For the Fiscal Year Ended March 31, 2024

ANNUAL REPORT 2024

TOMONY Holdings, Inc.
Corporate Message
On behalf of TOMONY Holdings Group (the “Group”), we would like to express our sincere gratitude to
everyone for your support.
The Group consists of TOMONY Holdings, Inc.(the “Company”), a financial holding company, and nine
consolidated subsidiaries including THE TOKUSHIMA TAISHO BANK, LTD. and THE KAGAWA BANK,
LTD. and we have grown into a wide-area financial group that grows with local customers.
In April 2023, we have started the fifth management plan for three years. This plan is based on the Groupmanagement philosophy of “Customer First”, “Growing with Customers”, “Reliable and Securemanagement”. Our vision for ten years ahead is to become “A wide-area financial group said it was good tochoose TOMONY after all.” We have positioned the management plan for the first three years to achieve thevision.
In particular, we will implement specific measures based on five basic strategies of “sustainability strategy”,“sales strategy”, “human resources strategy”, “operation strategy”, and “governance strategy”; and we willgrow together with all Stakeholders by providing higher value for faster and more widely.
Furthermore, through various initiatives under the fifth management plan, we will strive to improve
profitability and expected growth rates, leading to improvements in corporate value over the medium to longterm.
We ask for your continued and undying support for the year ahead and beyond.

-1-

1. Summary of Selected Financial Data (Consolidated)
13th fiscal year

14th fiscal year

As of March 31, 2023 andfrom April 1, 2022
to March 31, 2023

As of March 31, 2024 andfrom April 1, 2023
to March 31, 2024

77,65487,817

20,67921,528

14,16814,0083,299

21,211

247,356

277,466

4,551,361

4,810,452

1,506.76

1,426.53

87.71

82.10

86.04

80.61

5.36

5.69

5.82

5.40

4.02

5.09

(201,412)

57,59137,476

27,567(2,564)

6,503

366,324

457,998

2,237
[252]

2,212
[ 250]

Consolidated ordinary income(Millions of yen)

Consolidated ordinary profit(Millions of yen)

Profit attributable to owners of parent(Millions of yen)

Consolidated comprehensive income(Millions of yen)

Consolidated net assets(Millions of yen)

Consolidated total assets(Millions of yen)

Net assets per share(Yen)

Basic earnings per share(Yen)

Diluted earnings per share(Yen)

Capital adequacy ratio(%)

Consolidated return on equity (ROE)(%)

Consolidated price earnings ratio (PER)(Times)Net cash provided by (used in) operating
activities(Millions of yen)

Net cash provided by (used in) investing
activities(Millions of yen)

Net cash provided by (used in) financing
activities(Millions of yen)

Cash and cash equivalents at end of period(Millions of yen)

Number of employees[Separately, average number of temporary
employees](Persons)

Notes: 1. Consumption tax and local consumption tax of the Company and its consolidated subsidiaries are accounted for based on the tax
exclusion method.
2. The consolidated capital adequacy ratio is calculated by dividing “(total net assets at end of period – subscription rights to shares at
end of period – non-controlling interests at end of period)” by “total assets at end of period.”-2-2. Financial Statements[TOMONY Holdings, Inc.](1) Consolidated Balance Sheet(Thousands of
U.S. dollars)(Millions of yen)

AssetsCash and due from banks
Trading securities
Money held in trust
Securities
Loans and bills discounted
Foreign exchanges
Lease receivables and investment in leases
Other assets
Tangible fixed assets
Buildings, net
Land
Leased assets, net
Construction in progress
Other tangible fixed assets
Intangible fixed assets
Software
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 lent
Borrowed money
Foreign exchanges
Other liabilities
Provision for bonuses
Provision for bonuses for directors (and other officers)
Retirement benefit liability
Provision for reimbursement of deposits
Provision for contingent loss
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities-3-

As of March 31,2023

As of March 31,2024

As of March 31,
2024

371,140478
1,108
691,510
3,395,321
4,923
10,54545,01035,743
17,926
15,692
208
479
1,437
1,114
963
151
6,358
3,463
7,108
(22,466)

462,733
399
1,166
687,210
3,555,880
4,371
12,07653,712
37,16518,03015,631
1,631
236
1,634
747
580
166
9,399
304
7,257
(21,971)

