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, 2020
(Based on Japanese GAAP)May 11, 2020
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, 2020
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 25, 2020
June 26, 2020

Trading accounts:
Preparation of supplementary material on financial results:

No
Yes

Holding of financial results meeting:

NoTEL

048-641-6111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)(1) Consolidated operating results
Percentages indicate year-on-year changesProfit attributable toOrdinary income
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2020
67,852(12.8)
8,745 (23.0)
8,066
50.9
Year ended March 31, 201977,858
7.7
11,371(27.7)
5,345(51.0)
Profit attributable toOrdinary profit/total
owners ofassets
parent/equity
Yen%%
240.753.40.1
159.482.2
0.2

Diluted earnings pershare

Earnings per shareYen
240.86
159.58Year ended March 31, 2020
Year ended March 31, 2019

Ordinaryprofit/ordinaryincome%12.814.6(2) Consolidated financial position
Total assets
As of March 31, 2020
As of March 31, 2019

Net assets

Equity ratio

Millions of yen
4,674,059
4,626,044

Millions of yen
235,458
239,214

Cash flows fromoperating activities
Millions of yen
30,71031,328Cash flows frominvesting activities
Millions of yen
9,441
78,054

Net assets per share%
5.0
5.1

Yen
7,029.26
7,130.32(3) Consolidated cash flows

Year ended March 31, 2020
Year ended March 31, 2019

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(2,947)373,991(22,689)
336,786

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

Year ended March 31, 2019Year ended March 31, 2020
Year ending March 31, 2021
(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
2,683

50.1
33.2

1.1
1.1

–

40.00

–

40.0080.00

133.0

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
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, 2020
Full year

34,800

2.0

4,900

(6.8)

3,300

(38.6)

98.55

70,0003.1

11,000

25.7

8,100

0.4

241.89Note: The above forecast reflects the approximate impact of the spread of novel coronavirus disease (COVID-19).
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2020(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:
Changes in accounting policies due to other reasons:No
Yes

Changes in accounting estimates:
Restatement of prior period financial statements:

YesNo(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, 2020

33,805,456 shares As of March 31, 201933,805,456 shares

Number of treasury shares at the end of the period
As of March 31, 2020

318,691 shares As of March 31, 2019

310,542 shares

33,491,332 shares Year ended March 31, 201933,495,969 shares

Average number of shares during the period
Year ended March 31, 20202

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2019
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 investments in leases
Other assets
Tangible fixed assets
Buildings, netLand
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 transactions
Borrowed 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, 2020

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)

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)4,626,044

4,674,059

4,125,430
157,430
30,522
21,151
10,933
199–
24,519
1,148
9
3,542

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

30

39

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

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

4,386,830

4,438,601

(Millions of yen)
As of March 31, 2019
Net assets
Share capital
Capital surplus
Retained earnings
Treasury shares

As of March 31, 2020

45,74338,291
131,563(906)

45,74338,352
136,947(909)

Total shareholders' equity

214,692

220,133

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

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

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

Total accumulated other comprehensive income

24,137

15,253

66
318

47
23

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

4239,214

235,458

4,626,044

4,674,059

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2019
Ordinary income

Fiscal year ended
March 31, 2020

77,85867,85241,193
33,17638,87232,5607,794(17)6,115(25)

0240

0
222

Trust fees
Fees and commissions–
13,85615
14,209Other ordinary income
Other income

1,892
20,915

1,836
12,918822
20,093373
12,544

66,487
2,622

59,1062,479Interest on deposits
Interest on negotiable certificates of deposit

788
26

847
26

Interest on call money and bills soldInterest on payables under securities lending transactions

797
469

746
443

Interest on borrowings and rediscounts
Interest on bonds

57
65

38
–

Other interest expenses
Fees and commissions payments

417
3,958

3763,838

Other ordinary expenses
General and administrative expenses

1,646
34,923

1,484
35,400

Other expenses
Provision of allowance for loan losses

23,337
11,831

15,902
4,164

11,505

11,738

11,371

8,745

1

1

Gain on disposal of non-current assets
Extraordinary losses

1455

1
15

Loss on disposal of non-current assets
Other15439

15–Profit before income taxes

10,917

8,732

Income taxes - current
Income taxes - deferred

5,905
(363)

1,054
(415)

Total income taxes

5,541

638

Profit

5,376

8,094

31

27

5,345

8,066

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

Other
Ordinary profit
Extraordinary income

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, 2019

March 31, 2020

5,376
(10,516)

8,094(8,883)

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(10,361)(173)(7,847)(0)Remeasurements of defined benefit plans, net of tax

18(1,035)(5,140)(789)(5,173)

(817)

33

27

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, 2019
(Millions of yen)
Shareholders' equity
Share
capitalBalance at beginningof period

