Credit Saison (8253) Results at Indian subsidiary (4Q FY2025): Signs of recovery in pace of loan balance growth

Research evidence excerpt

Credit Saison (8253) Results at Indian subsidiary (4Q FY2025): Signs of recovery in pace of loan balance growth

J P M O R G A N Asia Pacific Equity Research

13 May 2026

Credit Saison (8253) Overweight

8253.T, 8253 JP

Results at Indian subsidiary (4Q FY2025): Signs of Price (12 May 26):¥4,369

recovery in pace of loan balance growth Price Target (Dec-26):¥5,000

Credit Saison consolidated subsidiary Kisetsu Saison Finance (India) reported 4Q Japan Equity Research

FY2025 results on May 12. We believe profits were generally at the same level as

Insurance, Securities, Diversified

3Q excluding the special factor discussed below, but signs of a recovery in the pace Financials

of loan balance growth were positive. Credit Saison plans to report FY2025 results AC Koki Sato

on May 15, and we will focus on the outlook for the India business, considering the

(81-3) 6736-8609

impact of the Middle East conflict and other factors. koki.sato@jpmorgan.com

• 4Q results at Indian subsidiary (Figure 1): Pretax profit was high at Yuka(81-3) 6736-8619Azami

INR3,420 million (about ¥6 billion) in 4Q FY2025, but this mainly reflects a yuka.azami@jpmorgan.com

INR2,036 million gain from the reversal of expected credit loss (ECL) JPMorgan Securities Japan Co., Ltd.

provisions due to an easing of the treatment of default loss guarantees in the

calculation of ECL provisions to the method that was used before regulations

were strengthened in 2025. This regulatory strengthening had an impact from

4Q FY2024, but because this impact was adjusted when reflected in Credit

Saison’s consolidated accounts, we expect the current reversal gain to have a

neutral impact on consolidated earnings. Pretax profit excluding this special

factor was INR1,383 million in 4Q FY2025, and reflecting the yen-translated