3,056,161
2,641
7,703
4,538,740
23,485,113
28,87379,758354,746
245,460
119,082
103,242
10,777
1,564
10,793
4,934
3,836
1,098
62,0792,008
47,930(145,114)

4,551,361

4,810,452

31,771,037

4,018,219
128,635
23,0008,656
80,82229
35,810
341
98
148
130
128
67
808
7,108

4,212,649
124,618
27,000–138,24235
21,056
341
110
142
90
167
465
808
7,257

27,822,798
823,054
178,323–
913,032232
139,069
2,255
729
940
600
1,108
3,074
5,338
47,9304,304,004

4,532,986

29,938,487

(Thousands of
U.S. dollars)(Millions of yen)
As of March 31,2023

As of March 31,2024

As of March 31,
2024

25,00025,890
195,000(595)

30,22831,116207,305(490)

199,648
205,510
1,369,167(3,241)

Total shareholders’ equity

245,295

268,160

1,771,086

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans(3,251)
0
1,423
716

2,056
0
1,423
2,477

13,584
1
9,398
16,360Total accumulated other comprehensive income(1,111)

5,957

39,344

Share acquisition rights
Non-controlling interests

1,005
2,167

1,048
2,300

6,926
15,193247,356

277,466

1,832,550

4,551,361

4,810,452

31,771,037

Net assets
Share capital
Capital surplus
Retained earnings
Treasury shares

Total net assets
Total liabilities and net assets-4-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive
IncomeConsolidated Statement of Income(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year
ended
March 31, 2023

Fiscal year
ended
March 31, 2024

Fiscal year
ended
March 31, 2024

Ordinary income
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
Fees and commissions
Other ordinary income
Other income
Recoveries of written off receivables
Other
Ordinary expenses
Interest expenses
Interest on deposits
Interest on negotiable certificates of deposit
Interest on call money and bills soldInterest expenses on cash collateral received for securities
lentInterest on borrowings and rediscounts
Other interest expenses
Fees and commissions payments
Other ordinary expenses
General and administrative expenses
Other expenses
Provision of allowance for loan losses
Other

77,65456,08642,896
12,482(8)681
34
11,186
5,921
4,460
397
4,063
56,975
1,269
987
21
(27)

87,81764,35847,40016,330–552
74
11,988
5,931
5,539
424
5,114
66,289
1,533
1,320
32
(30)

579,999
425,058
313,060
107,857–
3,651
489
79,18039,17436,5862,805
33,780437,813
10,124
8,724
215
(202)

221

226

1,758

52
14
4,006
14,873
32,951
3,873
1,675
2,197

(123)
67
4,056
23,82533,919
2,955
616
2,338

(813)
442
26,788157,359
224,022
19,516
4,071
15,445

Ordinary profit

20,67921,528142,186

28
28
337
287
46
3

2
2
337
58
278
–

18
18
2,225
389
1,836
–

Profit before income taxes

20,371

21,194

139,978

Income taxes – current
Income taxes – deferred

5,693
304

6,637
447

43,834
2,954

Total income taxes

5,997

7,084

46,789Profit14,374

14,10993,189

205

101

668

14,16814,00892,520Extraordinary income
Gain on disposal of non-current assets
Extraordinary losses
Loss on disposal of non-current assets
Impairment loss
Loss on guarantees

Profit attributable to non-controlling interests
Profit attributable to owners of parent-5-Consolidated Statement of Comprehensive Income(Thousands of
U.S. dollars)(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans, net of tax
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-6-

Fiscal year
ended
March 31, 2023

Fiscal year
ended
March 31, 2024

Fiscal year
ended
March 31, 2024

14,374(11,074)(11,028)0(47)

14,109
7,102
5,342
(0)
1,760

93,18946,90635,282(3)
11,627

3,299

21,211140,095

3,140

21,077139,204

159

134

890

(3) Consolidated Statement of Changes in Net Assets
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodSharecapitalCapitalsurplusRetainedearnings

TreasurysharesTotalshareholders’ equity

25,00025,972

182,386(1,142)

232,216

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due totransactions with noncontrolling interests
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period(1,537)(1,537)

14,168

14,168

(10)

(158)

(158)

705

694

(71)

(71)
(16)

(16)

–

(82)

12,614546

13,07825,00025,890

195,000(595)

245,295

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve for
land

7,730

0

1,406

Total
Remeasureaccumulated
ments ofother
definedcomprehensive
benefit plansincome
763