Capitalsurplus45,743Retained
earnings

38,291

Treasuryshares

128,901

(900)

Total
shareholders'equity212,036

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

5,345

5,345

Purchase oftreasury shares
Disposal oftreasury shares(0)

Transfer fromretained earnings to0(6)

(6)

00(0)

–

capital surplus
Purchase of shareof consolidated–

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

––

2,662

(6)

2,656

45,74338,291

131,563(906)

214,6927

Accumulated other comprehensive income

Balance at beginningof 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 during
periodDividends of(2,682)

surplusProfit attributableto owners of parent

5,345

Purchase oftreasury shares(6)Disposal of0

treasury shares
Transfer fromretained earnings tocapital surplus–

Purchase of shareof consolidated
subsidiaries–

treasury stock
Net changes initems other thanshareholders'(10,363)(173)–

18(10,518)–

32(10,485)

Total changes during
period(10,363)(173)–

18(10,518)–

32(7,829)

Balance at end of
period18,391(1,453)8,286(1,087)

24,13766

318

239,214equity8

Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders' equity

Balance at beginningof period

Share

CapitalRetained

Treasury

capitalsurplus

earnings

shares45,74338,291

131,563

Total
shareholders'equity(906)

214,692

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

8,066

8,066

Purchase oftreasury shares
Disposal of1treasury shares

(42)

(42)

39

40

Transfer fromretained earnings tocapital surplus–––

Purchase of shareof consolidated
subsidiaries

59

59

treasury stock
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)

220,1339

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference

Deferredonavailable-gains orlosses on

for-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
Transfer fromretained earnings tocapital surplus–

Purchase of shareof consolidated
subsidiaries

59

treasury stock
Net changes in
items other thanshareholders'(7,847)(0)–(1,035)(8,884)

(18)

(294)

(9,197)

Total changes duringperiod(7,847)(0)–(1,035)(8,884)

(18)

(294)

(3,755)

Balance at end of
period10,543(1,454)

8,286(2,122)

15,25347

23

235,458

equity10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

Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020
10,917

8,732

2,387

2,870

(11)

(7)

9,645

(3,191)

(61)

(14)

(1)

1(466)

(476)

(269)

(96)

1

9

directors (and other officers)
Increase (decrease) in provision for loss on interest repayment

(15)

8

Increase (decrease) in provision for reimbursement of deposits
Increase (decrease) in provision for point card certificates(158)
6(126)
3

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

(21)
28

58
(6)

Increase (decrease) in allowance for demolition of non-current
assets317(282)

Interest income
Interest expenses(41,193)
2,622(38,872)
2,479Loss (gain) related to securities
Loss (gain) on money held in trust(6,830)8(8)3Foreign exchange losses (gains)
Loss (gain) on disposal of non-current assets(1,872)
14

1,123
13Net decrease (increase) in trading account securities
Net decrease (increase) in loans and bills discounted

301(64,284)

13(49,584)

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

94,512(5,990)84,619(23,600)

Net increase (decrease) in payables under securities lendingtransactions(477)(5,013)

Net increase (decrease) in borrowed money (excludingsubordinated borrowings)

217

957

Net decrease (increase) in due from banks (excluding duefrom Bank of Japan)(10,174)

9,915

Net decrease (increase) in call loans
Net increase (decrease) in call money(2,075)8,334

12,123(100)

Net decrease (increase) in foreign exchanges - assets
Net increase (decrease) in foreign exchanges - liabilities

2,391
(39)

(2,630)158

Net increase (decrease) in borrowed money from trust accountInterest received–
41,752

1,043
40,021

Interest paid
Other, net(2,583)(987)(2,596)(326)

Subtotal

35,946

37,219

Income taxes paid

(4,617)(6,509)Net cash provided by (used in) operating activities

31,32830,71011

(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
Purchase of tangible fixed assets
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement obligations

Fiscal year ended

Fiscal year ended

March 31, 2019March 31, 2020

(187,262)(237,880)

80,015
188,064

32,422
223,679

(9)
(775)

(9)
(7,006)1(1,965)

13(1,661)

(14)

(114)

78,054

9,441

Decrease in subordinated borrowings
Redemption of subordinated bonds(5,000)(15,000)––

Dividends paid
Dividends paid to non-controlling interests(2,682)(0)(2,682)(0)Purchase of treasury shares
Purchase of treasury shares of subsidiaries

(6)
–

(42)
(262)

Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from sales of treasury shares
Net cash provided by (used in) financing activities040(22,689)(2,947)

Net increase (decrease) in cash and cash equivalents

86,69437,204

Cash and cash equivalents at beginning of period

250,092

336,786

Cash and cash equivalents at end of period

336,786

373,99112