Gunma Bank : Consolidated Financial Results for the Six Months Ended September 30, 2022(Under Japanese GAAP)(763KB)

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

November 9, 2022

Consolidated Financial Results

for the Six Months Ended September 30, 2022

(Under Japanese GAAP)

Company name:	The Gunma Bank, Ltd.
Listing:	Tokyo Stock Exchange
Securities code:	8334
URL:	https://www.gunmabank.co.jp/
Representative:	Akihiko Fukai, President
Inquiries:	Hideyuki Saito, Managing Executive Officer and General Manager, Corporate Planning Department

Scheduled date to file quarterly securities report:	November 22, 2022
Scheduled date to commence dividend payments:	November 30, 2022
Trading accounts:	None
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results briefing:	Yes (for institutional investors and analysts)
	(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2022

(from April 1, 2022 to September 30, 2022)

(1) Consolidated operating results

(Percentages indicate year-on-year changes.)

Ordinary income

Ordinary profit

Profit attributable to

owners of parent

Six months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Sep.30, 2022

91,507

18.0

18,200

(23.0)

13,793

(10.3)

Sep.30, 2021

77,559

4.9

23,635

43.9

15,371

24.9

Note:

Comprehensive income

For the six months ended Sep.30, 2022 :

(28,560) million yen

[ ―

%]

For the six months ended Sep.30, 2021 :

18,071 million yen

[ (43.8) %]

Basic earnings

Diluted earnings

per share

per share

Six months ended

Yen

Yen

Sep.30, 2022

33.58

―

Sep.30, 2021

36.56

―

(2) Consolidated financial position

					Total assets		Net assets	Equity-to-asset ratio
As of					Millions of yen		Millions of yen	%
Sep.30, 2022				9,981,040		497,915	5.0
Mar.31, 2022				11,148,539		529,256	4.7
Reference: Equity	As of Sep. 30, 2022	:	497,915 million yen
		As of Mar. 31, 2022	:	529,256 million yen
Note:	"Equity-to-asset ratio" represents "Net assets"/ "Total assets" at term end.
	"Equity-to-asset ratio" stated above was not calculated based on the public notice of "Equity-to-asset ratio".

2. Cash dividends

			Annual dividends per share
		First	Second	Third		Fiscal	Total
		quarter-end	quarter-end	quarter-end		year-end
Fiscal year	Yen	Yen	Yen		Yen	Yen
ended	Mar. 31, 2022	―	7.00	―		7.00	14.00
ending Mar. 31, 2023	―	8.00
ending Mar. 31, 2023(Forecast)			―		10.00	18.00
Note:	1. Revisions to the forecast of cash dividends most recently announced: Yes

1. Cash dividend of 10.00 yen for the fiscal year ending March 31, 2023(forecast) includes a commemorative dividend of 1.00 yen for the 90th anniversary of the establishment of the Gunma Bank, Ltd.
2. For more details, please refer to "Notice Concerning Revision to Dividend Forecasts (Dividend Increase and Commemorative Dividend) for the Fiscal Year Ending March 31, 2023" published today (November 9, 2022).

3. Consolidated earnings forecast for fiscal year 2022 (from April 1, 2022 to March 31, 2023)

(Percentages indicate year-on-year changes.)

		Ordinary profit			Profit attributable to		Basic earnings
				owners of parent		per share
Fiscal year 2022	Millions of yen		%		Millions of yen		%	Yen
ending Mar. 31, 2023	37,500		(4.1)		27,000		2.1	65.72
Note:	Revisions to the forecast of earnings most recently announced: Yes

Notes
(1)	Changes in significant subsidiaries during the period
(changes in specified subsidiaries resulting in the change in scope of consolidation):	None
(2)	Changes in accounting policies, changes in accounting estimates, and restatement
	① Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
	② Changes in accounting policies due to other reasons:	None
	③ Changes in accounting estimates:	None
	④ Restatement:	None

1. Number of issued shares (common shares)

• Total number of issued shares at the end of the period (including treasury shares)

As of Sep. 30, 2022	425,888,177	shares
As of Mar. 31, 2022	425,888,177	shares

• Number of treasury shares at the end of the period

As of Sep. 30, 2022	14,976,950	shares
As of Mar. 31, 2022	15,224,436	shares

• Average number of shares outstanding during the period

Six months ended Sep. 30, 2022	410,759,822	shares
Six months ended Sep. 30, 2021	420,441,894	shares

Overview of non-consolidated financial results

1. Non-consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)

(1) Non-consolidated operating results								(Percentages indicate year-on-year changes.)
					Ordinary income			Ordinary profit		Profit
Six months ended				Millions of yen		%		Millions of yen		%	Millions of yen		%
Sep.30, 2022				74,164		22.1		15,425		(27.4)	11,829		(14.6)
Sep.30, 2021				60,735		6.8		21,252		45.3	13,854		26.1
					Basic earnings
					per share
Six months ended						Yen
Sep.30, 2022						28.80
Sep.30, 2021						32.95
(2) Non-consolidated financial position
					Total assets			Net assets		Equity-to-asset ratio
As of					Millions of yen		Millions of yen			%
Sep.30, 2022				9,953,662				460,008			4.6
Mar.31, 2022				11,126,926				492,871			4.4
Reference: Equity	As of Sep. 30, 2022	:	460,008 million yen
		As of Mar. 31, 2022	:	492,871 million yen
Note:	"Equity-to-asset ratio" represents "Net assets"/ "Total assets" at term end.
	"Equity-to-asset ratio" stated above was not calculated based on the public notice of "Equity-to-asset ratio".