9,900

Share
acquisitio
n rights

Noncontrollinginterests

Total net
assets

1,215

2,398

245,730

Changes during period
Dividends of surplus(1,537)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due totransactions with noncontrolling interests

14,168
(158)
694
(71)

Reversal of revaluation
reserve for land

(16)

Net changes in items otherthan shareholders’ equity(10,981)

0

16

(47)

(11,011)

(209)

(231)

(11,452)

Total changes during period(10,981)

0

16

(47)

(11,011)

(209)

(231)

1,626

Balance at end of period(3,251)

0

1,423

716

(1,111)

1,005

2,167

247,356-7-

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodSharecapitalCapitalsurplusRetainedearnings

Treasuryshares

25,00025,890

195,000

(595)

5,228

5,228

Total
shareholders’equity245,295

Changes during period
Issuance of new shares

10,457

Dividends of surplus(1,703)(1,703)

Profit attributable toowners of parent

14,00814,008Purchase of treasury shares(2)

Disposal of treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity

(0)

(0)

105

102

0

0

Total changes during period

5,228

5,226

12,305104

22,865

Balance at end of period

30,22831,116207,305(490)

268,160

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland(3,251)

0

1,423

Total
Remeasureaccumulated
ments ofother
definedcomprehensive
benefit plansincome716(1,111)

Share
acquisitio
n rights

Noncontrollinginterests

Total net
assets

1,005

2,167

247,356

Changes during period
Issuance of new shares

10,457

Dividends of surplus(1,703)

Profit attributable toowners of parent
Purchase of treasury
shares

14,008(0)102

Disposal of treasury shares
Reversal of revaluation
reserve for land0

Net changes in items otherthan shareholders’ equity

5,308

(0)

(0)

1,760

7,068

43

133

7,244

Total changes during period

5,308

(0)

(0)

1,760

7,068

43

133

30,109Balance at end of period

2,056

0

1,423

2,477

5,957

1,048

2,300

277,466-8-

Fiscal year ended March 31, 2024
(Thousands of U.S. dollars)
Shareholders’ equity

Balance at beginning of
periodSharecapitalCapitalsurplusRetainedearnings

Treasuryshares

165,114

170,994

1,287,895(3,933)34,53434,534

Total
shareholders’equity1,620,071

Changes during period
Issuance of new shares

69,068Dividends of surplus(11,249)(11,249)

Profit attributable toowners of parent

92,52092,520Purchase of treasury shares(18)

Disposal of treasury shares
Reversal of revaluation
reserve for land

(2)

(2)

694

676

0

0

Net changes in items otherthan shareholders’ equity
Total changes during period

34,53434,516

81,272691

151,014

Balance at end of period

199,648

205,510

1,369,167(3,241)

1,771,086

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland(21,476)

5

9,398

Total
Remeasureaccumulated
ments ofother
definedcomprehensive
benefit plansincome4,732(7,339)Shareacquisitio
n rights

Noncontrollinginterests

Total net
assets

6,642

14,314

1,633,689

Changes during period
Issuance of new shares

69,068Dividends of surplus(11,249)

Profit attributable toowners of parent
Purchase of treasury
shares

92,520(2)676

Disposal of treasury shares
Reversal of revaluation
reserve for land0

Net changes in items otherthan shareholders’ equity

35,060(3)(0)

11,627

46,683284

878

47,846

Total changes during period

35,060(3)(0)

11,627

46,683284

878

198,860

Balance at end of period

13,584

1

9,398

16,36039,344

6,926

15,193

1,832,550-9-

(4) Consolidated Statement of Cash Flows(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Profit before income taxes

20,371

21,194

139,978

Depreciation

2,050

2,030

13,409Impairment losses

46

278

1,836

Increase (decrease) in allowance for loan losses

462

(494)

(3,264)

Increase (decrease) in provision for bonuses

12

(0)

(0)

Increase (decrease) in provision for bonuses for directors(and other officers)

(7)

11

78

Decrease (increase) in retirement benefit asset

(398)

(377)

(2,490)

Increase (decrease) in retirement benefit liability

(0)

(5)

(37)

Increase (decrease) in provision for reimbursement ofdeposits

(58)

(39)

(258)

Increase (decrease) in provision for contingent loss

(8)

39

260

Increase (decrease) in provision for loss on guarantees

(213)

