Mebuki Financial Group (7167) Q2 2026 earnings summary

Executive summary

• Net income attributable to owners rose 36.7% YoY to ¥43.773bn, the highest first-half profit since integration, driven by higher interest margins, securities income, and improved market valuations.

• Ordinary income for the six months ended September 30, 2025, rose 28.7% YoY to ¥211.549bn.

• Core net business income increased by ¥12.3bn YoY to ¥56.0bn, with significant contributions from interest rate rises and securities portfolio management.

• The group revised its full-year forecast upward: ordinary profit to ¥106.0bn and net income to ¥75.0bn, with ROE expected at 7.5%.

• Annual dividend per share to increase to ¥26.00, reflecting improved earnings.

Financial highlights

• Gross business profit reached ¥107.738bn (+¥8.377bn YoY); net interest income rose ¥15.4bn YoY to ¥90.6bn.

• Ordinary profit increased 29.6% YoY to ¥59.694bn; basic EPS rose to ¥46.03.

• Total assets as of September 30, 2025, were ¥20,976.744bn, with net assets at ¥1,031.670bn.

• Expenses increased by ¥3.4bn YoY to ¥57.3bn, mainly due to personnel and strategic investments.

• Credit related costs were ¥3.7bn, up ¥0.7bn YoY, in line with the full-year plan.

Outlook and guidance

• FY2025 consolidated ordinary profit forecast revised to ¥106.0bn and net income to ¥75.0bn, reflecting strong 1H25 results and positive outlook.

• Subsidiary banks (Joyo and Ashikaga) also saw upward revisions in profit and net income forecasts.

• Market scenario assumes stable policy rates in Japan and two rate cuts in the U.S. during FY25.

• Annual dividend forecast was revised upward to ¥26.00 per share.