March 31, 2018

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
11,371(27.7)
5,345(51.0)
15,73222.0
10,917
11.8

Millions of yen
77,85872,263%7.7
1.9

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total
owners ofassets
parent/equity
Yen%%
159.482.2
0.2
325.714.50.3Yen
159.58325.91

Year ended March 31, 2019Year ended March 31, 2018

Ordinary
profit/ordinary
income%
14.6
21.7(2) Consolidated financial position
Total assets
As of March 31, 2019
As of March 31, 2018

Net assets

Equity ratio

Millions of yen
4,626,044
4,560,693

Millions of yen
239,214
247,043

Cash flows fromoperating activities
Millions of yen
31,328(1,310)Cash flows frominvesting activities
Millions of yen
78,05445,749Net assets per share%
5.1
5.4

Yen
7,130.32
7,364.61(3) Consolidated cash flows

Year ended March 31, 2019Year ended March 31, 2018

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(22,689)
336,786(5,172)250,092

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

Year ended March 31, 2018Year ended March 31, 2019Year ending March 31, 2020
(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

2,682
2,68224.5
50.1

1.1
1.1

–

40.00

–

40.00

80.00

134.3

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
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, 2019
Full year

34,500

(7.2)

5,700

(25.5)

3,800(25.1)

113.4568,600(11.8)

11,400

0.2

7,800

45.9

232.87

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2019(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, 201933,805,456 shares As of March 31, 201833,805,456 shares

Number of treasury shares at the end of the period
As of March 31, 2019

310,542 shares As of March 31, 2018308,515 shares

33,495,969 shares Year ended March 31, 201833,497,055 shares

Average number of shares during the period
Year ended March 31, 20192

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2018
AssetsCash and due from banks
Monetary claims bought
Trading account securities
Money held in trust
Securities
Loans and bills discounted
Foreign exchanges
Lease receivables and investment assets
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 soldPayables under securities lending transactionsBorrowed money
Foreign exchanges
Bonds payable
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

3As of March 31, 2019

250,530
10,558364
1,490
740,176
3,457,846
4,951
20,98534,45537,374
9,999
25,322
–
244
1,808
2,863
2,688
–
175
6,659
1,010
4,802
(13,377)

347,398
12,63462
1,490
654,380
3,522,130
2,560
21,32034,47336,767
9,584
25,322
24
347
1,488
3,910
3,656
80
173
6,732
1,004
4,200
(23,023)

4,560,693

4,626,044

4,030,917
163,420
22,187
21,62915,715239
15,00022,529
1,210
11
3,810

4,125,430
157,430
30,522
21,151
10,933
199–
24,5191,148
93,542

29

30

59
651
78
219
38
294
6,578
4,227
4,802

44
493
85
198
67
611
1,983
4,227
4,200

4,313,650

4,386,830

(Millions of yen)
As of March 31, 2018
Net assets
Capital stock
Capital surplus
Retained earnings
Treasury shares

As of March 31, 201945,74338,291
128,901(900)

45,74338,291
131,563(906)

Total shareholders' equity

212,036

214,692

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

28,754(1,279)8,286(1,105)

18,391(1,453)8,286(1,087)

Total accumulated other comprehensive income

34,655

24,137

66
285

66
318

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

4247,043

239,2144,560,693

4,626,044

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2018
Ordinary income

Fiscal year ended
March 31, 201972,26377,85842,37333,731

41,19333,176

8,387
(4)

7,794
(17)

0259

0240

Fees and commissions
Other ordinary income

13,8241,365

13,856
1,892

Other income
Recoveries of written off claims

14,699568

20,915822

14,131
56,53020,093
66,487

1,938
624

2,622
788

Interest on negotiable certificates of deposit
Interest on call money and bills sold

31
301

26797

Interest on payables under securities lending transactions
Interest on borrowings and rediscounts

258
113

469
57

Interest on bonds
Other interest expenses

91518

65
417

Fees and commissions payments
Other ordinary expenses

3,751
1,525

3,958
1,646

General and administrative expenses
Other expenses

36,587
12,72734,92323,337

1,716
11,01011,831
11,505Interest 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

Other
Ordinary expenses
Interest expenses
Interest on deposits

Provision of allowance for loan losses
Other
Ordinary profit

15,732

11,371

Extraordinary income
Gain on disposal of non-current assets

001
1

Extraordinary losses
Loss on disposal of non-current assets

399
7455
15

Impairment loss
Other1390–439

Profit before income taxes

15,334

10,917

Income taxes - current
Income taxes - deferred

4,573
(207)

5,905
(363)

Total income taxes

4,366

5,541

Profit10,967

5,376

50

31

10,917

5,345

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019
10,967
4,787

5,376(10,516)

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

3,942
119

(10,361)(173)

Remeasurements of defined benefit plans, net of tax

725

18

15,755(5,140)15,703(5,173)

51

33

Comprehensive 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, 2018
(Millions of yen)
Shareholders' equity
Capitalstock
Balance at beginningof current period

Capitalsurplus45,743Retainedearnings

38,290Treasuryshares120,667(907)

Totalshareholders'equity203,793

Changes of items
during period
Dividends ofsurplus
Profit attributableto owners of parent(2,682)(2,682)

10,917

10,917Purchase oftreasury shares
Disposal oftreasury shares(0)

Transfer to capitalsurplus from

0(11)

(11)

18

18

(0)

–

retained earnings
Sales of shares ofconsolidated

11

subsidiaries
Net changes ofitems other thanshareholders'equityTotal changes ofitems during period
Balance at end ofcurrent period–

18,233

7

8,242

45,74338,291

128,901(900)