–

–

Interest income(56,086)(64,358)(425,058)

Interest expenses

1,269

1,533

10,124

Loss (gain) related to securities

327

583

3,850

Loss (gain) on money held in trust

42

112

741

(13,230)(25,145)(166,076)

Cash flows from operating activities

Foreign exchange losses (gains)

258

56

371

(165,370)(160,559)(1,060,430)

69,576

194,430

1,284,134

15,134(4,017)(26,530)(162,352)

58,019383,193

325

81

536

23,0004,000

26,4188,656(8,656)(57,173)

2,323

552

3,645

6

5

36

(522)

(1,530)(10,111)

Interest received

56,001

63,480419,263Interest paid

(1,314)(1,569)(10,364)

Other, net

4,340(16,255)(107,359)

Subtotal(195,358)

63,398418,721(6,054)(5,807)(38,353)(201,412)

57,591

380,368

Loss (gain) on disposal of non-current assets
Net decrease (increase) in loans and bills discounted
Net increase (decrease) in deposits
Net increase (decrease) in negotiable certificates ofdeposit
Net increase (decrease) in borrowed money (excluding
subordinated borrowings)
Net decrease (increase) in due from banks (excluding duefrom Bank of Japan)
Net increase (decrease) in call money
Net increase (decrease) in cash collateral received for
securities lent
Net decrease (increase) in foreign exchanges - assets
Net increase (decrease) in foreign exchanges - liabilities
Net decrease (increase) in lease receivables andinvestments in leases

Income taxes paid
Net cash provided by (used in) operating activities- 10 -

(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Purchase of securities(178,337)(132,061)(872,213)

Proceeds from sale of securities

140,254

103,657

684,613

Proceeds from redemption of securities

77,22757,929382,599

Increase in money held in trust(12,272)(12,391)(81,841)

Decrease in money held in trust

12,445

12,21680,688(1,558)(1,728)(11,413)

Cash flows from investing activities

Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets

101

27

182

Purchase of intangible assets

(188)

(82)

(541)

Payments for retirement of non-current assets
Net cash provided by (used in) investing activities

(194)

–

–

37,476

27,567

182,073

Cash flows from financing activities
(600)

(600)

(3,962)–(1,532)

10,45769,068(1,694)(11,190)

(2)

(1)

(12)

Purchase of treasury shares

(158)

(0)

(2)

Proceeds from disposal of treasury shares

289

0

1

Purchase of shares of subsidiaries not resulting in change inscope of consolidation

(459)

–

–

Repayments of subordinated borrowings
Proceeds from issuance of shares
Dividends paid
Dividends paid to non-controlling interests(100)(1,657)(10,949)

Net cash provided by (used in) financing activities(2,564)

6,503

42,952

Effect of exchange rate change on cash and cash equivalents

11

11

74

Repayments of lease liabilities

Net increase (decrease) in cash and cash equivalents(166,489)

91,673605,468

Cash and cash equivalents at beginning of period

532,813366,324

2,419,419

Cash and cash equivalents at end of period

366,324

457,998

3,024,888- 11 -

[THE TOKUSHIMA TAISHO BANK, LTD.](1) Balance Sheets(Thousands of
U.S. dollars)(Millions of yen)
As of March 31, 2023

As of March 31, 2024

As of March 31, 2024
1,396,403

Assets185,528

211,429

Cash

20,461

20,149133,077

Due from banks

165,067

191,280

1,263,325

Trading securities

Cash and due from banks

408

375

2,482

Trading government bonds

84

52

347

Trading local government bonds

323

323

2,135

108

166

1,099

371,859

382,166

2,524,051

Government bonds

39,19921,863

144,401

Local government bonds

97,737

90,617598,491

Corporate bonds

41,39537,941

250,586

Stocks14,81014,29894,432Other securities

178,716

217,445

1,436,139
13,096,199

Money held in trust
Securities

1,905,257

1,982,895

Bills discounted

2,812

2,906

19,199Loans on bills

208,911

133,142879,350

Loans on deeds

Loans and bills discounted

1,465,073

1,604,686

10,598,283

Overdrafts

228,460

242,159

1,599,365

Foreign exchanges

1,629

2,214

14,627

1,141

2,019

13,340Foreign bills bought

65

66

440

Foreign bills receivable

421

128

846

19,22323,183

153,114

Due from foreign banks (our accounts)

