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AEON Financial Service

AEON Financial Service's share price (end of period) fell 26.6% yoy to JPY 1,645 in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477...

AEON Financial Service's market capitalisation (end of period) fell 20.7% to USD 3,477 mil in 2Q2019

By Helgi Library - October 23, 2019

AEON Financial Service stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of ...

AEON Financial Service's net interest income rose 13.8% yoy to JPY 41.7 bil in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service generated total banking revenues of JPY 106 bil in the second quarter of 2019, up 11.9% when compared to t...

Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income JPY bil 38.0 38.1 41.7
Net Fee Income JPY bil 50.1 48.7 55.0
Other Income JPY bil 15.3 18.7 9.23
Total Revenues JPY bil 103 106 106
Operating Profit JPY bil 39.6 38.5 16.2
Provisions JPY bil 11.1 11.3 0
Net Profit JPY bil 11.8 9.71 7.20
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans JPY bil 17.3 30.5 44.5
Customer Loans JPY bil 2,217 2,329 1,573
Total Assets JPY bil 5,293 5,342 5,505
Shareholders' Equity JPY bil 426 449 445
Interbank Borrowing JPY bil 70.0 418 583
Customer Deposits JPY bil 3,457 3,469 3,557
Issued Debt Securities JPY bil 742 402 428
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 11.1 8.88 6.45
ROA % 0.906 0.730 0.531
Costs (As % Of Assets) % 4.91 5.04 6.62
Costs (As % Of Income) % 61.7 63.5 84.7
Net Interest Margin % 2.93 2.87 3.08
Loans (As % Of Deposits) % 64.1 67.1 44.2
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 9.93 12.3 9.55
Price/Book Value (P/BV) 0.990 1.08 0.842
Dividend Yield % 0 0 0
Earnings Per Share (EPS) JPY 187 173 172
Book Value Per Share JPY 1,872 1,972 1,954
Dividend Per Share JPY 0 0 0

