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Hokkoku Bank Coverage initiated on: 2020-09-01 ResearCh Coverage Report By Shared ResearCh InC. Last update: 2021-08-02 8363 Hokkoku Bank Shared ResearCh InC. has produCed this report By request from the Company disCussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared ResearCh InC. make every effort to provide an aCCurate, oBjeCtive, and neutral analysis. In order to highlight any Biases, we Clearly attriBute our data and findings. We will always present opinions from Company management as suCh. Our views are ours where stated. We do not try to ConvinCe or influenCe, only inform. We appreCiate your suggestions and feedBaCk. Write to us at [email protected] or find us on BloomBerg. INDEX ExeCutive summary . .3. Key finanCial data . .5. Banking Business earnings struCture and glossary . .6. ReCent updates . .8. Trends and outlook . 9. Quarterly trends and results . .9. Business . .1.6. Bank overview . 1.6. Business desCription . .1.8. Business model reform proCess . .2.3. Net interest inCome (88.5% of non-Consolidated Core gross profit) . .2.8. Net noninterest inCome (16.3% of non-Consolidated Core gross profit) . .3.4. Market and value Chain . 4. .4. Market size and trends in regional Banking industry . .4.4. Main Competitors . .4.8. Strengths and weaknesses . .5.1. HistoriCal performanCe and finanCial statements . .5.4. InCome statement (Consolidated) . .5.4. InCome statement (non-Consolidated)&nBsp; &nBsp;&nBsp; . .5.5. BalanCe sheet (Consolidated)&nBsp; &nBsp;&nBsp; . 5. 6. BalanCe sheet (non-Consolidated) . .5.7. Cash flow statement . .5.8. HistoriCal performanCe . .5.8. Other information . 6. .7. News and topiCs . .7.0. Company profile . .7.3. Hokkoku Bank/ 8363 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 2 ExeCutive summary Business overview Hokkoku Bank is a mid-tier regional Bank with a lending share of 42.5% in Ishikawa PrefeCture. The Bank plans to estaBlish a holding Company, The Hokkoku FinanCial Holdings Co., Ltd. through a simple transfer of shares, effeCtive OCtoBer 1, 2021. Hokkoku Bank is one of the 62 regional Banks Classified By the FinanCial ServiCes AgenCy (FSA), among 189 Japanese Banks liCensed to operate in Japan under the Banking ACt. Its loans outstanding in the prefeCture now stand at JPY4.3tn. The Bank raises short-term funds through individual deposits and invests in long-term assets suCh as Corporate loans and seCurities, earning the yield spread Between long- and short-term interest rates in the form of interest inCome, its main sourCe of profit. Against the BaCkdrop of a sustained deCline in its deposit-lending margins, Hokkoku Bank Considers reduCing general and administrative expenses and expanding noninterest inCome as top priorities for its Banking Business. It has sCaled down its BranCh network By just under 40%, and in May 2021 BeCame the first Japanese Bank to launCh the Cloud-Based operation of its BaCkBone system (Core Banking system that manages Customer aCCounts). The Bank is digitalizing its Banking operations ahead of rivals, and strengthening its Cost Competitiveness in an effort to support sustainaBle operations. Hokkoku Bank has Been foCusing on expanding noninterest inCome Businesses (Consultation serviCes, Bank Cards, and Leasing) to offset a deCline in its interest inCome attriButaBle to a ContraCtion in deposit-lending margins. At present, its net noninterest inCome aCCounts for 16.1% of Core gross profit (equivalent to gross profit for Companies; total of net interest inCome and net noninterest inCome), exCeeding the average of 13.7% for the 64 regional Banks as of FY03/20. Non- Consolidated Core gross profit has shown a CAGR of -1.7% over the last 10 years. Non-Consolidated Core operating profit (equivalent to operating profit for Companies) CAGR has Been -3.6%, whiCh as of FY03/21 was still deClining at a rate slower than at rivals (Hokuriku Bank: -4.1%, Fukui Bank: -9.0%). Hokkoku Bank CommenCed a drastiC overhaul of its Business model in 2000. The oBjeCtive was to Create a virtuous CyCle By enhanCing produCtivity through the adoption of information and CommuniCations teChnology (ICT). This was expeCted to fuel Changes in work styles, drive reforms of the personnel evaluation system, and ultimately give rise to a mindset Change of employees that would further aCCelerate produCtivity improvements. The Bank adopted groupware to visualize its operations and enhanCe produCtivity. It also revamped its personnel evaluation system, disCarding the traditional sales quotas imposed By supervisors and introduCing a system that assesses employees Based on whether they aChieved oBjeCtives in CollaBoration with their Colleagues and organizations. These reforms have virtually eliminated overtime work and ContriButed to a Change in employee mindset from the previous emphasis on meeting quotas individually to a Commitment to resolving Customer proBlems CollaBoratively as a team. The reforms that started with a review of the Bank’s IT systems (extending