Other assets
Prepaid expenses

13

14

96

Accrued income

2,191

2,582

17,053

690

1,071

7,078

–

2,246

14,833

Derivatives other than for trading-assets
Cash collateral paid for financial instruments

16,327

17,268114,051

Tangible fixed assets

18,893

19,486

128,698

Buildings, net

8,100

8,025

53,007

Land

9,753

9,774

64,554

–

662

4,375

Construction in progress

323

173

1,147

Other tangible fixed assets

716

849

5,613

717

377

2,495

Software

614

263

1,740

Other intangible fixed assets

102

114

754

Prepaid pension cost

2,828

3,115

20,578Deferred tax assets

1,861

336

2,222

Customers’ liabilities for acceptances and guarantees

3,838

3,396

22,431

Other

Lease assets, net

Intangible fixed assets

Allowance for loan losses
Total assets- 12 -(13,319)(13,313)(87,930)

2,498,835

2,615,830

17,276,474

(Thousands of
U.S. dollars)(Millions of yen)
As of March 31, 2023

As of March 31, 2024

As of March 31, 2024
15,269,557

Liabilities
2,225,501

2,311,963

Current deposits

74,51583,027548,359

Ordinary deposits

1,081,709

1,153,392

7,617,673

Saving deposits

23,72823,503

155,230

Deposits

Deposits at noticeTime deposits

5,016

1,579

10,430997,084

1,001,518

6,614,613

Installment savings

7,410

7,390

48,812Other deposits

36,036

41,552

274,436

Negotiable certificates of deposit

89,68582,208542,953

Call money

23,00027,000178,323

Borrowed money

5,802

35,002

231,174

5,802

35,002

231,17424

18Foreign bills sold

9

1

8

Foreign bills payable

14

–

–

20,426

10,22367,524

Borrowings from other banks
Foreign exchanges

Other liabilities

1,735

1,849

12,216

Accrued expenses

755

761

5,026

Unearned revenue

1,221

729

4,816

Reserve for interest on installment savings

0

0

1

Derivatives other than for trading-liabilities

3,579

3,359

22,186

Cash collateral received for financial instruments

1,745

–

–

Asset retirement obligations

184

180

1,191

11,204

3,343

22,084

Provision for directors’ bonuses

42

43

285

Provision for retirement benefits

47

20

137

Provision for reimbursement of deposits

62

45

300

Provision for contingent loss

57

66

440

Deferred tax liabilities for land revaluation

991

991

6,549

Income taxes payable

Other

3,838

3,396

22,431

2,369,479

2,470,963

16,319,688

Capital stock

11,036

14,17393,609

Capital surplus

14,177

17,314

114,354

Legal capital surplus

9,514

12,651

83,558Other capital surplus

4,662

4,662

30,795101,051

107,951

712,976

Acceptances and guarantees
Total liabilities
Net assets

Retained earnings
Legal retained earnings

2,280

2,280

15,062Other retained earnings

98,770105,671

697,914

General reserve

40,147

40,147265,159

88

86

569

Reserve for advanced depreciation of non-current
assetsRetained earnings brought forward
Total shareholders’ equity
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 13 -

58,53465,437432,185

126,264

139,439920,940

1,394

3,731

24,647

0

0

1

1,695

1,695

11,196

3,091

5,427

35,845

129,355

144,866

956,786

2,498,835

2,615,830

17,276,474

(2) Statements of Income(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

43,30547,805

315,734

33,44539,886

263,430

Interest on loans and discounts

24,76627,146179,291

Interest and dividends on securities

8,267

12,366

81,677

Interest on deposits with banks

393

348

2,303

Other interest income

18

24

158

5,102

5,586

36,897

712

701

4,633

4,389

4,885

32,263

956

494

3,267

954

494

3,265

1

0

1

3,801

1,838

12,140

229

319

2,110

2,803

988

6,529

Ordinary income
Interest income

Fees and commissions
Fees and commissions on domestic and foreignexchanges
Other fees and commissions
Other ordinary income
Gains on sales of bonds
Income from derivatives other than for trading or
hedging
Other income
Recoveries of written off claims
Gain on sales of stocks and other securities
Other

768

530

3,500

Ordinary expenses

32,08135,783

236,331

589

754

4,985

569

738

4,876

8

11

74

Interest on call money

(27)

(27)

(179)

