Resona Holdings: F3/26 Results: Earnings & Capital Policy (Room for Growth Investments, Enhanced Return) Positive in the Details

研报英文原文证据摘录

Resona Holdings: F3/26 Results: Earnings & Capital Policy (Room for Growth Investments, Enhanced Return) Positive in the Details

Update

May 12, 2026 12:05 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MResona Holdings (8308) | Japan Mia Nagasaka

Equity Analyst

F3/26 Results: Earnings & Mia.Nagasaka@morganstanleymufg.com +81 3 6836-8406

Resona Holdings (8308.T, 8308 JT)

Banks | JapanCapital Policy (Room for

Stock Rating Equal-weight

Industry View Attractive

Price target ¥1,970Growth Investments, Enhanced Shr price, close (May 12, 2026) ¥2,054

Mkt cap, curr, basic (bn) ¥4,688.9

Avg daily trading value (bn) ¥14.1Return) Positive in the Details

Related report:

Reaction to earnings Transportation/ Financials: Reports of

Strengthens our thesis Modest upside Modest revision higher Partnership Between JR West & Resona HD (30

Impact to our thesis Financial results versus consensus Direction of next 12-month Apr 2026)

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Guidance targets a 38.8% gross return ratio, and we also see opportunity for

additional return.

Resona disclosed it plans to use potential cash inflow (¥90bn) from capital

alliance with West Japan Railway (covered by Takuya Osaka) for growth

investments.

F3/26 results overview: 1) Resona reported F3/26 results with ¥258.7bn in

consolidated NP (+21.3% YoY), ¥334.2bn in core net business income, a 4.8% YoY

rise in loan value (average outstanding value ex. government loans; +3.84% F3/27

target), and a 0.26% increase in yield (+0.21%). Fee income was up ¥2.5bn YoY.

Bond-related income (including futures) climbed ¥2.5bn. Other securities valuation

difference was -¥16.3bn for foreign bonds, -¥76.4bn for domestic bonds (adjusted

for hedges; 5.7-year duration), and ¥710.3bn for stocks.