November 6, 2023
To whom it may concern:
Name of Company:
Name of Representative:
Contact Person:

Suruga Bank, Ltd.
Director and President: Kosuke Kato
(Code No. 8358 Prime Section of Tokyo Stock Exchange)
Senior Executive Officer
General Manager of General Management Planning
Headquarters: Fujio Sato
(TEL 03-3279-5536)

Announcement Regarding the Revision to the Earnings Forecast
Suruga Bank, Ltd. announces that the company has revised the earnings forecast announced on August 10, 2023 asfollows in light of our recent business performance.
Note

1. Revision of earning forecast
Revision of consolidated earnings forecast for the first half of FY3/24
Ordinary income

Ordinary profit

Profit attributable toowners of parent

Earnings pershare

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)39,000

4,500

2,500

13.27

Current forecast (B)43,90012,800

9,500

46.37

Change (B-A)

4,900

8,300

7,000

Percent change

12.6

184.4

280.0

52,695

18,27016,391

Ordinary profit

Profit attributable toowners of parent(Reference)
Results for the first half ofFY3/23

87.03

Revision of consolidated earnings forecast for the FY3/24
Ordinary income

Earnings pershare

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)77,50012,000

8,500

45.12

Current forecast (B)81,00014,50010,00049.62

Change (B-A)

3,500

2,500

1,500

Percent change

4.5

20.8

17.6

92,403

13,266

10,576(Reference)
Results for the FY3/23

56.15

Revision of non-consolidated earnings forecast for the first half of FY3/24
Ordinary income

Ordinary profit

Earnings per
share

Net income

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)35,000

4,500

2,500

13.27

Current forecast (B)40,10012,5009,30045.40

Change (B-A)

5,100

8,000

6,800

Percent change

14.6

177.8

272.0

47,60917,012

16,108(Reference)
Results for the first half of
FY3/23

85.53

Revision of non-consolidated earnings forecast for the FY3/24
Ordinary income

Ordinary profit

Earnings pershare

Net income

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)69,00011,500

8,500

45.12

Current forecast (B)73,00014,00010,00049.62

Change (B-A)

4,000

2,500

1,500

Percent change

5.8

21.7

17.6

82,794

11,267

9,537(Reference)
Results for the FY3/23

50.632. Reasons for revision, etc.
(1) Forecast for the cumulative second quarter of the fiscal year ending March 31, 2024
The Bank has revised its consolidated and non-consolidated earnings forecasts, as net interest income isexpected to exceed the previous forecast and actual credit costs are expected to be lower than the previous
forecast on a non-consolidated basis.
(2) Forecast for the fiscal year ending March 31, 2024
The Bank has revised its consolidated and non-consolidated earnings forecasts, taking into account that netinterest income is expected to exceed the previous forecast and real credit costs are expected to be lower
than the previous forecast on a non-consolidated basis, and that the Bank is expected to reduce valuation
losses to improve the quality of its securities portfolio.
(3) Dividend forecast
Suruga Bank’s basic policy on shareholder returns is to strive to enhance shareholder returns by considering
the optimal balance between capital soundness and investment for growth, and its dividend policy is basedon a stable dividend payout ratio of approximately 30%.
Although the revised forecast is expected to result in an increase in profit attributable to owners of theparent for the full year, the Bank is in the process of acquiring treasury stock*, and the amount of treasury
stock to be held by the Bank at the end of the current fiscal year has not yet been determined. In light of this,the interim and year-end dividend forecasts remain unchanged. If it is deemed necessary to revise thedividend forecast, an announcement will be made promptly.

* Refer to the “Announcement Regarding the Establishment of a Quota for the Repurchase of Treasury Stock”
released on May 18, 2023.
(Reference)Non-consolidated earnings forecast for the first half of FY3/24
Current forecast (A)(Billions of yen)Previous forecast (B)Change (A) – (B)Ordinary income

40.1

35.0

5.1

Core gross operating profit

29.5

27.5

2.0

18.2

18.5

(0.3)

Core net operating profit

11.3

9.0

2.3

Loss (gain) related to securities

0.0-0.0

Ordinary profit

12.5

4.5

8.0

Net income

9.3

2.5

6.8

Actual credit costs(1.2)

4.5(5.7)

Normal amount

(3.4)

(1.5)

(1.9)

Preventive allowances

2.26.0(3.8)(Note1)
Expenses(Note2)
(a)

(0.1)

0.5

(0.6)

(b)

2.3

5.5

(3.2)

Non-consolidated earnings forecast for the FY3/24(Billions of yen)

Current forecast (A)Previous forecast (B)Change (A) – (B)Ordinary income

73.0

69.0

4.0

Core gross operating profit (*1)

56.0

54.0

2.0

36.0

36.0

-

Core net operating profit

20.0

18.0

2.0

Loss (gain) related to securities(2.5)-(2.5)

Ordinary profit

14.0

11.5

2.5

Net income

10.0

8.5

1.5

Actual credit costs

4.06.5(2.5)

Normal amount

(3.0)

(2.0)

(1.0)

Preventive allowances (*2)

7.0

8.5

(1.5)

Expenses(a)

0.5

1.0(0.5)

(b)

6.5

7.5

(1.0)

*1 Core gross operating profit: The forecast for the second quarter of the fiscal year ending March 31, 2024, does notinclude gains/losses from the redemption of investment trusts, and the forecast for the full fiscal year ending March
31, 2024, does not anticipate the recording of 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 inthe future(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.