# Hokuhoku Financial Group, Inc.: 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23期(2025/04/01－2026/03/31) (S100YBV5)
> Page: https://vizora.meequs.com/en/company/hokuhoku-financial-group
> Retrieved: 2026-09-30T21:13:16.781Z

## Company

Hokuhoku Financial Group, founded in 2003, is a company in Regional Banks listed on TSE Prime. It has 4,618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hokuhoku Financial Group, Inc. |
| Ticker | 8377 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8377.T) |
| Listing | TSE Prime |
| Head office | 富山市堤町通り1丁目2番26号 |
| Representative (per filing) | 取締役社長 中澤 宏 |
| Founded | May 2003 |
| Employees (consolidated) | 4,618 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Website | www.hokuhoku-fg.co.jp (https://www.hokuhoku-fg.co.jp/) |
| Corporate number | 1230001004554 |
| EDINET | E03618 |
| Industries (Vizora) | Regional Banks |

> Profile source: annual securities report (S100YBV5, filed 2026-06-16). As of filing

## Key points (generated from figures)

- About 55% of Hokuhoku Financial Group's ordinary revenue comes from Hokuriku Bank, with Hokkaido Bank and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥29 is left as ordinary profit.
- Ordinary revenue changed +32.0% from the prior year, ordinary profit +56.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥277.5B |  |
| Ordinary income | ¥80.8B | Margin 29.1% |
| Net income | ¥58.9B | Margin 21.2% |
| Employees (consolidated) | 4,618 |  |
| EPS | ¥157.88 |  |
| Diluted EPS | ¥157.35 |  |
| Book value per share | ¥1479.34 |  |
| Equity ratio | 4.3% |  |
| Shares outstanding | 122,208,000 |  |
| Treasury shares | 1,882,300 |  |
| Shareholders | 21,291 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |

## Notable figures

- FY2026, buybacks were 3.4× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥175963000000 | ¥277468000000 | +57.7% |
| Employees | 4,943 people | 4,618 people | -6.6% |
| Cash and equivalents | ¥5086143000000 | ¥3537727000000 | -30.4% |

### 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 |
| --- | ---: |
| 北陸銀行 → 北陸銀行 | 48.4% |
| 北海道銀行 → 北海道銀行 | 35.9% |
| 北海道銀行 → 事業再編・廃止 | 4.0% |
| その他 → その他 | 8.8% |
| その他 → 事業再編・廃止 | 2.8% |
| 新設・再編 → 北陸銀行 | 6.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hokuriku Bank | 5 years | +12.5% | ¥153532000000 | — | 2 |
| Hokkaido Bank | 5 years | +7.2% | ¥99636000000 | — | 2 |
| Other | 5 years | +3.6% | ¥24475000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 277,468 | 100.0% | S100YBV5 |
| Ordinary expenses | 196,711 | 70.9% | S100YBV5 |
| Ordinary income | 80,757 | 29.1% | S100YBV5 |
| Extraordinary income | 41 | 0.0% | S100YBV5 |
| Extraordinary loss | 855 | 0.3% | S100YBV5 |
| Pretax income | 79,943 | 28.8% | S100YBV5 |
| Income tax | 20,765 | 7.5% | S100YBV5 |
| Net income | 59,177 | 21.3% | S100YBV5 |
| Net income attributable to owners | 58,899 | 21.2% | S100YBV5 |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 71 |
| Ordinary income | 29 |
| (Ref.) Net income | 21 |

### Margin funnel

Ordinary margin 29.1% → Net margin 21.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.0%; Core profit growth: +56.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.76×
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 | 210,180 | 277,468 | 67,288 | +32.0% |
| Net income attributable to owners | 39,072 | 58,899 | 19,827 | +50.7% |
| Operating cash flow | -767,680 | 85,480 | 853,160 | — |
| Free cash flow | -776,001 | 64,851 | 840,852 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 187,420 | — | — | 28,157 | 608,869 | — | S100LS8E |
| FY ending Mar 2018 | 180,916 | — | — | 21,191 | 149,389 | — | S100OF6N |
| FY ending Mar 2019 | 183,645 | — | — | 24,359 | 41,614 | — | S100R74M |
| FY ending Mar 2020 | 182,402 | — | — | 20,252 | 213,741 | 209,019 | S100LS8E |
| FY ending Mar 2021 | 175,963 | — | — | 21,334 | 2,608,220 | 2,603,362 | S100OF6N |
| FY ending Mar 2022 | 177,793 | — | — | 20,526 | 462,413 | 452,614 | S100R74M |
| FY ending Mar 2023 | 187,883 | — | — | 21,435 | -1,466,582 | -1,473,840 | S100TQJP |
| FY ending Mar 2024 | 190,104 | — | — | 23,048 | 82,434 | 59,586 | S100WOIR |
| FY ending Mar 2025 | 210,180 | — | — | 39,072 | -767,680 | -776,001 | S100YBV5 |
| FY ending Mar 2026 | 277,468 | — | — | 58,899 | 85,480 | 64,851 | S100YBV5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.1M |
| Net income per employee (consolidated) | ¥12.8M |

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) | 4,749 | 4,570 | 4,580 | 4,581 | 4,618 |
| Average salary (parent company) | ¥9.9M | ¥9.7M | ¥9.2M | ¥9.6M | ¥9.9M |
| Average age (parent company) | 51.3 years | 49.2 years | 45.8 years | 45.0 years | 46.2 years |
| Average tenure (parent company) | 27.8 years | 24.7 years | 21.2 years | 21.0 years | 20.9 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +32.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hokuriku Bank | 153,532 | 55.3% | — | — |
| Hokkaido Bank | 99,636 | 35.9% | — | — |
| Other | 24,475 | 8.8% | — | — |

### 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 |
| --- | ---: |
| Hokuriku Bank | 55.3% |
| Hokkaido Bank | 35.9% |
| Other | 8.8% |

Segment → industry: Hokkaido Bank → Regional Banks / Hokuriku Bank → Regional Banks

## 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 | 85,480 | 30.8% | S100YBV5 |
| Capital expenditure | 20,629 | 7.4% | S100YBV5 |
| Free cash flow | 64,851 | 23.4% | 算出 |
| Investing cash flow | 311,873 | 112.4% | S100YBV5 |
| Financing cash flow | -40,674 | -14.7% | S100YBV5 |
| Dividends paid | 9,161 | 3.3% | S100YBV5 |
| Share buyback | 31,512 | 11.4% | S100YBV5 |
| Change in cash | 356,679 | 128.5% | S100YBV5 |
| Cash and equivalents | 3,537,727 | 1275.0% | S100YBV5 |

## 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 | 12.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 3.3% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS （常任代理人香港上海銀行東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人株式会社三菱UFJ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 北陸電力株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| ほくほくフィナンシャルグループ職員持株会 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YBV5 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBV5,, |
| 訂正有価証券報告書－第22期(2024/04/01－2025/03/31) | S100WOIR | 2025-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WOIR,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TQJP | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJP,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R74M | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R74M,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OF6N | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF6N,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LS8E | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS8E,, |

## 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).