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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asbisc | LSE:ASB | London | Ordinary Share | CY1000031710 | ORD USD0.20 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 150.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number:0979P
Asahi Bank Ld
21 December 2001
Progress of the Managerial Reinvigoration Plan
1. Summary of results for the half year ended September 30, 2001
(1) Summary of results for the half year ended September 30, 2001
Net operating profit for the half year ended September 30, 2001 was Y101.5
billion. Although it was the highest level in history, the Bank posted ordinary
net loss and net loss of Y54.4 billion and Y29.7 billion, respectively, due to
Y101.3 billion equities-related loss resulting from sluggish stock markets and
introduction of the new accounting rules requiring evaluation of financial
assets at market. Disposal of non-performing assets was Y59.6 billion. It
exceeded the Managerial Reinvigoration Plan (the "Plan") to some extent due to
the influence of bankruptcy of large companies.
(Summary of Results for the half year ended September 30, 2001)(Nonconsolidated)
(Unit: billions of yen) Half year ended
September 30,2001
Amount of change Deviation from Amount of
from half year the Managerial change from
(Actual) ended September 30, Reinvigoration initial
2000 Plan projection
Actual net 101.5 24.2 6.5 21.5
operating profit*1
Gain (loss) on (101.3) (189.7) (105.0) -
equities-related
Disposal of 59.6 (46.6) 9.6 19.6
non-performing
assets *2
Ordinary net income (54.4) (81.9) (86.3) (79.4)
(loss)
Net income (loss) (29.7) (44.8) (47.7) (44.7)
*1 Net operating profit before additions to the general reserve for possible
loan losses
*2 Includes amounts of additions to the general reserve for possible loan
losses
- Expansion in Retail Banking Earnings
Net operating profit, which is the best indicator of the Bank's profitability,
was Y101.5 billion, up Y24.2 billion from the corresponding period in the
previous fiscal year. It is the highest level in history. Gross operating
profit increased about 10% due to the effect of the restructuring of asset
portfolio and improvement in interest spreads. On the other hand, expenses
decreased by the steady development of restructuring. Especially, expenses
other than IT expenditure were cut down by Y4.8 billion.
- Supported by high-quality retail banking assets, actual net operating
profit exceeded Y100.0 billion, the highest level in the Bank's history
(Unit: Half year Half year Half year Half year
billions of yen) ended ended ended ended
September September September September
30, 2001 30, 2000 30, 1999 30, 1998
(a) (a)-(b) (b) (c) (d)
Net operating 97.2 16.7 80.5 82.2 69.1
profit
(Prior to 101.5 24.2 77.3 79.7 86.9
additions to
general reserve for
possible loan
losses)
(Prior to gains 95.2 16.0 79.2 82.7 73.5
(losses)from bonds
and additions to the
general reserve for
possible loan losses)
- Gross operating profit rose about 10% as a result of improvement in
margins, because of restructuring of the Bank's asset portfolio and other
factors.
(Unit: Half year Half year Half year
Y100 million) ended ended ended
September September September
30, 2001 30, 2000 30, 1999
(a) (a)-(b) (b) (c) (a)-(c)
Gross operating
Profit 227.9 22.8 205.1 204.9 23.0
Including domestic
gross operating
profit 215.3 21.1 194.2 191.8 23.5
Including interest
on loans and
discounts 191.5 12.9 178.6 180.7 10.8
Half year Half year Half year
ended ended ended
September September September
30, 2001 30, 2000 30, 1999
(a) (a)-(b) (b) (c) (a)-(c)
Yield on domestic
deposits and loans 1.92% 0.05% 1.87% 1.93% (0.01%)
Yield on loans and
discounts 2.05% 0.00% 2.05% 2.17% (0.12%)
Yield paid on
deposits 0.13% (0.05%) 0.18% 0.23% (0.10%)
Overall yield on
earning assets 0.51% 0.12% 0.39% 0.46% 0.05%
(Unit: Half year Half year Half year
billions of yen) ended ended ended
September March September
30, 2001 31, 2000 30, 2000
(a) (a)-(b) (b) (c) (a)-(c)
Loans outstanding
(domestic operating
divisions) 19,380.1 (867) 19,466.8 19,545.3 (165.2)
Including, housing
loans (after
securitizations) 6,292.5 167.0 6,125.5 5,970.5 322.0
Ratio of housing
loans to total
domestic loans 32.4% 1.0% 31.4% 30.5% 1.9%
- As a result of steady progress in restructuring, the Bank has continued to
reduce ordinary expenses
(Unit: Half year Half year Half year
Y100 million) ended ended ended
September September September
30, 2001 30, 2000 30, 1999
(a) (a)-(b) (b) (c) (a) -(c)
Total expenses 1,264 (13) 1,277 1,252 12
Including,
personnel expenses 530 (20) 550 54 (19)
Including,
non-personnel
expenses 664 6 658 62 37
Excluding systems-
related expenses 446 (29) 475 46 (15)
Expense ratio
(Expenses/gross
operating profit) 55.4% (6.8%) 62.2% 61.1% (5.7%)
(2) Projection of Financial Results for the Fiscal Year Ending March 31, 2002
- Carrying out a concrete restructuring plan during the "180 Days of Reform"
The Asahi Bank is energetically making progress in its preparations for the
management consolidation with the Daiwa Bank Group which will be effected in
March 2002. The Bank has designated the period from October 2001 to March
2002 as its "180 Days of Reform." To become a "Bank that Is Trusted and
Provides Its Customers with the Most User-Friendly Services," the Bank reaffirms
its unswerving commitment to implementation of management reforms.
