# The Hyakugo Bank, 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211期(2025/04/01－2026/03/31) (S100YBNQ)
> Page: https://vizora.meequs.com/en/company/hyakugo-bank
> Retrieved: 2026-09-30T21:11:48.275Z

## Company

The Hyakugo Bank, founded in 1878, is a company in Regional Banks listed on TSE Prime. It has 2,828 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Hyakugo Bank, Ltd. |
| Ticker | 8368 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8368.T) |
| Listing | TSE Prime |
| Head office | 三重県津市岩田21番27号 |
| Representative (per filing) | 取締役頭取 杉浦雅和 |
| Founded | Dec 1878 |
| Employees (consolidated) | 2,828 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.hyakugo.co.jp (https://www.hyakugo.co.jp/) |
| Corporate number | 5190001000892 |
| EDINET | E03574 |
| Industries (Vizora) | Regional Banks, Leasing |

> Profile source: annual securities report (S100YBNQ, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 86% of The Hyakugo Bank'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 +30.5% from the prior year, ordinary profit +44.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥162.4B |  |
| Ordinary income | ¥37B | Margin 22.8% |
| Net income | ¥26.8B | Margin 16.5% |
| Employees (consolidated) | 2,828 |  |
| EPS | ¥106.19 |  |
| Diluted EPS | ¥106.08 |  |
| Book value per share | ¥1993.07 |  |
| Equity ratio | 6.8% |  |
| Shares outstanding | 254,119,000 |  |
| Treasury shares | 11,451,400 |  |
| Shareholders | 20,788 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥93573000000 | ¥162399000000 | +73.6% |
| Employees | 2,922 people | 2,828 people | -3.2% |
| Cash and equivalents | ¥1566109000000 | ¥655535000000 | -58.1% |

### 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 → 銀行業 | 83.0% |
| リース業 → リース業 | 10.5% |
| リース業 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 3.5% |
| その他 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 銀行業 | 2.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Banking | 5 years | +12.4% | ¥139581000000 | 25.4% | 2 |
| Leasing | 5 years | +9.3% | ¥17084000000 | 4.2% | 2 |
| Other | 5 years | +3.1% | ¥5733000000 | 28.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 162,399 | 100.0% | S100YBNQ |
| Ordinary expenses | 125,367 | 77.2% | S100YBNQ |
| Ordinary income | 37,032 | 22.8% | S100YBNQ |
| Extraordinary loss | 163 | 0.1% | S100YBNQ |
| Pretax income | 36,869 | 22.7% | S100YBNQ |
| Income tax | 10,029 | 6.2% | S100YBNQ |
| Net income | 26,839 | 16.5% | S100YBNQ |
| Net income attributable to owners | 26,839 | 16.5% | S100YBNQ |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 77 |
| Ordinary income | 23 |
| (Ref.) Net income | 17 |

### Margin funnel

Ordinary margin 22.8% → Net margin 16.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +30.5%; Core profit growth: +44.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 124,491 | 162,399 | 37,908 | +30.5% |
| Net income attributable to owners | 18,042 | 26,839 | 8,797 | +48.8% |
| Operating cash flow | -710,171 | 28,963 | 739,134 | — |
| Free cash flow | -716,608 | 24,112 | 740,720 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 83,390 | — | — | 9,040 | 87,032 | — | S100LJW3 |
| FY ending Mar 2018 | 90,612 | — | — | 11,690 | 12,895 | — | S100OAON |
| FY ending Mar 2019 | 85,847 | — | — | 10,843 | 262,437 | — | S100QZFV |
| FY ending Mar 2020 | 91,365 | — | — | 11,427 | 22,815 | 19,071 | S100LJW3 |
| FY ending Mar 2021 | 93,573 | — | — | 12,965 | 583,737 | 580,590 | S100OAON |
| FY ending Mar 2022 | 98,683 | — | — | 13,402 | 55,952 | 53,003 | S100QZFV |
| FY ending Mar 2023 | 102,884 | — | — | 14,493 | -556,447 | -559,283 | S100TN8B |
| FY ending Mar 2024 | 119,487 | — | — | 14,281 | 84,162 | 79,209 | S100VYD2 |
| FY ending Mar 2025 | 124,491 | — | — | 18,042 | -710,171 | -716,608 | S100YBNQ |
| FY ending Mar 2026 | 162,399 | — | — | 26,839 | 28,963 | 24,112 | S100YBNQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.4M |
| Net income per employee (consolidated) | ¥9.5M |

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) | 2,893 | 2,846 | 2,792 | 2,796 | 2,828 |
| Average salary (parent company) | ¥7M | ¥7.1M | ¥7.3M | ¥7.5M | ¥7.8M |
| Average age (parent company) | 40.7 years | 40.8 years | 41.2 years | 41.0 years | 40.9 years |
| Average tenure (parent company) | 15.3 years | 15.5 years | 15.7 years | 15.6 years | 15.3 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +30.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking | 139,581 | 85.9% | 35,389 | 25.4% |
| Leasing | 17,084 | 10.5% | 715 | 4.2% |
| Other | 5,733 | 3.5% | 1,611 | 28.1% |

### 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 | 85.9% |
| Leasing | 10.5% |
| Other | 3.5% |

Segment → industry: Banking → Regional Banks / 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 | 28,963 | 17.8% | S100YBNQ |
| Capital expenditure | 4,851 | 3.0% | S100YBNQ |
| Free cash flow | 24,112 | 14.8% | 算出 |
| Investing cash flow | -27,619 | -17.0% | S100YBNQ |
| Financing cash flow | -8,588 | -5.3% | S100YBNQ |
| Dividends paid | 6,088 | 3.7% | S100YBNQ |
| Share buyback | 2,500 | 1.5% | S100YBNQ |
| Change in cash | -7,244 | -4.5% | S100YBNQ |
| Cash and equivalents | 655,535 | 403.7% | S100YBNQ |

## 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 | 10.0% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 5.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 百五銀行従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 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 | 1.2% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第211期(2025/04/01－2026/03/31) | S100YBNQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBNQ,, |
| 有価証券報告書－第210期(2024/04/01－2025/03/31) | S100VYD2 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYD2,, |
| 有価証券報告書－第209期(2023/04/01－2024/03/31) | S100TN8B | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN8B,, |
| 有価証券報告書－第208期(2022/04/01－2023/03/31) | S100QZFV | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZFV,, |
| 有価証券報告書－第207期(令和3年4月1日－令和4年3月31日) | S100OAON | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAON,, |
| 有価証券報告書－第206期(令和2年4月1日－令和3年3月31日) | S100LJW3 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJW3,, |

## 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).