to Banking offiCe work) have Been underway for two deCades. They have resulted in reduCtion of just under 40% in BranChes, simplified sCreening proCesses, a transition from outsourCed to in-house systems development, a move of its BaCkBone system to an open system, and the migration of online Banking (Customer serviCes) to the Cloud (a Banking industry first in Japan). The Bank Completed migration of its BaCkBone system to a puBliC Cloud serviCe in May 2021 (another industry first). Its laBor produCtivity (Core gross profit/numBer of employees) has Been at a CAGR of -0.4% over the last 10 years in part due to ContraCtion in Core gross profit, But the deCline has still Been modest Compared with rivals (Hokuriku Bank: -1.0%, Fukui Bank: -3.2%). Hokkoku Bank aims to provide additional Customer value through Consultation serviCes, leveraging its experienCe from its own operational reforms and implementation of ICT solutions. It has shifted its foCus from ad-hoC lending to a lending stanCe rooted in an understanding of the potential and future prospeCts of Customer Businesses and has started leveraging its sCreening expertise in Consultation serviCes. Drawing on its experienCe in digitalizing Business proCesses, it has Begun offering ICT and produCtivity improvement Consultation serviCes through a team of 100 memBers (mainly exCess personnel due to BranCh network reduCtion). In addition, the Bank is a liCensed Visa deBit Card issuer. It not only issues deBit Cards But also aCts as an aCquirer, providing a Cashless payment method to Consumers in the Hokuriku area—where adoption of Cashless payments has Been slow—and Creating earnings opportunities for affiliated merChants. In 2016, Hokkoku Bank BeCame the first Japanese regional Bank to launCh an overseas BranCh in Southeast Asia (Singapore) to provide support for Business transaCtions in the region. Through its Singapore BranCh, the Bank provides overseas support to Hokuriku-Based Companies seeking to expand their sales Channels overseas. Hokkoku Bank’s non-Consolidated earnings (Core gross profit) Comprise net interest inCome (over 80% of Core gross profit) and net noninterest inCome (fee inCome). Its inCome, mainly generated from lending and deposit transaCtions, is CalCulated By multiplying loans outstanding By deposit-lending margins, and interest margins are yield on loans minus yield on deposits and general and administrative expenses. While the Bank of Japan (BOJ) has maintained its negative interest rate poliCy, the Bank’s yield on deposits has hovered around zero. As yield on deposits has no room to deCline further, the ongoing Hokkoku Bank/ 8363 ResearCh Coverage Report By Shared ResearCh InC. | https://sharedresearCh.jp 3 ContraCtion in deposit-lending margins Can Be partly attriButed to an inexoraBle deCline in the yield on loans. The Bank’s fee inCome (i.e., noninterest inCome) is a produCt of the Customer Count and fees per Customer. InCome in the Consultation serviCes Business is CalCulated as the hourly rate multiplied By the numBer of staff deployed, inCome in the Bank Cards Business Corresponds to affiliated merChant fees (inCluding Card issuanCe fees), and inCome in the Leasing Business is the produCt of the lease BalanCe and lease rate. Hokkoku Bank’s strategiC deCisions are diCtated By the Basel III Capital adequaCy ratio requirements (minimum of 10.5%) speCified By the Basel Committee on Banking Supervision (BCBS). To keep its Capital adequaCy ratio aBove a Certain level, the Bank must expand its Capital at a faster paCe than its assets. At the same time, inCreases in its Capital adequaCy ratio lead to a deCline in ROE (BeCause ROE = ROA x finanCial leverage). This means the Bank needs to improve ROA to a greater extent than just what is neCessary to offset the deCline in ROE. To expand ROA (≂ profit/assets ≂ (gross profit/assets) x 1 - overhead ratio [OHR = general and administrative expenses/gross profit]), the Bank Can pursue two strategies: inCrease ROA itself or reduCe OHR. To strengthen ROA, Hokkoku Bank is foCusing on expanding inCome from its Consultation serviCes, Bank Cards, and Leasing Businesses. To reduCe OHR, it has sCaled BaCk its BranChes and undertaken measures to reduCe Costs suCh as migrating its BaCkBone system to the Cloud. Earnings trends On a Consolidated Basis, Hokkoku Bank reported FY03/21 Consolidated ordinary inCome of JPY79.1Bn (+5.8% YoY), ordinary profit of JPY12.9Bn (-2.2% YoY), and profit of JPY6.8Bn (-7.6% YoY). The Consolidated Capital adequaCy ratio (international standard) was 13.04% (+2.74pp YoY). On a non-Consolidated Basis, Core gross profit Came to JPY41.0Bn (-1.5% YoY), Core operating profit to JPY11.8Bn (-3.2% YoY), and ordinary profit to JPY11.3Bn (-5.8% YoY). The main faCtor pushing down profit was a 16.0% YoY inCrease in Cost of Credit to JPY11.3Bn. For FY03/22, the Bank foreCasts Consolidated ordinary profit of JPY12.5Bn (-3.0% YoY) and profit attriButaBle to owners parent of JPY5.5Bn (-18.5% YoY).
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