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Annual Report 2020(FY2019)

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Annual Report 2020(FY2019) Hokuhoku Financial Group, Inc. Annual Report 2020 Annual Report 2020 Year ended March 31, 2020 Hokuhoku Financial Group, Inc. Company outline (as of March 31, 2020) Company name: Hokuhoku Financial Group, Inc. Date of establishment: September 26, 2003 Location of head office: 1-2-26 Tsutsumicho-dori, Toyama City Purpose of business: Management and control of subsidiaries and affiliates and ancillary and related business Capital: ¥70,895 million Shares issued and outstanding: Common stock ……………………… 132,163,014 Preferred stock (Type 5) …………… 96,698,000 Exchange listings: ‌Tokyo Stock Exchange (First Section) Sapporo Securities Exchange This document contains forward-looking statements. Statements of this kind do not constitute guarantees of future performance, as factors such as changes in the operating environment may cause actual performance to differ. The figures stated in this document are, in principle, rounded down to the nearest whole unit. CONTENTS Profile ……………………………………………………………………… 1 Message from the Management ………………………………………… 2 Performance Highlights ………………………………………………… 4 Characteristics of Our Main Business Area …………………………… 8 President’s Message ……………………………………………………… 10 Process for value creation ……………………………………………… 14 Hokuhoku Financial Group SDGs Declaration and Key CSR Activity Themes …… 16 Medium-Term Management Plan “ALL for the Region” ……………… 17 Medium-Term Management Plan ……………………………………… 19 TOPICS in each strategic area ………………………………………… 21 Stakeholder Communication …………………………………………… 27 Building a sound and resilient management foundation ……………… 28 CORPORATE GOVERNANCE ……………………………………… 28 MEASURES FOR RISK MANAGEMENT …………………………… 33 MEASURES FOR COMPLIANCE …………………………………… 36 Consolidated Financial Statements Consolidated Balance Sheet ………………………………………… 39 Consolidated Statement of Income ………………………………… 40 Consolidated Statement of Comprehensive Income ……………… 40 Consolidated Statement of Changes in Equity ……………………… 41 Consolidated Statement of Cash Flows …………………………… 43 Notes to Consolidated Financial Statements ……………………… 44 Independent Auditor’s Report …………………………………………… 74 Non-consolidated Financial Statements The Hokuriku Bank, Ltd. Non-consolidated Balance Sheet (Unaudited) …………………… 77 Non-consolidated Statement of Income (Unaudited) …………… 78 The Hokkaido Bank, Ltd. Non-consolidated Balance Sheet (Unaudited) …………………… 79 Non-consolidated Statement of Income (Unaudited) …………… 80 Corporate Information …………………………………………………… 81 Outline of Subsidiaries — Hokuriku Bank ……………………………… 82 Outline of Subsidiaries — Hokkaido Bank ……………………………… 83 Directors …………………………………………………………………… 84 简单的本集团中文简要…………………………………………………… 85 Profile The operations of the Hokuhoku Financial Group Since its establishment in 1877, Hokuriku Bank has extend beyond the limits of a single district. developed an extensive network of branches throughout Our extensive network is outlined below. the Hokuriku district. On account of trade through the Hokuriku district …………………………… 151 branches Kitamae-bune or “Northbound Ships,” branches extended Toyama prefecture …………………………… 93 branches to the major cities of Hokkaido, enabling the bank to Ishikawa prefecture ………………………… 36 branches meet customers’ needs. The Hokkaido Bank, which was Fukui prefecture ……………………………… 22 branches established in 1951, has developed a network of branches Hokkaido …………………………………… 161 branches throughout Hokkaido, and built a firm business structure Three major metropolitan areas ………… 16 branches centered on individuals and small and medium-sized Tokyo and Yokohama ……………………… 9 branches enterprises. Nagoya ……………………………………… 3 branches The Hokuriku Bank, Ltd. and The Hokkaido Bank, Ltd. Osaka and Kyoto …………………………… 4 branches underwent management integration in September 2004 to form the Hokuhoku Financial Group Inc., which today oper- Others (Sendai, Niigata, Nagano, Takayama) … 4 branches ates a super-regional financial network that encompasses Overseas …………………………………… 9 offices the Hokuriku region, Hokkaido, and Japan’s three major New York Representative Office (Hokuriku Bank) metropolitan areas (Tokyo, Osaka, and Nagoya areas). Yuzhno-Sakhalinsk Representative Office (Hokkaido Bank) Vladivostok Representative Office (Hokkaido Bank) London Representative Office (Hokuriku Bank) Singapore Representative Office (Hokuriku Bank) Comprehensive business alliance Bangkok Representative Office (Hokuriku Bank) May 2002 between Dalian Representative Office (Hokuriku Bank) Hokuriku Bank and Hokkaido Bank Shanghai Representative Office (Hokuriku Bank) Shenyang Representative Office (Hokkaido Bank) Agreement on full integration of (As of June 30, 2020) May 2003 management of Hokuriku Bank and Hokkaido Bank London Vladivostok Yuzhno Shenyang