Shiga Bank (8366): 4Q: Somewhat positive; MTP ROE target in FY3/29 was raised from 6% to 8%

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Shiga Bank (8366): 4Q: Somewhat positive; MTP ROE target in FY3/29 was raised from 6% to 8%

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Shiga Bank (8366)

4Q: Somewhat positive; MTP ROE target in

FY3/29 was raised from 6% to 8%

Reiterate Rating: UNDERPERFORM | PO: 2,150 JPY | Price: 1,976 JPY

13 May 2026

Results date: 13 May (Wed) 15:00 / Conference call: None Equity

Somewhat positive

Yuji Kobayashi >>

FY3/26 full year: Non-consolidated pre-provision operating profit was JPY15.8bn (YoY Research Analyst

+15% / 79% progress vs full-year guidance), and consolidated NP was JPY21.3bn (YoY BofAS Japan

+81 3 6225 8791

+14% / 106%). Non-consolidated pre-provision operating profit undershot vs our yuji.kobayashi@bofa.com

estimate due to higher bond loss-cutting, but consolidated NP was in line with our Shinichiro Nakamura >>

estimate with no surprise due to higher gains on stock sales. As of end-FY3/26, JGB Research Analyst BofAS Japan

unrealized losses were JPY -57.8bn (deterioration of JPY -4.9bn vs end-December), and +81 3 6225 8824

foreign bond unrealized losses were JPY -2.5bn (deterioration of JPY -2.2bn), showing shinichiro.nakamura@bofa.com

slight deterioration; the total was 143% of the full-year ordinary profit guidance and Taisei Okui >> Research Analyst

somewhat high within our coverage regional banks, but there is no concern when BofAS Japan

considering unrealized gains on equities. +81taisei.okui@bofa.com3 6225 8947

FY3/27 guidance: Non-consolidated pre-provision operating profit of JPY33.2bn (YoY

+111%) and consolidated NP of JPY28.5bn (YoY +34%). Consolidated NP exceeded our

estimate of JPY25.8bn and the IFIS consensus of JPY26.0bn. The main reason for the Stock Data

upside is that in the initial guidance, other operating profit is JPY -5.4bn and does not