Resona (8308) Q3 2026 earnings summary

Executive summary

• Net income attributable to owners of parent for 1-3Q FY2025 was JPY222.1 bn, up 31.3% year-over-year, achieving 92.5% of the full-year target.

• Core net operating profit (excluding net gains on cancellation of investment trusts) rose 32.6% YoY to JPY263.0 bn.

• Ordinary income increased 19.3% YoY to JPY965.6 bn, with ordinary profits up 31.6% to JPY312.5 bn.

• Comprehensive income surged 285.6% YoY to JPY299.9 bn.

• Upward revision to full-year net income target to JPY250.0 bn, reflecting higher net interest income from policy rate hikes.

Financial highlights

• Gross operating profit increased 15.9% YoY, driven by higher net interest income and stable fee income, reaching JPY597.7 bn.

• Net interest income from domestic loans and deposits grew by JPY42.1 bn YoY, with average loan balance up 4.12% and loan rate up 27bps YoY.

• Net income per share was JPY97.46, up from JPY73.15 YoY.

• Total assets reached JPY77.58 tn, with net assets at JPY2.94 tn as of December 31, 2025.

• OHR improved to 57.4%, down 6.3 percentage points YoY.

Outlook and guidance

• Full-year net income target revised upward to JPY250.0 bn (ROE 8.8%), up JPY10.0 bn from the initial target.

• Net income per share for the full year is targeted at JPY109.93.

• Full-year dividend forecast raised to 29.0 yen per share, up 4.0 yen from the initial forecast.

• Expectation of further ROE improvement as the impact of interest rate hikes fully materializes.