Sakhalinsk New York September Hokugin Financial Group, Inc. Dalian 2003 established Shanghai Hokuriku Bank Group comes under Bangkok management of Hokugin Financial Singapore Group Management integration effected through equity swap Hokkaido September Hokuhoku Financial Group, Inc. was 2004 born. Hokuriku district Ishikawa Toyama Fukui Tokyo Osaka Nagoya Three major metropolitan areas Hokuhoku Financial Group, Inc. Annual Report 2020 1 MESSAGE FROM THE MANAGEMENT Left: Eishin Ihori Right: Masahiro Sasahara President Deputy President (concurrently serving as president of (concurrently serving as president of The Hokuriku Bank, Ltd.) The Hokkaido Bank, Ltd.) 2 Hokuhoku Financial Group, Inc. Annual Report 2020 We would like to express our sincere gratitude for your continued patronage of Hokuhoku Financial Group and its subsidiaries. The environment surrounding the Group has changed significantly since the outbreak of the COVID-19. Various demands have been lost due to decrease in activities of people, and it has affected the whole economy as we can see in dete- rioration in business confidence, production adjustment, postponement of capital investment and deterioration in employment environment. The impact on the re- gional economy, which has structural issues such as declining birthrate, aging population and outflow of population to urban areas, is intense and the outlook for the future is uncertain. In such an environment, our group will make full use of our ability to propose optimal solutions to customers with the wide range of financial products and ser- vices, which we have honed through our daily effort to meet customers’ various needs and to carry out the medium-term management plan, “ALL for the Region”. As a regional financial institution, we will exert our financial intermediary function and do our best to support customers in the region. In addition, regarding digital services such as online banking and cashless settlement services which we have promoted to improve convenience for custom- ers and operational efficiency in the Group, we will continue to improve and expand such services to meet customers’ new needs in their "new lives in the society with the COVID-19". In the medium-term management plan, we established our goal to be “a finan- cial group that contributes to customers and local communities by providing the best financial services in the egionr to create common values and to grow up and develop together with the region." We will continue to make efforts to improve corporate value and shareholder value by achieving that goal and by being chosen in the region. We would like to ask for your continued support and patronage. July 2020 Eishin Ihori Masahiro Sasahara President Deputy President Hokuhoku Financial Group, Inc. Annual Report 2020 3 PERFORMANCE HIGHLIGHTS Summary of Operations (Hokuhoku Financial Group, Inc.; on a consolidated basis) (¥ billion) With regard to the Company’s operating performance in the FY2019 FY2018 fiscal year ended March 31, 2020, consolidated ordinary Y-o-Y Change income fell by ¥1.2 billion year-on-year to ¥182.4 billion. Ordinary income 182.4 (1.2) 183.6 Consolidated ordinary profits decreased by ¥3.6 billion to Ordinary profits 31.6 (3.6) 35.3 ¥31.6 billion. Net income attributable to Net income attributable to owners of the parent de- 20.2 (4.1) 24.3 owners of the parent creased by ¥4.1 billion to ¥20.2 billion. The capital adequacy ratio was 8.94% on a consoli- Capital adequacy ratio 8.94% (0.15%) 9.09% dated basis at the end of the fiscal year. With regard to the payment of dividends for the fiscal year ended March 31, 2020, dividends for common stock were ¥40.00 per share, paid once as the year-end divi- dends, and dividends for preferred stock (Type 5) were the designated ¥7.50 per share (¥15 annually) paid respectively as the interim and year-end dividends. Summary of Operations (Hokuriku Bank and Hokkaido Bank) <Total of both banks> Total of both banks (¥ billion) Total ordinary income for both banks was ¥163.5 billion, FY2019 FY2018 down ¥2.2 billion year-on-year, while net income decreased Y-o-Y Change by ¥5.7 billion to ¥20.8 billion. Ordinary income 163.5 (2.2) 165.7 At Hokuriku Bank, ordinary income decreased by ¥1.7 Core gross business profits 123.2 (2.4) 125.7 billion to ¥88.5 billion and net income decreased by ¥4.3 Expenses (excluding tempo- 85.3 (1.1) 86.5 billion year-on-year to ¥11.2 billion. rarily processed portion) Core net business profits 37.8 (1.2) 39.1 At Hokkaido Bank, ordinary income decreased by ¥0.5 Excluding gains (losses) on billion to ¥74.9 billion and net income decreased by ¥1.4 34.5 (2.4) 37.0 cancellation of investment trusts billion year-on-year to ¥9.5 billion. Credit costs 12.0 7.4 4.6 Ordinary profits 31.4 (5.2) 36.7 Net income 20.8 (5.7) 26.6 (¥ billion) (¥ billion) Hokuriku
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