The specific themes of management reforms that the Bank is implementing
include principally (l)restructuring the Bank's corporate governance,
(2)restructuring its asset portfolio and (3)restructuring its earning power,
and its aim is to use these 180 days to make every possible advance in carrying
out the four-year Managerial Reinvigoration Plan.
The Bank will especially work to achieve at unprecedented speed a "financial
soundness reform" by radically addressing the disposal of nonperforming loans
and unrealized losses on stocks held by the Bank, and an "establishment of
stable earning power" by improving spreads and by reforming cost structures.
1. Restructuring the Bank's Corporate Governance
Quick decision-making under strong leadership
2.Restructuring the Bank's Asset
Portfolio
(1) Aggressive disposal of non-performing loans
* Acceleration of final disposal of loans classified as unrecoverable or
lower in quality
* increase reserves with respect to debtors with large exposure
(2) Aggressive write-offs of unrealized losses on investment stocks
*Almost all unrealized losses on investment stocks to be amortized
*Acceleration of selling investments stocks
3.Restructuring the Bank's Earning Power
(1)Improvement of loan margins
(2)Additional decrease in workforce
* Implementation of job transfer support system
(3)Reform of cost structure
*Additional decrease in maintenance and administration cost
1. Restructuring the Bank's Corporate Governance
To organize a system of new banking group, we restructure the Corporate
Governance as follows.
1. Renewal of management
2. Increasing productivity of the organization
3. Revitalization at the management level
4. Clarification of the Bank's Management Stance
2. Restructuring the Banks Asset Portfolio
(1) Aggressive disposal of non-performing loans
To eliminate risky elements which reduce the net income, we will place loans
and other assets classified as Risk Claims or lower in quality off the Bank's
balance sheet, and increase reserves with respect to debtor with special
mention focusing large loans.
Acceleration of final disposal of loans classified as unrecoverable or lower
in quality
150 billion yen
NPL according to the Financial Reconstruction Law (Billions of yen)
Fiscal 2000 Interim 2001 Fiscal 2001
Actual Plan Plan
(a) (b) (b)-(a)
Risk claims 653.9 650.0 410.0 (240.0)
Off-balance amount (A)' - 71.7 373.9 302.2
Unrecoverable or 174.9 160.0 130.0 (30.0)
valueless
Off-balance amount (B)' - 32.5 94.9 62.4
(A) + (B) 828.8 810.0 540.0 (270.0)
(A)'+ (B)' - 104.2 468.8 364.6
*0ff-balance amount * Amount of bad debt off-balanced from the existent loans
March 31, 2001
Increase reserve to debtors with large exposure
150 billion yen
Amount of loans categorized as special mention (Billions of yen, %)
Fiscal Interim Fiscal 2001
2000 2001 Plan
Actual Plan
(a) (b) (b)-(a)
Loans in special mention 3,887.9 3,880.0 3,800.0 (80.0)
(coverage ratio) (2.98%) (3.07%) (7.35%) (+4.28%)
Loans in special attention 641.4 670.0 970.0 300.0
(coverage ratio) (7.92%) (9.17%) (24.42%) (+15.25%)
Fiscal 2001 annual estimate of disposal cost of NPL
400 billion yen
Disposal cost will be decreased to around 80 billion yen from fiscal 2002
(2) Aggressive write-offs of unrealized loss of investment stocks
- Almost all of unrealized loss of investments stocks to be amortized
- Acceleration of selling investments stocks