212,0367

Accumulated other comprehensive income

Balance at beginningof current period

Valuationdifference

Deferredonavailable-gains orlosses on

for-salesecurities

hedges24,813(1,399)Total

Revaluation Remeasurements accumulated
reserve forland

of definedotherbenefit planscomprehensive

Shareacquisition

Noncontrollingrightsinterests

Total net
assetsincome8,286(1,831)

29,86980230

233,974

Changes of items
during period
Dividends of(2,682)

surplusProfit attributableto owners of parent

10,917Purchase oftreasury shares(11)

Disposal of18

treasury sharesTransfer to capitalsurplus fromretained earnings–

Sales of shares ofconsolidated
subsidiaries
Net changes ofitems other thanshareholders'equityTotal changes ofitems during period
Balance at end ofcurrent period

1

3,941

119

–

725

4,786

(14)

54

4,826

3,941

119

–

725

4,786

(14)

54

13,06828,754(1,279)8,286(1,105)34,65566

285

247,043

8

Fiscal year ended March 31, 2019
(Millions of yen)
Shareholders' equity

Balance at beginningof current period

CapitalCapitalRetainedTreasurystock

surplusearnings

shares45,74338,291

128,901

Total
shareholders'equity(900)

212,036

Changes of items
during period
Dividends ofsurplusProfit attributableto owners of parent(2,682)(2,682)

5,345

5,345

Purchase oftreasury shares
Disposal of(0)treasury shares

(6)

(6)

00

Transfer to capitalsurplus fromretained earnings

0(0)

–

Sales of shares ofconsolidated
subsidiaries––

Net changes of
items other thanshareholders'equityTotal changes of
items during period
Balance at end ofcurrent period

–

–

2,662

(6)

2,656

45,74338,291

131,563(906)

214,6929Accumulated other comprehensive income

Balance at beginningof current period

Valuationdifference

Deferredonavailable-gains orlosses on

for-salesecurities

hedges28,754(1,279)Total

Revaluation Remeasurements accumulated
reserve forland

of definedotherbenefit planscomprehensive

Shareacquisition

Noncontrollingrightsinterests

Total net
assetsincome8,286(1,105)34,65566

285

247,043

Changes of items
during period
Dividends of(2,682)

surplusProfit attributableto owners of parent

5,345

Purchase oftreasury shares(6)

Disposal of0treasury shares
Transfer to capitalsurplus fromretained earnings–

Sales of shares of
consolidated
subsidiaries
Net changes of
items other thanshareholders'equityTotal changes of
items during period
Balance at end ofcurrent period–(10,363)(173)–

18(10,518)–

32(10,485)(10,363)(173)–

18(10,518)–

32(7,829)18,391(1,453)8,286(1,087)

24,13766

318

239,214

10Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxesFiscal year ended

Fiscal year ended

March 31, 2018

March 31, 201915,334

10,917

3,271
1

2,387
–(8)

(11)

(1,998)
(41)

9,645
(61)

1(1)

(438)
(314)

(466)
(269)

29

1

Increase (decrease) in provision for loss on interest repayment
Increase (decrease) in provision for reimbursement of deposits

16(102)

(15)
(158)

Increase (decrease) in provision for point card certificates
Increase (decrease) in provision for contingent loss

2(91)

6(21)

Increase (decrease) in provision for share-based compensation
Increase (decrease) in allowance for demolition of non-current

2328294317

Depreciation
Impairment loss
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)

assetsGain on fund management(42,373)(41,193)

Financing expenses
Loss (gain) related to securities

1,938(578)

2,622(6,830)

Loss (gain) on money held in trust
Foreign exchange losses (gains)

6
2,5798(1,872)

Loss (gain) on disposal of non-current assets
Net decrease (increase) in trading account securities

7257

14301

Net decrease (increase) in loans and bills discounted
Net increase (decrease) in deposit(45,713)92,626(64,284)
94,512

Net increase (decrease) in negotiable certificates of deposit
Net increase (decrease) in payables under securities lending(25,345)(5,990)(24,805)

(477)

1,062

217

transactions
Net increase (decrease) in borrowed money (excluding
subordinated borrowings)
Net decrease (increase) in deposit (excluding deposit paid toBank of Japan)
Net decrease (increase) in call loans

108(10,174)(1,932)(2,075)

Net increase (decrease) in call money
Net decrease (increase) in foreign exchanges - assets(2,519)(1,092)

8,334
2,391

Net increase (decrease) in foreign exchanges - liabilities
Proceeds from fund management76
42,636(39)
41,752

Payments for finance
Other, net(1,904)(9,137)(2,583)(987)

Subtotal

1,877

35,946

Income taxes paid

(3,187)(4,617)

Net cash provided by (used in) operating activities(1,310)31,32811

(Millions of yen)

Cash flows from investing activities
Purchase of securities
Proceeds from sales of securities
Proceeds from redemption of securities
Increase in money held in trust
Decrease in money held in trust
Purchase of tangible fixed assets
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement obligations
Net cash provided by (used in) investing activities

Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019

(161,253)(187,262)

47,093
162,74880,015
188,064–0(9)–(1,945)1(775)
1(892)(2)(1,965)(14)

45,74978,054

Cash flows from financing activities
Decrease in subordinated borrowings(2,500)(5,000)

Redemption of subordinated bonds
Cash dividends paid–
(2,682)(15,000)(2,682)

Dividends paid to non-controlling interests
Purchase of treasury shares

(0)
(11)

(0)
(6)

Proceeds from sales of treasury shares
Proceeds from changes in ownership interests in subsidiaries

1704–

that do not result in change in scope of consolidation(5,172)(22,689)

Net increase (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities

39,266

86,694

Cash and cash equivalents at beginning of period

210,826

250,092

Cash and cash equivalents at end of period

250,092

336,78612