2. Non-consolidated earnings forecast for fiscal year 2022 (from April 1, 2022 to March 31, 2023)

(Percentages indicate year-on-year changes.)

		Ordinary profit			Profit		Basic earnings
					per share
Fiscal year 2022	Millions of yen		%		Millions of yen	%	Yen
ending Mar.31, 2023	33,000		(4.2)		23,500	0.5	57.20
Note:	Revisions to the forecast of earnings most recently announced: Yes

• Semi-annualfinancial results reports are exempt from semi-annual review conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts, and other special matters

･The Gunma Bank, Ltd. falls under the category of "Specified Business Corporation" under Article 17-15-2 of the Cabinet Office Ordinance Concerning Disclosure of Public Companies; accordingly, it has prepared its interim consolidated financial statements and interim non-consolidated financial statements for the six months ended September 30, 2022.

･The description of future performance of this report is based on information which is presently available and certain assumptions which are considered to be reasonable, and it does not guarantee future performance. Please take note that future performance may differ from forecasts depending on various future factors.

The Gunma Bank, Ltd.

Consolidated Financial Results for the Six Months Ended September 30, 2022

Table of contents

1. Qualitative information related to the interim financial results
(1)	Qualitative information related to the operating results	･････････････････････････････････････････････	2
(2)	Qualitative information related to the financial position	･････････････････････････････････････････････	2
(3)	Qualitative information related to the consolidated earnings forecast, etc ･･･････････････････････････	2

2. Consolidated interim financial statements and notes

(1)	Consolidated interim balance sheets ･･････････････････････････････････････････････････････････････	3
(2)	Consolidated interim statements of income and comprehensive Income ･･･････････････････････････	4
(3)	Consolidated interim statements of changes in net assets ･･････････････････････････････････････････	5
(4)	Notes to the consolidated interim financial statements ･････････････････････････････････････････････	7

3. Non-consolidated interim financial statements

(1)	Non-consolidatedinterim balance sheets ･･････････････････････････････････････････････････････････	8
(2)	Non-consolidatedinterim statements of income ････････････････････････････････････････････････････	10
(3)	Non-consolidated interim statements of changes in net assets ･････････････････････････････････････	11

Supplementary information

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The Gunma Bank, Ltd.

Consolidated Financial Results for the Six Months Ended September 30, 2022

1. Qualitative information related to the interim financial results

1. Qualitative information related to the operating results
   Operating results for the first half of the consolidated fiscal year under review were as follows.
   Ordinary income amounted to 91,507 million yen, an increase of 13,948 million yen year on year, mainly due to increases in other income such as gain on sales of stock and other securities, etc. Ordinary expenses amounted to 73,307 million yen, an increase of 19,383 million yen year on year, mainly due to increases in other ordinary expenses such as loss on sales of bonds, etc.
   As a result, ordinary profit amounted to 18,200 million yen, a decrease of 5,435 million yen year on year. Also, profit attributable to owners of parent amounted to 13,793 million yen, a decrease of 1,578 million yen year on year.
2. Qualitative information related to the financial position
   The financial position as of the end of the first half of the consolidated fiscal year under review was as follows.
   Total assets decreased by 1,167.4 billion yen to 9,981.0 billion yen during the period under review, whereas total liabilities decreased by 1,136.1 billion yen to 9,483.1 billion yen during the period under review. Also, net assets decreased by
   31.3 billion yen to 497.9 billion yen during the period under review. As for the main accounts, loans and bills discounted increased by 45.8 billion yen to 5,803.9 billion yen during the period under review. Securities decreased by 137.9 billion yen to 2,363.0 billion yen during the period under review. Deposits decreased by 69.5 billion yen to 7,889.7 billion yen during the period under review.
3. Qualitative information related to the consolidated earnings forecast, etc
   Earnings forecasts for fiscal year 2022, ending March 31, 2023 has been revised as follows based on the perfomance up to the first half period, etc. Note that profit has not been revised for either consolidated or non-consolidated.

(Unit : Billions of yen)

		FY2022 ending		Forecast at the	FY2022 ending		Forecast at the
		Mar.31,2023		beginning of	Mar.31,2023		beginning of
		【Consolidated】	(a) - (b)	the period	【Non-Consolidated】	(c) - (d)	the period
		(a)		(b)	(c)		(d)
	Ordinary profit	37.5	(1.5)	39.0	33.0	(1.5)	34.5
	(Attributable to
	owners of parent)	27.0	―	27.0	23.5	―	23.5
	Profit
Note:	Earnings forecasts are based on information available at the present time.
	Actual results may differ from the forecasts due to various of economic situation and stock price level, etc.

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