(Billions of yen)
Fiscal 2000 1st half 2nd half
Actual 2001 2001
Actual Plan
(a) (b) (a)+(b)
Book value at the beginning of 2,092.2 1,802.8 1,540.0 -
term
Selling off 289.4 170.0 -
390.0
Amortization - 90.0 -
Increase(decrease) (289.4) (260.0) (390.0) (650.0)
Book value at the end of term 1,802.8 1,540.0 1,150.0 -
Unrealized gain(loss) (118.8) (290.0)
Market value at the end of term 1,802.8 1,250.0 1,150.0
Assumptions
Ths Nikkei Stock Average (yen) 12,708 9,920 *9,920
*assumed same level of stock price September 2001
(3) Other asset portfolio restructuring
- Aggressive reduction of low profitable assets
reduction of domestic low margin lending 1.5 trillion
reduction of overseas lending 0.5 trillion
advance the abolition of international owned network
- Selling off real estate
- Keep the level of capital ratio not less than 9%
- Tier 1 Capital raising
Concrete measures or amount to be raised will be released in proper timing
Fiscal 2002 Effects
ROA by net operating profit increase by 0.15% points from fiscal 2000
Fiscal 200O Fiscal 2001
0.57% 0.75%
3. Restructuring the Bank's Earning Power
(1) Improvement of loan margin
Fiscal 2002 Effects
- Pricing according to the credit risk Increase gross operating profit by
12 billion yen
Fiscal 2000 Fiscal 2001 Fiscal 2002
Actual Interim Plan Plan
Actual
Lending rate 2.09% 2.05% 2.05% 2.11%
Deposit cost 0.20% 0.13% 0.12% 0.12%
Loan margin 1.89% 1.92% 1.93% 1.99%
Year to year
improvement 0.05% 0.04% 0.06%
(2) Restructuring in personnel expenses
Fiscal 2002 Effects
26% bonus cut Additional cost cut by 5 billion yen
(biggest reduction among city banks)
Implementation of merit wage system Maintain moral and keep the quality
of workforce
Additional decrease of workforce Additional cost cut by 5 billion yen
1,241 employees decrease
(3) Restructuring in other expenses
Fiscal 2002 Effects
- Reduction of system related expenses Additional cost cut by 5 billion yen
- Reduction of other fixed cost Additional cost cut by 2.5 billion
yen
- Reduction of domestic branches Branch numbers decrease by 10%
Summary of the Revised plan (Fiscal year 2001 and 2002)
(Billions of Yen)
Fiscal 2000 Fiscal 2001 Fiscal 2002
Actual Interim Plan Deviation Plan Deviation
from the from the
Managerial Managerial
Reinvigoration Reinvigoration
Plan Plan
Gross operating 424.2 228.0 442.0 (10.7) 433.0 (11.0)
profit
Expenses 255.6 126.5 252.0 (10.7) 236.5 (17.5)
Personnel expenses 108.9 53.0 103.0 (4.3) 88.5 (10.0)
Other expenses 131.9 66.5 134.0 (6.4) 133.0 (7.5)
Net operating profit 168.6 101.5 190.0 0.0 196.5 6.5
Disposal of
non-performing assets 327.6 60.0 400.0 300.0 80.0 (20.0)
Gains or loss on
securities 187.2 (100.0)(400.0) (407.3) 0.0 0.0
Ordinary profit (13.1) (55.0)(640.0) (703.8) 86.0 26.0
Net income (loss) (9.8) (30.0)(520.0) (556.0) 42.0 6.0
Capital ratio (%) 11.14 10.00 9.00 (2.43) 9.00 (1.74)
Restructuring plan
Number of employees 11,841 11,891 10,600 (1,100) (10,600) (600)
Number of overseas
branches 10 10 2 (6) 1 0
Expense ratio 60.2 55.4 57.0 (1.0) 54.6 (2.2)
(3) Projection of Financial Results for the Fiscal Year Ending March 31, 2002
and its deviation from the Managerial Reinvigoration Plan
Projection of net operating profit for the fiscal year ending March 31, 2002
is Y190.0 billion, which is the same as the amount under the Managerial
Reinvigoration Plan (the "plan").