Interest on borrowings and rediscounts

27

12

80

Interest on interest swaps

0

0

2

Other interest expenses

9

19

131

1,781

1,756

11,604

75

72

475

Interest expenses
Interest on deposits
Interest on negotiable certificates of deposit

Fees and commissions payments
Fees and commissions on domestic and foreignexchanges
Other fees and commissions
Other ordinary expenses
Loss on foreign exchange transactions
Loss on trading account securities transactions
Loss on sales of bonds
Other
General and administrative expenses

1,705

1,684

11,128

8,991

13,49889,150

5,833

11,18773,891

2

2

15

3,150

2,303

15,2135

4

29

17,607

17,995

118,851

3,111

1,777

11,740

1,150

260

1,719

498

784

5,178

1,135

203

1,342

Losses on devaluation of stocks and other securities

–

69

461

Loss on money held in trust

87

129

853

Other expenses
Provision of allowance for loan losses
Written-off of loans
Losses on sales of stocks and other securities

Other
Ordinary profit- 14 -

240

330

2,185

11,224

12,022

79,403(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

4

–

4

–

–

262

217

1,439

Extraordinary income
Gain on disposal of non-current assets
Extraordinary losses

Fiscal year ended
March 31, 2024
–

253

39

259

8

178

1,180

Profit before income taxes

10,966

11,804

77,963

Income taxes-current

3,240

3,394

22,420

Income taxes-deferred

113

535

3,538

Total income taxes

3,353

3,930

25,959Profit

7,612

7,873

52,004

Loss on disposal of non-current assets
Impairment losses- 15 -

[THE KAGAWA BANK, LTD.](1) Balance Sheets(Thousands of
U.S. dollars)(Millions of yen)
As of March 31, 2023

As of March 31, 2024

As of March 31, 2024
1,658,979

Assets185,313251,186

Cash

13,351

13,43688,742

Due from banks

171,692

237,749

1,570,237

Trading securities

69

23

158

69

23

158

1,000

1,000

6,604

Cash and due from banks

Trading government bonds
Money held in trust

318,213

303,452

2,004,175

Government bonds

35,66744,580294,437

Local government bonds

62,26961,043403,164

Corporate bonds

53,556

40,415

266,930

Stocks18,818

16,102

106,351

Other securities

147,901

141,309933,292

1,498,525

1,581,819

10,447,257

Securities

Loans and bills discounted
Bills discounted

5,827

6,005

39,666Loans on bills

71,97558,475386,207

Loans on deeds

1,275,792

1,343,222

8,871,423

Overdrafts

144,929

174,115

1,149,960

Foreign exchanges

3,294

2,157

14,246

3,281

2,157

14,24613––

14,104

18,461

121,930

Due from foreign banks (our accounts)
Foreign bills receivable
Other assets
Prepaid expenses

26

29

195

Accrued income

1,163

1,152

7,612

456

51

340

12,457

17,227

113,782

Tangible fixed assets

27,31728,008

184,985

Buildings, net

9,804

9,985

65,949Land

16,57916,369108,112

Lease assets, net

211

973

6,428

Construction in progress

155

63

417

Other tangible fixed assets

566

617

4,078

386

362

2,391

340

315

2,084

Derivatives other than for trading-assets
Other

Intangible fixed assets
Software

46

46

307

Prepaid pension cost

2,516

2,730

18,032

Deferred tax assets

2,686

1,615

10,668Customers’ liabilities for acceptances and guarantees

3,269

3,860

25,499Allowance for loan losses(8,602)(8,222)(54,307)2,048,096

2,186,454

14,440,623

Other intangible fixed assets

Total assets- 16 -

(Thousands of
U.S. dollars)(Millions of yen)
As of March 31, 2023

As of March 31, 2024

As of March 31, 2024
12,587,512

Liabilities
1,797,253

1,905,875

Current deposits

55,80460,509399,637

Ordinary deposits

928,441

951,205

6,282,317

Saving deposits

28,273

27,910184,339

Deposits at notice

3,687

3,566

23,553743,971

827,825

5,467,445

Deposits

Time deposits
Installment savings

9,878

9,826

64,897

Other deposits

27,19725,031

165,321

Negotiable certificates of deposit

38,95042,410280,100

Net increase (decrease) in cash collateral received for
securities lent

8,656

–

–

Borrowed money

68,00095,000627,435

68,00095,000627,435

5

33

223

5

33

223

11,2746,125

40,455

Borrowings from other banks
Foreign exchanges
Foreign bills payable
Other liabilities

