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Hokkoku Bank / 8363 Hokkoku Bank / 8363 COVERAGE INITIATED ON: 2020.09.29 LAST UPDATE: 2020.09.29 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. Research Coverage Report by Shared Research Inc. Hokkoku Bank / 8363 RCoverage LAST UPDATE: 2020.09.29 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Banking business earnings structure and glossary ------------------------------------------------------------------------------------------ 6 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 8 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 8 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 9 Quarterly trends and results ----------------------------------------------------------------------------------------------------------------------------------- 9 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 16 Bank overview ---------------------------------------------------------------------------------------------------------------------------------------------------- 16 Business description -------------------------------------------------------------------------------------------------------------------------------------------- 18 Business model reform process ----------------------------------------------------------------------------------------------------------------------------- 24 Net interest income (83.9% of non-consolidated core gross profit) --------------------------------------------------------------------------- 29 Net noninterest income (16.1% of non-consolidated core gross profit) --------------------------------------------------------------------- 34 Market and value chain---------------------------------------------------------------------------------------------------------------------------- 43 Market size and trends in regional banking industry ------------------------------------------------------------------------------------------------ 43 Main competitors ----------------------------------------------------------------------------------------------------------------------------------------------- 48 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 51 Historical performance and financial statements ------------------------------------------------------------------------------------------ 53 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 53 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 54 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 55 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 56 Other information ---------------------------------------------------------------------------------------------------------------------------------- 60 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 60 Consolidated subsidiaries ------------------------------------------------------------------------------------------------------------------------------------ 60 Corporate governance and top management (end-March 2020) ------------------------------------------------------------------------------ 61 Dividend policy -------------------------------------------------------------------------------------------------------------------------------------------------- 61 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 62 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 62 Profile ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 62 02/63 Hokkoku Bank / 8363 RCoverage LAST UPDATE: 2020.09.29 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp Executive summary Business overview ◤ Hokkoku Bank is a mid-tier regional bank with a lending share of 43.1% in Ishikawa Prefecture (loans outstanding in the prefecture totaled JPY4.2tn as of FY03/19). Hokkoku Bank is one of the 64 regional banks classified by the Financial Services Agency (FSA), among 191 Japanese banks licensed to operate in Japan under the Banking Act. 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 30%, and also become the first Japanese bank to move its backbone system (core banking system that manages customer accounts) to the cloud (migration scheduled to be completed in 2021). 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. Core gross profit has been at a CAGR of -1.7% over the last 10 years and core operating profit (equivalent to operating profit for companies) at a CAGR of - 3.7%, still a milder decline compared with rivals (Hokuriku Bank: -5.4%, Fukui Bank: -13.2%). ◤ 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 a 30% reduction 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 also plans to migrate its backbone system to a public cloud service by 2021 (another industry first). Its labor productivity (core gross profit/number of employees) has been at a CAGR of -0.2% over the last 10 years in part
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