# The Toho 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123期(2025/04/01－2026/03/31) (S100Y9W6)
> Page: https://vizora.meequs.com/en/company/toho-bank
> Retrieved: 2026-09-30T20:31:22.687Z

## Company

The Toho Bank, founded in 1941, is a company in Regional Banks listed on TSE Prime. It has 2,037 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Toho Bank, Ltd. |
| Ticker | 8346 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8346.T) |
| Listing | TSE Prime |
| Head office | 福島県福島市大町3番25号 |
| Representative (per filing) | 取締役頭取 佐藤稔 |
| Founded | Nov 1941 |
| Employees (consolidated) | 2,037 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | tohobank.co.jp (https://tohobank.co.jp/) |
| Corporate number | 9380001001018 |
| EDINET | E03550 |
| Industries (Vizora) | Regional Banks, Credit Cards & Consumer Credit, Leasing |

> Profile source: annual securities report (S100Y9W6, filed 2026-06-15). As of filing

## Key points (generated from figures)

- About 87% of The Toho Bank's ordinary revenue comes from Banking, with Leasing business and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥18 is left as ordinary profit.
- Ordinary revenue changed +31.3% from the prior year, ordinary profit +52.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥92.5B |  |
| Ordinary income | ¥17.1B | Margin 18.5% |
| Net income | ¥12.4B | Margin 13.4% |
| Employees (consolidated) | 2,037 |  |
| EPS | ¥48.13 |  |
| Book value per share | ¥794.4 |  |
| Equity ratio | 3.2% |  |
| Shares outstanding | 252,500,000 |  |
| Treasury shares | 2,612,600 |  |
| Shareholders | 25,028 |  |
| Average salary (parent only) | ¥7M | Filing company only |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥58275000000 | ¥92465000000 | +58.7% |
| Employees | 2,035 people | 2,037 people | +0.1% |
| Cash and equivalents | ¥2339909000000 | ¥946209000000 | -59.6% |

### 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 | 83.7% |
| リース業 → リース業 | 9.6% |
| リース業 → 事業再編・廃止 | 0.4% |
| 証券業 → 事業再編・廃止 | 2.9% |
| 信用保証業 → 信用保証業 | 1.1% |
| 信用保証業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 銀行業 | 3.7% |

Segment revenue source references: 9 (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 | +10.6% | ¥81013000000 | 19.9% | 2 |
| Leasing business | 5 years | +8.9% | ¥8925000000 | 7.6% | 2 |
| Other | 5 years | +6.8% | ¥1698000000 | 25.7% | 2 |
| Credit guarantee | 5 years | +5.3% | ¥982000000 | 155.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 92,465 | 100.0% | S100Y9W6 |
| Ordinary expenses | 75,374 | 81.5% | S100Y9W6 |
| Ordinary income | 17,090 | 18.5% | S100Y9W6 |
| Extraordinary income | 18 | 0.0% | S100Y9W6 |
| Extraordinary loss | 191 | 0.2% | S100Y9W6 |
| Pretax income | 16,917 | 18.3% | S100Y9W6 |
| Income tax | 4,563 | 4.9% | S100Y9W6 |
| Net income | 12,353 | 13.4% | S100Y9W6 |
| Net income attributable to owners | 12,353 | 13.4% | S100Y9W6 |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 82 |
| Ordinary income | 18 |
| (Ref.) Net income | 13 |

### Margin funnel

Ordinary margin 18.5% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.3%; Core profit growth: +52.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.68×
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 | 70,443 | 92,465 | 22,022 | +31.3% |
| Net income attributable to owners | 7,445 | 12,353 | 4,908 | +65.9% |
| Operating cash flow | -207,175 | -90,295 | 116,880 | — |
| Free cash flow | -211,830 | -94,035 | 117,795 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 70,300 | — | — | 7,077 | -161,016 | — | S100LMSB |
| FY ending Mar 2018 | 70,605 | — | — | 7,339 | -34,640 | — | S100OCWY |
| FY ending Mar 2019 | 72,497 | — | — | 3,585 | -416,343 | — | S100R2SR |
| FY ending Mar 2020 | 63,449 | — | — | 2,727 | -173,959 | -178,022 | S100LMSB |
| FY ending Mar 2021 | 58,275 | — | — | -4,664 | 856,012 | 852,738 | S100OCWY |
| FY ending Mar 2022 | 60,227 | — | — | 6,753 | 502,097 | 496,030 | S100R2SR |
| FY ending Mar 2023 | 58,703 | — | — | 4,493 | -759,846 | -768,002 | S100TU1D |
| FY ending Mar 2024 | 58,984 | — | — | 5,252 | 114,278 | 109,316 | S100VZOK |
| FY ending Mar 2025 | 70,443 | — | — | 7,445 | -207,175 | -211,830 | S100Y9W6 |
| FY ending Mar 2026 | 92,465 | — | — | 12,353 | -90,295 | -94,035 | S100Y9W6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.4M |
| Net income per employee (consolidated) | ¥6.1M |

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) | 1,973 | 1,975 | 1,958 | 2,018 | 2,037 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.3M | ¥6.7M | ¥7M |
| Average age (parent company) | 41.2 years | 41.3 years | 41.6 years | 41.4 years | 41.5 years |
| Average tenure (parent company) | 17.9 years | 18.0 years | 18.2 years | 18.0 years | 17.9 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +31.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking | 81,013 | 87.5% | 16,137 | 19.9% |
| Leasing business | 8,925 | 9.6% | 682 | 7.6% |
| Credit guarantee | 982 | 1.1% | 1,531 | 155.9% |
| Other | 1,698 | 1.8% | 436 | 25.7% |

### 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 | 87.5% |
| Leasing business | 9.6% |
| Credit guarantee | 1.1% |
| Other | 1.8% |

Segment → industry: Banking → Regional Banks / Other → Credit Cards & Consumer Credit / Credit guarantee → Credit Cards & Consumer Credit / Leasing business → 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 | -90,295 | -97.7% | S100Y9W6 |
| Capital expenditure | 3,740 | 4.0% | S100Y9W6 |
| Free cash flow | -94,035 | -101.7% | 算出 |
| Investing cash flow | -194,932 | -210.8% | S100Y9W6 |
| Financing cash flow | -2,952 | -3.2% | S100Y9W6 |
| Dividends paid | 2,997 | 3.2% | S100Y9W6 |
| Share buyback | 0 | 0.0% | S100Y9W6 |
| Change in cash | -288,179 | -311.7% | S100Y9W6 |
| Cash and equivalents | 946,209 | 1023.3% | S100Y9W6 |

## 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 | 10.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.0% | 2026-03-31 |
| 福島商事株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 東邦銀行従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.2% | 2026-03-31 |
| 日東紡績株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| 高橋 慧 | Major shareholder | 1.4% | 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 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100Y9W6 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9W6,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100VZOK | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZOK,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TU1D | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU1D,, |
| 有価証券報告書－第120期(2022/04/01－2023/03/31) | S100R2SR | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2SR,, |
| 有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100OCWY | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCWY,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LMSB | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMSB,, |

## 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).