1,181

2,015

13,313

Accrued expenses

930

750

4,955

Unearned revenue

994

758

5,008

Reserve for interest on installment savings

0

0

2

Initial margins of futures markets - liabilities

760

–

–

Derivatives other than for trading-liabilities

417

1,098

7,255

Income taxes payable

Lease obligations

11

8

56

Asset retirement obligations

128

219

1,449

6,850

1,273

8,413

Provision for bonuses

308

308

2,038

Provision for directors’ bonuses

28

32

213

Provision for reimbursement of deposits

67

45

299

Provision for contingent loss

70

101

667

3,359

3,349

22,121

Other

Deferred tax liabilities for land revaluation

3,269

3,860

25,4991,931,245

2,057,142

13,586,567

Capital stock

12,014

14,105

93,163

Capital surplus

9,339

11,43075,496

9,339

11,43075,49693,431

98,905653,230

Acceptances and guarantees
Total liabilities
Net assets

Legal capital surplus
Retained earnings
Legal retained earnings

2,674

2,674

17,667

Other retained earnings

90,75696,230635,562

21

20

133

General reserve

43,43643,436

286,880

Retained earnings brought forward

47,29852,773

348,548

Total shareholders’ equity

114,784

124,442821,889

Valuation difference on available-for-sale securities(4,282)(1,521)(10,048)

Revaluation reserve for land

6,349

6,391

42,214

Total valuation and translation adjustments

2,066

4,870

32,165

116,851

129,312854,055

2,048,096

2,186,454

14,440,623

Reserve for reduction entry

Total net assets
Total liabilities and net assets- 17 -

(2) Statements of Income(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

28,772

34,495

227,831

22,374

24,675

162,969

Interest on loans and discounts

18,17820,304

134,105

Interest and dividends on securities

3,903

4,120

27,211

Interest on call loans

(8)

–

–

Interest on deposits with banks

288

204

1,347

Ordinary income
Interest income

12

46

305

5,097

5,470

36,132

772

765

5,057

4,324

4,705

31,075

478

372

2,460

–

0

2

Gains on sales of bonds

376

301

1,991

Gains on redemption of bonds

58

–

–

Other

43

70

466

Other income

Other interest income
Fees and commissions
Fees and commissions on domestic and foreignexchanges
Other fees and commissions
Other ordinary income
Gain on trading account securities transactions

822

3,977

26,268Recoveries of written off claims

166

105

694

Gain on sales of stocks and other securities

291

3,471

22,927

Gain on money held in trust

45

16

112

Other

319

383

2,533

Ordinary expenses

19,936

24,954

164,815

652

746

4,933

Interest on deposits

417

582

3,848

Interest on negotiable certificates of deposit

12

21

140

Interest on call money

(0)

(3)

(23)

Interest expenses on cash collateral received for
securities lent

221

266

1,758

Interest on borrowings and rediscounts

–

(163)

(1,079)Other interest expenses

0

43

288

2,291

2,358

15,577

75

72

478

2,215

2,286

15,098

1,915

5,932

39,181

1,385

2,802

18,509

0

–

–

411

3,012

19,895

Loss on devaluation of bonds

–

45

300

Expenses on derivatives other than for trading or
hedging

38

16

107

Interest expenses

Fees and commissions payments
Fees and commissions on domestic and foreignexchanges
Other fees and commissions
Other ordinary expenses
Loss on foreign exchange transactions
Loss on trading account securities transactions
Loss on sales of bonds

Other
General and administrative expenses

80

55

368

14,297

14,88698,316
6,806

779

1,030

Provision of allowance for loan losses

519

259

1,711

Written-off of loans

88

651

4,302

Losses on sales of stocks and other securities

48

5

37

Other

122

114

754

8,835

9,541

63,015

Other expenses

Ordinary profit- 18 -

(Thousands of
U.S. dollars)(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

24

1

7

24

1

7

159

246

1,630

Extraordinary income
Gain on disposal of non-current assets
Extraordinary losses
Loss on disposal of non-current assets

34

41

275

Impairment losses

124

205

1,354

Profit before income taxes

8,700

9,295

61,393

Income taxes-current

2,278

3,127

20,658

Income taxes-deferred

194

(173)

