Resona Holdings (8308): FY3/26 briefing: ROE 14% envisaged at 1.5% policy rate; focus also on M&A

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Resona Holdings (8308): FY3/26 briefing: ROE 14% envisaged at 1.5% policy rate; focus also on M&A

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Resona Holdings (8308)

FY3/26 briefing: ROE 14% envisaged at

1.5% policy rate; focus also on M&A

Maintain Rating: BUY | PO: 2,350 JPY | Price: 2,078 JPY

19 May 2026

Resona HD held its FY3/26 full-year results briefing at 15:30 on May 19. While there was

Equitylimited new information following prior medium-term plan and earnings calls, we focus

on additional upside to ROE from expanding inorganic investment versus the previous Shinichiro Nakamura >>

plan (regional bank consolidation; expansion in securities/non-bank/AM businesses). Research Analyst

BofAS Japan

Given the fastest ROE improvement pace and among the highest valuation levels within +81 3 6225 8824

major banks, we maintain our Buy rating. Key management messages are as follows. shinichiro.nakamura@bofa.com

Yuji Kobayashi >>

(1) FY3/29 NP target implies ROE 14% at 1.5% policy rate; ResearchBofAS JapanAnalyst

fee growth from FY3/28 onward +81yuji.kobayashi@bofa.com3 6225 8791

The FY3/29 NP target assumes a 1.0% policy rate, delivering ROE 12% (OHR in the 49% Taisei Okui >>

range), with ROE of 14% projected at a 1.5% policy rate. (We estimate around 15% ROE Research Analyst BofAS Japan

in FY3/29 under 1.5% policy rate.) Fee income is planned to grow 10% over three years +81 3 6225 8947

(+¥22.5bn), but FY3/27 is expected to be roughly flat (corporate solutions revenue taisei.okui@bofa.com

declines due to the absence of large deals), with full-scale expansion from the following

year. Payment-related revenues leveraging its financial digital platform are performing

well; synergies with JR West warrant attention. Stock Data

(2) ¥200bn inorganic investment across broad areas; Price 2,078 JPY