However, by radically addressing the disposal of non-performing loans and
unrealized losses on stocks held by the Bank, disposal of non-performing loans
for the fiscal year ending March 31, 2002 will increase by Y300.0 billion from
the amount under the Plan and equities-related loss for the fiscal year ending
March 31, 2002 will increase by Y407.3 billion from the amount under the Plan.
As a result, the Bank projects that it will post net loss of Y520.0 billion
for the fiscal year ending March 31, 2002, Y556.0 billion below net income of
Y36.0 billion under the Plan.
The "180 Days of Reform" is a plan which will increase net income in and
after the fiscal year ending March 31, 2003 by removing risks of non-performing
loans and unrealized losses on stocks held by the Bank, and this plan has been
structured so that the Bank will be able to recover from the downward deviation
from the Plan resulting from large net loss projected for the fiscal year ending
March 31, 2002.
In addition to reduction in the amount of disposal of non-performing loans,
the Bank will establish stable earnings power by improving spreads and by
reforming cost structures. Therefore, the Bank expects to achieve net income
of Y42.0 billion for the fiscal year ending March 31, 2003, which will be the
highest in its history.
Fiscal Year Fiscal Year Managerial
ended March ended March Reinvigoration
31, 2001 31,2002 (a)-(b) Plan
(Actual) (Projection) (b)
(a)
Net operation profit 166.7 190.0 0.0 190.0
Disposal of non-performing
assets 327.6 400.0 300.0 100.0
Equities-related gain (loss) 187.2 (400.0) (407.3) 7.3
Ordinary net income (loss) (13.1) (640.0) (703.8) 63.8
Net income (loss) (9.8) (520.0) (556.0) 36.0
2. Progress of the Managerial Reinvigoration Plan
(1) Progress of managerial rationalization
The number of directors and corporate auditors as of September 30, 2001
decreased by 6 from the number during the fiscal year ended March 31, 2001.
Similarly, comparing the number as of September 30, 2001 to the number as of
March 31, 2001, employees (total) increased by 50, domestic branches
decreased by 14, overseas branches and subsidiaries remained the same. The
number of employees (total) increased but will decrease spontaneously and by
additional reduction planned.
Comparing the amount for the half year ended September 30, 2001 to the amount
for the half year ended September 30, 2000, personnel expenses decreased by
Y2 billion, non-personnel expenses increased by Y0.6 billion, and a general
and administrative expenses ratio decreased by 6.8 %.
Totally, the restructuring of each item has been proceeding smoothly.
Fiscal Year Fiscal Year Managerial
ended March ended March Reinvigoration
31, 2001 31,2002 Plan
(Actual) (Actual) (b)-(a)
(a) (b)
Directors and Corporate
Auditors 16 10 (6) 10
Employees (total) 11,841 11,891 50 11,700
Domestic Branches *1 317 303 (14) 285
Overseas Branches *2 8 8 0 6
Overseas Subsidiaries 2 2 0 2
Half Year Half Year Managerial
ended Sept ended Sept Reinvigoration
30, 2000 30,2001 Plan
(Actual) (Actual) (b)-(a)
(a) (b)
Personnel Expenses 55.0 53.0 (2.0) 107.3
Non-personal Expenses 65.0 66.4 0.6 140.4
General and administrative
expenses ratio(%)*3 62.2 55.4 (6.8) 58.0
*1 Excluding sub-branches and agencies
*2 Excluding sub-branches and representative offices
*3 General and administrative expenses ratio = General and administrative
expenses/Gross operating profit
(2) Progress of Disposal of non-performing assets
Disposal of non-performing assets (excluding addition to the general reserve
for possible loan losses) for the half year ended September 30, 2001 was
Y55.3 billion, which represents 55.3% of the amount of annual disposal of
non-performing assets planned under the Managerial Reinvigoration Plan (the
"Plan").
Fiscal year ended Half year ended Managerial
March 31, 2001 September 30,2001 Reinvigoration
(Actual) (Actual) Plan
Disposal of non-performing
assets *1 327.6 55.3 100.0
*1 excluding transfer to the general reserve for possible loan losses
Projection of disposal of non-performing assets for the fiscal year ending
March 31, 2002 is Y400.0 billion, which is Y300.0 billion over the amount
under the Plan by radically addressing the disposal of non-performing loans.