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summary Unit Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                  
Net Interest Income JPY bil                                     35.1 35.4 36.7 37.0 38.0    
Total Revenues JPY bil                                     95.1 103 94.7 103 103    
Operating Profit JPY bil                                     34.8 50.5 33.7 38.2 39.6    
Net Profit JPY bil                                     8.73 12.8 7.41 10.5 11.8    
balance sheet                                                  
Interbank Loans JPY bil                           ... ...     ... ... 0 8.63 14.6 17.3    
Customer Loans JPY bil                                     2,057 2,213 2,297 2,219 2,217    
Debt Securities JPY bil                                     194 216 245 300 337    
Total Assets JPY bil                                     4,726 4,853 4,927 5,093 5,293    
Shareholders' Equity JPY bil                                     426 438 412 424 426    
Interbank Borrowing JPY bil                                     53.5 384 75.4 84.0 70.0    
Customer Deposits JPY bil                                     2,975 3,050 3,210 3,320 3,457    
Issued Debt Securities JPY bil                                     702 381 682 714 742    
ratios                                                  
ROE %                                     8.33 11.8 6.97 10.1 11.1    
ROA %                                     0.759 1.07 0.606 0.841 0.906    
Costs (As % Of Assets) %                                     5.24 4.38 4.99 5.15 4.91    
Costs (As % Of Income) %                                     63.4 50.9 64.4 62.8 61.7    
Net Interest Margin %                                     3.05 2.96 3.00 2.96 2.93    
Interest Income (As % Of Revenues) %                                     36.9 34.4 38.7 36.1 36.8    
Fee Income (As % Of Revenues) %                                     49.4 44.6 46.8 46.7 48.4    
Equity (As % Of Assets) %                                     9.01 9.02 8.37 8.32 8.05    
Loans (As % Of Deposits) %                                     69.1 72.6 71.6 66.8 64.1    
Loans (As % Assets) %                                     43.5 45.6 46.6 43.6 41.9    
valuation                                                  
Market Capitalisation (End Of Period) USD mil                                     5,014 4,968 4,618 4,474 3,804    
Number Of Shares (Average) mil                                     228 228 228 228 228    
Share Price (End Of Period) JPY                                     2,488 2,319 2,242 2,231 1,853    
Earnings Per Share (EPS) JPY                                     174 170 172 173 187    
Book Value Per Share JPY                                     1,872 1,924 1,812 1,863 1,872    
Dividend Per Share JPY                                     0 0 0 0 0    
Price/Earnings (P/E)                                     14.3 13.6 13.1 12.9 9.93    
Price/Book Value (P/BV)                                     1.33 1.21 1.24 1.20 0.990    
Dividend Yield %                                     0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ...                             0.431 -4.30 4.18 -0.493 7.52    
Book Value Per Share Growth % ... ... ... ...                             8.09 6.54 2.65 2.59 -0.004    
income statement Unit Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                                  
Interest Income JPY bil                                     39.9 40.5 41.9 42.3 43.4    
Interest Cost JPY bil                                     4.86 5.05 5.27 5.33 5.42    
Net Interest Income JPY bil                                     35.1 35.4 36.7 37.0 38.0    
Net Fee Income JPY bil                                     47.0 45.9 44.3 47.9 50.1    
Other Income JPY bil                                     13.0 21.6 13.7 17.7 15.3    
Total Revenues JPY bil                                     95.1 103 94.7 103 103    
Operating Cost JPY bil                                     60.3 52.4 61.0 64.5 63.8    
Operating Profit JPY bil                                     34.8 50.5 33.7 38.2 39.6    
Provisions JPY bil                                     10.3 20.6 10.8 10.5 11.1    
Extra and Other Cost JPY bil                                     8.31 9.03 8.89 8.80 9.01    
Pre-Tax Profit JPY bil                                     16.1 20.9 14.0 18.9 19.5    
Tax JPY bil                                     4.86 5.13 3.68 5.30 4.96    
Minorities JPY bil                                     2.55 2.98 2.87 3.03 2.75    
Net Profit JPY bil                                     8.73 12.8 7.41 10.5 11.8    
growth rates                                                  
Net Interest Income Growth % ... ... ... ...                             14.4 14.0 12.3 10.4 8.35    
Net Fee Income Growth % ... ... ... ...                             12.1 13.3 3.88 7.49 6.61    
Total Revenue Growth % ... ... ... ...                             7.71 11.8 8.97 9.93 8.67    
Operating Cost Growth % ... ... ... ...                             8.81 -9.32 6.27 11.1 5.72    
Operating Profit Growth % ... ... ... ...                             5.85 47.3 14.2 8.03 13.8    
Pre-Tax Profit Growth % ... ... ... ...                             9.18 18.6 5.66 15.4 20.6    
Net Profit Growth % ... ... ... ...                             -1.52 -6.00 5.75 3.49 34.7    
balance sheet Unit Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                                                  
Cash JPY bil                                     561 650 576 670 679    
Interbank Loans JPY bil                           ... ...     ... ... 0 8.63 14.6 17.3    
Customer Loans JPY bil                                     2,057 2,213 2,297 2,219 2,217    
Debt Securities JPY bil                                     194 216 245 300 337    
Fixed Assets JPY bil                                     123 129 129 133 136    
Total Assets JPY bil                                     4,726 4,853 4,927 5,093 5,293    
Shareholders' Equity JPY bil                                     426 438 412 424 426    
Of Which Minority Interest JPY bil                                     65.6 67.7 59.3 60.9 59.4    
Liabilities JPY bil                                     4,300 4,415 4,514 4,669 4,867    
Interbank Borrowing JPY bil                                     53.5 384 75.4 84.0 70.0    
Customer Deposits JPY bil                                     2,975 3,050 3,210 3,320 3,457    
Issued Debt Securities JPY bil                                     702 381 682 714 742    
Other Liabilities JPY bil                                     568 600 547 551 598    
growth rates                                                  
Customer Loan Growth % ... ... ... ...                             21.1 22.0 17.7 8.65 7.75    
Total Asset Growth % ... ... ... ...                             13.4 15.9 14.2 13.6 12.0    
Shareholders' Equity Growth % ... ... ... ...                             11.5 9.13 2.66 2.60 0.004    
Customer Deposit Growth % ... ... ... ...                             20.2 20.0 19.2 18.0 16.2    
ratios Unit Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                                                  
ROE %                                     8.33 11.8 6.97 10.1 11.1    
ROA %                                     0.759 1.07 0.606 0.841 0.906    
Costs (As % Of Assets) %                                     5.24 4.38 4.99 5.15 4.91    
Costs (As % Of Income) %                                     63.4 50.9 64.4 62.8 61.7    
Net Interest Margin %                                     3.05 2.96 3.00 2.96 2.93    
Interest Spread % ...                                   3.01 2.92 2.96 2.92 2.89    
Asset Yield %                                     3.47 3.38 3.43 3.38 3.35    
Cost Of Liabilities % ...                                   0.464 0.463 0.472 0.464 0.455    
Payout Ratio %                                     0 0 0 0 0    
Interest Income (As % Of Revenues) %                                     36.9 34.4 38.7 36.1 36.8    
Fee Income (As % Of Revenues) %                                     49.4 44.6 46.8 46.7 48.4    
Other Income (As % Of Revenues) %                                     13.7 21.0 14.5 17.2 14.8    
Equity (As % Of Assets) %                                     9.01 9.02 8.37 8.32 8.05    
Loans (As % Of Deposits) %                                     69.1 72.6 71.6 66.8 64.1    
Loans (As % Assets) %                                     43.5 45.6 46.6 43.6 41.9    
Cost of Provisions (As % Of Loans) %                                     2.01 3.86 1.92 1.86 2.00    
other data Unit Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                                                  
On-balance Sheet Loans JPY bil ... ...                                 2,057 2,213 2,297 2,219 2,217    

