Chiba Bank (8331): 1Q results: Larger-than-expected yen bond portfolio rebalancing, but full-year guidance unchanged

研报英文原文证据摘录

Chiba Bank (8331): 1Q results: Larger-than-expected yen bond portfolio rebalancing, but full-year guidance unchanged

J P M O R G A N Asia Pacific Equity Research

04 August 2026

Chiba Bank (8331) Overweight

8331.T, 8331 JP

1Q results: Larger-than-expected yen bond portfolio Price (04 Aug 26):¥2,632

rebalancing, but full-year guidance unchanged Price Target (Dec-26):¥2,890

Neutral: Net profit for 1Q FY2026 was ¥29.9 billion, up 37% YoY and 18% QoQ, Japan Equity Research

exceeding our ¥24.6 billion estimate. As we had expected, both bond sale losses

Banks

and investment trust redemption gains of similar scale were recorded in 1Q, but

both amounts were larger than anticipated. Chiba Bank appears to have conducted Takahiro Yano, CFA AC

more yen bond rebalancing than we expected, and we think this will contribute to (81-3) 6736-8616

takahiro.yano@jpmorgan.com

higher net interest income in the future. FY2026 earnings guidance was left

Kohichi Takano

unchanged. In addition, the share buyback announced today was capped at ¥15 (81-3) 6736 8621

billion, below our expectation of ¥20 billion. kohichi.takano@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Larger-than-expected bond loss cuts in 1Q: See Figure 1 for quarterly

earnings trends. Within net interest income, domestic loan and deposit interest

was in line with our expectations. However, net fee and commission income

exceeded our forecast due to one-off factors. Expenses and credit costs were

also lower than our estimates. As a result, ordinary profit beat our forecast. The

bond-related losses exceeded our ¥18 billion estimate (the same as Chiba

Bank's FY2026 guidance) by ¥11.1 billion, but investment trust redemption

gains (included in the other portion of net interest income) also surpassed our