< Projection of Financial Results for the Fiscal Year Ending March 31 2002
(Billions of yen)
Managerial Amend Projection Amount of Change
Reinvigoration (announced on from the Plan
(the "Plan") November 20,2001
Disposal of non-performing
assets *1 100.0 400.0 300.0
*1 excluding transfer to the general reserve for possible loan losses
(3) Progress of domestic loans
The amount of increase in loans to medium- and small-sized companies (actual
basis) planned under the Managerial Reinvigoration Plan was Y10.0 billion,
which was based on the assumptions of deteriorating economic conditions and low
demands for working capital funds. However, because of more serious economic
conditions than expected, loans to medium- and small-sized companies (actual
basis) for the half year ended September 30, 2001 decreased by Y176.1 billion.
(Billions of Yen)
Fiscal year Half year ended Increase
ended March Sept 30, 2001 (decrease)
31, 2001 planned under
(Actual) (Actual) (b)-(a) the Managerial
(a) (b) (b)-(a) Reinvigoration
Domestic loans 19,466.8 19,380.8 (86.5) (110.0)
Loans to medium/small-sized
corporations *1 8.486.9 8,241.0 (245.9) (110.0)
Loans to individuals 6,594.3 6.744.0 149.7 275.0
(Actual Basis)
Domestic loans 19,844.6 19,844.6 0.0 70.0
Loans to medium/small-sized 8,776.5 8,600.4 (176.1) 10.0
corporations *1
*1 Small/medium-sized companies are defined as those with 300 million yen or
less in stated capital or with regular employees of 300 or fewer. However,
the criteria for companies in the wholesaling industry are 100 million yen or
less or 100 employees or fewer. For companies in retail and restaurant
business, the criteria are 50 million yen or less or 50 employees or fewer.
And for companies in service businesses; the criteria are 50 million yen or
less or 100 employees or fewer.
*1 Excluding impact loans
PAGE
Performance Table 1 1
Capital Ratio (BIS standards) and Risk Assets Table 2 2
Cost Reduction Plan Table 3 3
Loan disclosure according to the Financial
Reconstruction Law Table 4 4
Risk managed loans disclosure Table 5 5
Disposal of non-performing assets Table 6 6
Unrealized gains or losses on securities Table 7 7
Table 1 Performance
Fiscal year Fiscal year Half year Fiscal year
ended March ended March ended Sept ended March
31, 2000 31, 2001 30, 2001 31, 2002
(Actual) (Actual) (Actual) (Plan)
(Balance Sheet),Assets & Liabilities: Average of Balance, Stockholders' Equity:
Balance>
Total Assets 28,356 29,342 29,814 27,821
Loans & bills discounted 20,558 20,182 19,579 19,747
Securities 3,990 4,570 4,872 4,175
Trading Assets 347 507 530 587
Deferred taxes 283 300 381 306
Total Liabilities 26,995 27,964 28,456 26,478
Deposits 22,293 22,658 22,930 21,633
Bonds - - - -
Trading Liabilities 4 18 20 18
Deferred taxes 87 83 82 83
Total Stockholder's Equity 1,390 1,359 1,064 1,343
Common & Preference Stock 605 605 605 605
Capital surplus 509 509 509 509
Legal reserve 71 75 76 77
Land revaluation difference 131 127 126 127
Other securities revaluation
difference - - -263 -42
Retained earnings 72 41 9 66
(Income)
Gross operating profit 407 424 227 452
Interest income 371 373 196 385
Fees and commissions 30 33 18 33
Other operating income 4 16 13 34
Net operating profit 155 166 97 190
(Excluding transfer to the
general reserve for the
possible loan losses) (157) 168 101 190
Gains or losses on bonds -1 4 6 14
General and administrative
Expenses 250 255 126 262
Personnel Expenses 108 108 53 107
Non-personnel Expenses 127 131 66 140
Cost of disposal of
nonperfoming assets 202 327 55 100
Gains or losses on securities 152 187 -101 7
Gains or losses on devaluation
of securities 96 7 90 32
Ordinary net income 88 -13 -54 63
Extraordinary gains 0 0 0 0
Extraordinary losses 6 7 3 3
Net income after income taxes 31 -9 -29 36
(Operating Measures)
Average interest rate on
invested funds (A) 2.27 2.07 1.95 1.93
Average interest rate on
loans and bills discounted (B) 2.19 2.20 2.12 2.09
Average interest rate on
