# The Bank of Nagoya, Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第108期(2025/04/01－2026/03/31) (S100YCZ0)
> Page: https://vizora.meequs.com/en/company/bank-of-nagoya
> Retrieved: 2026-09-30T20:46:42.921Z

## Company

The Bank of Nagoya, founded in 1949, is a company in Regional Banks listed on TSE Prime. It has 1,926 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Bank of Nagoya, Ltd. |
| Ticker | 8522 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8522.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区錦三丁目19番17号 |
| Representative (per filing) | 取締役頭取 藤原 一朗 |
| Founded | Feb 1949 |
| Employees (consolidated) | 1,926 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.meigin.com (https://www.meigin.com/) |
| Corporate number | 8180001036398 |
| EDINET | E03652 |
| Industries (Vizora) | Regional Banks, Credit Cards & Consumer Credit, Leasing |

> Profile source: annual securities report (S100YCZ0, filed 2026-06-18). As of filing

## Key points (generated from figures)

- About 77% of The Bank of Nagoya's ordinary revenue comes from Banking, with Leasing and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥23 is left as ordinary profit.
- Ordinary revenue changed +21.1% from the prior year, ordinary profit +34.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥124.5B |  |
| Ordinary income | ¥28.1B | Margin 22.6% |
| Net income | ¥20.3B | Margin 16.3% |
| Employees (consolidated) | 1,926 |  |
| EPS | ¥406.15 |  |
| Book value per share | ¥6016.45 |  |
| Equity ratio | 5.0% |  |
| Shares outstanding | 49,366,000 |  |
| Treasury shares | 169,400 |  |
| Shareholders | 11,633 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 6.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69050000000 | ¥124456000000 | +80.2% |
| Employees | 1,856 people | 1,926 people | +3.8% |
| Cash and equivalents | ¥825733000000 | ¥764836000000 | -7.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 銀行業務 → 銀行業務 | 69.4% |
| リース業務 → リース業務 | 18.4% |
| リース業務 → 事業再編・廃止 | 9.2% |
| カード業務 → カード業務 | 1.8% |
| カード業務 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 0.0% |
| 新設・再編 → 銀行業務 | 7.8% |
| 新設・再編 → その他 | 2.6% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Banking | 5 years | +14.9% | ¥96049000000 | 28.4% | 2 |
| Leasing | 5 years | +3.7% | ¥22935000000 | 3.3% | 2 |
| Other | 5 years | +252.2% | ¥3253000000 | 9.7% | 2 |
| Credit Card | 5 years | +1.5% | ¥2268000000 | 26.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 124,456 | 100.0% | S100YCZ0 |
| Ordinary expenses | 96,375 | 77.4% | S100YCZ0 |
| Ordinary income | 28,081 | 22.6% | S100YCZ0 |
| Extraordinary income | 343 | 0.3% | S100YCZ0 |
| Extraordinary loss | 71 | 0.1% | S100YCZ0 |
| Pretax income | 28,353 | 22.8% | S100YCZ0 |
| Income tax | 8,084 | 6.5% | S100YCZ0 |
| Net income | 20,269 | 16.3% | S100YCZ0 |
| Net income attributable to owners | 20,269 | 16.3% | S100YCZ0 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 77 |
| Ordinary income | 23 |
| (Ref.) Net income | 16 |

### Margin funnel

Ordinary margin 22.6% → Net margin 16.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.1%; Core profit growth: +34.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.63×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 102,788 | 124,456 | 21,668 | +21.1% |
| Net income attributable to owners | 14,730 | 20,269 | 5,539 | +37.6% |
| Operating cash flow | 219,451 | 140,190 | -79,261 | -36.1% |
| Free cash flow | 217,176 | 136,401 | -80,775 | -37.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 63,125 | — | — | 5,945 | -43,061 | — | S100LRJW |
| FY ending Mar 2018 | 63,076 | — | — | 5,812 | 40,206 | — | S100OEAN |
| FY ending Mar 2019 | 66,600 | — | — | 6,172 | -100,581 | — | S100R3KK |
| FY ending Mar 2020 | 67,043 | — | — | 4,625 | -161,526 | -164,080 | S100LRJW |
| FY ending Mar 2021 | 69,050 | — | — | 10,726 | 604,481 | 597,574 | S100OEAN |
| FY ending Mar 2022 | 77,762 | — | — | 11,643 | 107,838 | 106,372 | S100R3KK |
| FY ending Mar 2023 | 79,765 | — | — | 8,377 | -339,738 | -341,620 | S100U22K |
| FY ending Mar 2024 | 101,276 | — | — | 10,036 | 84,519 | 78,119 | S100W5NA |
| FY ending Mar 2025 | 102,788 | — | — | 14,730 | 219,451 | 217,176 | S100YCZ0 |
| FY ending Mar 2026 | 124,456 | — | — | 20,269 | 140,190 | 136,401 | S100YCZ0 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.6M |
| Net income per employee (consolidated) | ¥10.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,027 | 1,996 | 1,940 | 1,924 | 1,926 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 40.8 years | 40.7 years | 41.1 years | 41.2 years | 41.0 years |
| Average tenure (parent company) | 17.4 years | 17.1 years | 17.4 years | 17.2 years | 17.0 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) +21.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking | 96,049 | 77.1% | 27,239 | 28.4% |
| Leasing | 22,935 | 18.4% | 752 | 3.3% |
| Credit Card | 2,268 | 1.8% | 591 | 26.1% |
| Other | 3,253 | 2.6% | 315 | 9.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Banking | 77.1% |
| Leasing | 18.4% |
| Credit Card | 1.8% |
| Other | 2.6% |

Segment → industry: Banking → Regional Banks / Credit Card → Credit Cards & Consumer Credit / Leasing → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 140,190 | 112.6% | S100YCZ0 |
| Capital expenditure | 3,789 | 3.0% | S100YCZ0 |
| Free cash flow | 136,401 | 109.6% | 算出 |
| Investing cash flow | -75,248 | -60.5% | S100YCZ0 |
| Financing cash flow | -5,081 | -4.1% | S100YCZ0 |
| Dividends paid | 5,070 | 4.1% | S100YCZ0 |
| Share buyback | 10 | 0.0% | S100YCZ0 |
| Change in cash | 59,860 | 48.1% | S100YCZ0 |
| Cash and equivalents | 764,836 | 614.5% | S100YCZ0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| MORGAN STANLEY ＆ CO． LLC （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 4.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 名銀みのり会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 東邦瓦斯株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第108期(2025/04/01－2026/03/31) | S100YCZ0 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCZ0,, |
| 有価証券報告書－第107期(2024/04/01－2025/03/31) | S100W5NA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5NA,, |
| 訂正有価証券報告書－第106期(2023/04/01－2024/03/31) | S100U22K | 2024-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U22K,, |
| 有価証券報告書－第105期(2022/04/01－2023/03/31) | S100R3KK | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3KK,, |
| 有価証券報告書－第104期(令和3年4月1日－令和4年3月31日) | S100OEAN | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEAN,, |
| 有価証券報告書－第103期(令和2年4月1日－令和3年3月31日) | S100LRJW | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRJW,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| しずおかフィナンシャルグループ | Alliance | 経営統合に向けた協議・検討の基本合意 | S100Y9RT |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).