(1,145)

Total income taxes

2,472

2,954

19,512

Profit

6,228

6,341

41,880- 19 -

3. Company Information / Stock Information
Company Information (as of March 31, 2024)
Trade name:Date of establishment:
Listing date:
Business year:
Paid-in capital:
Number of employees:

TOMONY Holdings, Inc.
April 2010
April 2010
From April 1 to March 31¥30,228 million
2,212(excluding contract and temporary
employees)
7-1 Kamei-cho, Takamatsu-shi, Kagawa

THE TOKUSHIMA TAISHO BANK, LTD.
March 1918
December 1990 to March 2010
From April 1 to March 31¥14,173 million
1,156 (excluding contract and temporary
employees)
Head office:1-41 Tomidahama, Tokushima-shi,
Tokushima
Telephone:+81-87-812-0102+81-88-623-3111
Consolidated subsidiaries: THE TOKUSHIMA TAISHO BANK, LTD. Tokugin Business Service Co., Ltd.
THE KAGAWA BANK, LTD.
TOMONY Card, Inc.
TOMONY System Service, Inc.
Tokugin Capital Co., Ltd.
Tokugin Business Service Co., Ltd.
Taisho Shinyo Hosho Co., Ltd.
Kagawa Business Service Co., Ltd.
TOMONY Lease, Inc.
TOMONY Card, Inc.
Tokugin Capital Co., Ltd.
Taisho Shinyo Hosho Co., Ltd.
Trade name:Date of establishment:
Listing date:
Business year:
Paid-in capital:
Number of employees:

THE KAGAWA BANK, LTD.
February 1943
October 1988 to March 2010
From April 1 to March 31¥14,105million
965 (excluding contract and temporary
employees)
Head office:6-1 Kamei-cho, Takamatsu-shi, Kagawa
Telephone:+81-87-861-3121
Consolidated subsidiaries: TOMONY Lease, Inc.
Kagawa Business Service Co., Ltd.

Officers (as of July 1, 2024)
Directors (except the Audit and Supervisory Committee Members):
Representative Director, President and CEO
Takeshi Nakamura
Director and Vice President
Michio Yamada
Director and Vice President
Toyohiko BandoManaging Director
Hitomi Fujii
Managing Director
Hiroaki Oda
Managing Director
Tomoki Yamashita
Managing Director
Hitoshi Kioka
Director*
Yoshiaki Inoue
Audit and Supervisory Committee Members:
Director*
Director (Non-standing)*
Director (Non-standing)*
Director (Non-standing)**Outside Director

Hitoshi Tada
Junko Hashimoto
Yosuke Kuwajima
Sayaka Kajino- 20 -

Stock Information (as of March 31, 2024)
Total number of authorized shares:
Total number of shares issued:
Number of shareholders:Major shareholders (Top 10)

476,000,000 shares
193,533,011 shares
15,168
Number of shares held(Thousands)

Shareholder name
The Master Trust Bank of Japan, Ltd.
(Trust Account)
Custody Bank of Japan, Ltd.
(Trust Account)
TOMONY Holdings Employee Shareholding
Association
Nichia Corporation
Custody Bank of Japan, Ltd.
(Trust Account 4)
ACN Inc.
JP MORGAN CHASE BANK 385781
Sompo Japan Insurance Inc.
STATE STREET BANK AND TRUST COMPANY
505223
NH Foods Ltd.
Total

Share-holding ratio(excluding treasury shares)(%)

23,22612.08

13,069

6.80

7,429

3.86

4,938

2.56

3,097

1.61

2,714
2,483
2,114

1.41
1.29
1.10

2,103

1.09

2,045

1.06

63,222

32.90* The financial statements in this Annual Report are stated in Japanese yen with amounts of less than one million yen omitted. As a result, the totals
shown do not necessarily agree with the sums of the individual amounts. The translation of Japanese yen amounts into U.S. dollar amounts is
included solely for the convenience of investors outside Japan. Such translation is carried out at the rate of ¥151.41 U.S. $1, the approximate rateof exchange at March 31, 2024 and the resultant amounts are shown with amounts of less than 1,000 U.S. dollars omitted.
* While every best effort has been made to provide a translation meeting the quality standards required of professionals, the Company does notguarantee it is 100% accurate. Therefore, please verify the original Japanese text for any final judgments made based on this information.

- 21 -