Securities 1.38 1.16 1.24 1.21
Average interest rate on
procured funds (C) 1.83 1.67 1.43 1.47
Average interest rate of
deposits and negotiable CDs (D) 0.35 0.49 0.35 0.20
General and administrative
Expenses ratio (E) 1.12 1.12 1.09 1.21
Personnel Expense ratio 0.48 0.47 0.46 0.50
Non-personnel Expense ratio 0.56 0.58 0.57 0.65
Net interest margin (A)-(C) 0.44 0.39 0.51 0.45
Average interest margin
(B)-(D)-(E) 0.72 0.58 0.66 0.68
A ratio of fees and commissions 8.80 11.90 13.93 14.91
ROE 11.53 12.23 14.95 14.06
ROA 0.55 0.57 0.68 0.68
Table 2 Capital Ratio (BIS standards) and Risk Assets
(Billions of Yen)
Fiscal year Fiscal year Half year Fiscal year
ended ended ended ended
March 31, March 31, September March 31,
2000 2001 30, 2001 2002
(Actual) (Actual) (Actual) (Plan)
Stated capital 605 605 605 605
Common stock 401 403 404 405
Preferred stock
(non-cumulative) 203 201 200 200
Preferred securities - - - -
Capital surplus 509 509 509 509
Retained earnings 130 114 74 137
Others 0 1 2 2
Tier I 1,246 1,230 930 1,213
Preferred Stock (cumulative) - - - -
Preferred securities - - - -
Perpetual subordinated bonds 210 212 212 212
Perpetual subordinated loans 299 296 296 296
Unrealized gains on
securities 0 - - 0
Land revaluation differences 98 94 94 94
Reserve for possible loan
losses 145 154 154 154
Others - - - -
Upper Tier II Total 753 757 756 757
Dated subordinated bonds 159 132 162 162
Dated subordinated loans 130 66 38 19
Others - - - -
Lower Tier II Total 289 199 201 181
Tier II Total 1,043 957 930 939
Tier III - - - -
Total Capitalization 2,288 2,185 1,857 2,148
(Billions of Yen)
Risk Assets 19,392 19,612 18,448 18,791
Assets (on-balance sheet
items) 18,224 18,396 17,312 17,616
Off-balance sheet items 1,136 1,185 1,102 1,143
Others* 30 31 33 31
(%)
Capital ratio 11.80 11.14 10.07 11.43
Tier I ratio 6.42 6.27 5.04 6.45
* Market risk equivalent divided by 8%
Table 3 Cost Reduction Plan
Fiscal year Fiscal year Half year Fiscal year
ended ended ended ended
March 31, March 31, September March 31,
2000 2001 30, 2001 2002
(Actual) (Actual) (Actual) (Plan)
(Number of employees,
Directors and Corporate
Auditors)
Directors and Corporate
Auditors 37 16 10 10
Employees (total) *1 12,148 11,841 11,891 11,700
*1:These figures include regular employees and employees in special categories,
and also include employees seconded to other companies. However, these figures
do not include part-time employees or contract workers.
(Number of domestic and
overseas branches)
Domestic Branches *1 328 317 303 285
Overseas Branches *2 9 8 8 6
Overseas Subsidiaries 4 2 2 2
*1:These figures exclude sub-branches and agencies, as well branches whose
purpose is solely to receive transfers of funds.
*2:These figures exclude sub-branches and representative offices.
Fiscal year Fiscal year Half year Fiscal year
ended ended ended ended
March 31, March 31, September March 31,
2000 2001 30, 2001 2002
(Actual) (Actual) (Actual) (Plan)
(Personnel Expenses)
Personnel Expenses 108 108 53 107
Salaries 64 61 28 61
Average wage per month
(Thousands of yen) 444 435 424 434
(Renumeration and Bonuses for Directors and Corporate Auditors)
Remuneration and Bonuses *1 759 462 115 290
Remuneration 759 462 115 290
Bonuses 0 0 0 0
Average Remuneration and
Bonuses 21 23 22 33
Average retiring allowance *2 25 38 49 49
*1: These figures represent the total of those accounted for as expenses and
those paid out through appropriation of earnings, and with respect to Directors
who are also employees, include their salaries as employees.
*2: "Average retiring allowance" have been calculated with the assumption of a
Senior Managing Director holding the office of Director for eight years, and a
Corporate Auditor holding the office of Auditor for three years, excluding
pensions.
(Non-personnel Expenses)
Non-Personnel Expenses 0 131 66 140
Minimum Cost 92 90 44 90
IT Expenditure * 34 41 21 49
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