Management Greeting

Thank you for your interest in Aozora Bank.

The global economy continued to generate moderate growth over the past year in the face of increasing concerns over geopolitical risks. In Europe and the U.S., markets were in the process of adjusting to the movement away from central bank accommodative monetary policies. In Japan, the banking sector faced challenging business conditions given the ongoing low interest rate environment. For Aozora, we were pleased to report profit attributable to owners of parent in the first half representing progress of 54% towards our full-year earnings forecast for fiscal year 2017.

In our dividend policy announced in May 2015, we set a target dividend payout ratio of 50%, allowing us to further enhance our returns to shareholders. This year, based on our full-year earnings forecast of 44.0 billion yen, our full-year dividend forecast is 18.4 yen per common share (taking into consideration that the Bank consolidated every ten common shares into one common share on October 1, 2017, our full-year dividend forecast is 184 yen per common share). Continuing our practice of paying quarterly dividends, we also announced a first and second quarter dividend of 4.00 yen per common share.

Looking ahead, we remain focused on leveraging our expertise and providing differentiated services that further enhance Aozora’s corporate value. We also intend to continue to pay close attention to domestic and overseas market developments while reaffirming our commitment to quality communications with our stakeholders. In addition, we expect to provide full support for our customers as well as contribute to the economic and social development of Japan.

On behalf of the management team of Aozora Bank, I would like to express my gratitude to all of our stakeholders for their continued support.

January 2018
Shinsuke Baba
Representative Director, President
and Chief Executive Officer

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