楽天銀行: 投資判断EWで調査再開：EPS希薄化は概ね織り込み済み、中長期シナジーはまだ不透明

Research evidence excerpt

楽天銀行: 投資判断EWで調査再開：EPS希薄化は概ね織り込み済み、中長期シナジーはまだ不透明

20 経常費用 33,561 36,511 38,085 44,331 45,930 47,375 47,830 49,982 89,583 113,009 152,488 191,117 213,828 235,983

21 資金調達費用 11,064 13,043 13,434 17,628 17,433 17,686 18,544 18,939 11,125 27,129 55,169 72,602 82,487 87,806

22 役務取引等費用 8,388 8,330 8,462 8,587 8,832 8,965 9,111 9,307 33,407 33,853 33,767 36,215 38,931 41,850

23 その他業務費用 0 0 0 0 0 0 0 0 0 0 0 0 0 0

24 営業経費 13,027 13,792 14,465 15,650 17,066 18,103 17,456 18,956 41,950 46,349 56,934 71,581 78,423 92,089

25 その他経常費用 1,082 1,346 1,724 2,466 2,271 2,288 2,381 2,436 3,101 5,678 6,618 9,376 12,542 12,684

26 非金融事業費用 0 0 1,344 1,445 1,553

調整後連結損益計算書項目 (試算)

27 調整後経常収益 57,504 60,857 64,902 72,316 72,987 74,903 79,570 82,315 137,950 184,534 255,579 309,776 344,375 382,752

28 ローン保証料 2,900 2,900 2,900 2,700 2,956 2,956 2,956 2,956 13,900 12,600 11,400 11,822 11,822 11,822

29 調整後資金運用収支 29,648 30,631 33,864 36,931 36,435 37,850 41,389 43,385 59,493 88,455 131,074 159,059 178,802 205,724

30 調整役務取引収支 6,479 6,494 7,026 7,089 7,519 7,609 7,708 7,840 23,342 25,092 27,088 30,676 32,510 35,297

31 調整後業務粗利益 37,868 39,252 42,844 45,769 45,854 47,359 50,997 53,125 92,518 122,712 165,733 197,335 218,912 248,622

32 調整後物件費 8,500 9,200 10,200 11,017 10,540 11,408 12,648 13,661 28,355 31,296 38,917 48,257 57,908 69,490

33 調整後営業経費 13,027 13,792 14,465 15,650 17,066 18,103 17,456 18,956 41,950 46,349 56,934 71,581 78,423 92,089

34 調整後営業経費率 (%) 34.4% 35.1% 33.8% 34.2% 37.2% 38.2% 34.2% 35.7% 45.3% 37.8% 34.4% 36.3% 35.8% 37.0%

Key Metrics

35 口座数 (末残、千口座) 17,070 17,320 17,630 18,070 18,350 18,619 18,952 19,425 15,230 16,830 18,070 19,425 20,882 22,448

36 YoY 7.6% 7.0% 7.0% 7.4% 7.5% 7.5% 7.5% 7.5% 10.9% 10.5% 7.4% 7.5% 7.5% 7.5%

37 メイン口座比率 33.0% 32.9% 32.9% 32.8% 31.5% 32.7% 32.8% 33.3% 33.8% 34.3%