SBI Shinsei Bank (8303): FY3/26 briefing: FY3/27 guidance upside, NP downside; watch regionals investment

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SBI Shinsei Bank (8303): FY3/26 briefing: FY3/27 guidance upside, NP downside; watch regionals investment

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SBI Shinsei Bank (8303)

FY3/26 briefing: FY3/27 guidance upside,

NP downside; watch regionals investment

Maintain Rating: UNDERPERFORM | PO: 1,800 JPY | Price: 1,657 JPY

14 May 2026

SBI Shinsei Bank held its FY3/26 full-year earnings call at 14:00 on 14 May. While its

Equityrelatively conservative FY3/27 profit guidance led to relative underperformance versus

the banking sector, there is scope for a bottoming trend in relative share price if Shinichiro Nakamura >>

expectations for upward revisions to profit guidance and continued NIM improvement Research Analyst

BofAS Japan

gain traction. At present, however, downside risk to consolidated NP remains due to a +81 3 6225 8824

sharp rise in the effective tax rate, and there is no sign of a shift away from its strategy shinichiro.nakamura@bofa.com

of prioritizing deposit balance growth over NIM expansion. Considering its P/B-ROE Yuji Kobayashi >>

Research Analyst

valuation, we maintain our Underperform rating. Key management messages are as BofAS Japan

follows: +81yuji.kobayashi@bofa.com3 6225 8791

(1) FY3/27 gross profit guidance (YoY +¥25.0bn) appears conservative with upside Taisei Okui >> Research Analyst

potential BofAS Japan

+81 3 6225 8947

Given that FY3/26 gross profit came in above market expectations, driven mainly by NII taisei.okui@bofa.com

and fee income, FY3/27 gross profit guidance (YoY +¥25.0bn) appeared somewhat

underwhelming relative to market expectations. Management stated that certain items

not currently factored into the guidance (e.g., capital gains, inorganic initiatives) remain, Stock Data

and these will be incorporated into company guidance as visibility improves.