77 Bank (8341): 4Q: Somewhat positive; no buyback, but FY3/27 guidance significantly overshoot

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77 Bank (8341): 4Q: Somewhat positive; no buyback, but FY3/27 guidance significantly overshoot

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77 Bank (8341)

4Q: Somewhat positive; no buyback, but

FY3/27 guidance significantly overshoot

Reiterate Rating: NEUTRAL | PO: 3,750 JPY | Price: 3,175 JPY

13 May 2026

Results date: 13 May (Wed) 14:30 / Conference call: None Equity

Somewhat positive

Yuji Kobayashi >>

FY3/26 full year: Non-consolidated pre-provision operating profit (PPOP) was ¥49.9bn Research Analyst

(YoY +34% / 85% progress vs full-year guidance), and consolidated net profit (NP) was BofAS Japan

+81 3 6225 8791

¥54.0bn (YoY +38% / 115%). Non-consolidated PPOP undershot owing to bond loss- yuji.kobayashi@bofa.com

cutting, but thanks to upside in gains on stock sales, consolidated NP was in line with Shinichiro Nakamura >>

our estimate with no surprise. Although the consolidated NP progress rate was high at Research Analyst BofAS Japan

115%, over the past five years the company has achieved results 10–15% above its full- +81 3 6225 8824

year consolidated NP guidance, and the progress of 15% above the consolidated NP shinichiro.nakamura@bofa.com

guidance of ¥47.0bn is in line with our expectation. As of end-FY3/26, JGB unrealized TaiseiResearchOkuiAnalyst>>

losses were -¥82.3bn (deterioration of -¥1.6bn vs end-Dec), and foreign bond unrealized BofAS Japan

losses were -¥2.4bn (deterioration of -¥0.2bn), showing slight deterioration, with total at +81taisei.okui@bofa.com3 6225 8947

95% of FY3/27 ordinary profit guidance and somewhat high.

FY3/27 guidance: Non-consolidated core pre-provision operating profit of ¥82.2bn (YoY

+10%) and consolidated NP of ¥61.5bn (YoY +14%). Considering that NP tends to Stock Data

exceed guidance by 10–15% or more at the FY3/27 full-year results, the underlying