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AEON Financial Service's net profit fell 2.74% yoy to JPY 7.20 bil in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service made a net profit of JPY 7.20 bil under revenues of JPY 106 bil in the second quarter of 2019, down 2.74% and up 11.9% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time ...

AEON Financial Service's customer loan growth fell 278% yoy to -31.5% in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service's customer loan growth reached -31.5% in 2019-06-30, down from 17.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 22.0% in 2018-03-31 and an all time low of -31.5% in 2019-06-30. I...

AEON Financial Service's net interest margin rose 2.59% yoy to 3.08% in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service's net interest margin amounted to 3.08% in the second quarter of 2019, up from 2.87% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.33% in 4Q2015 and an all time low of...

AEON Financial Service's price/earnings (P/E) fell 26.8% yoy to 9.55 in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service stock traded at JPY 1,645 per share at the end second quarter of 2019 implying a market capitalization of USD 3,477 mil. Since the end of 2Q2014, the stock has depreciated by -36.4 % implying an annual average growth of -8.65 %. In absolute term...

AEON Financial Service's equity (as % of assets) fell 3.48% yoy to 8.08% in 2Q2019

By Helgi Library - October 20, 2019

AEON Financial Service's Equity reached 12.4% of total assets in the 2Q2019, up from 10.8% for the previous year. As a share of net customer loans, the ratio amounted to 32.3% at the end of the second quarter of 2019. ...

AEON Financial Service's net interest income rose 9.59% to JPY 150 bil in 2018

By Helgi Library - October 20, 2019

AEON Financial Service generated total banking revenues of JPY 406 bil in 2018, up 7.38% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of JPY 406 bil in 2018 a...

AEON Financial Service's price/earnings (P/E) fell 9.56% to 12.3 in 2018

By Helgi Library - October 20, 2019

AEON Financial Service stock traded at JPY 2,137 per share at the end 2018 implying a market capitalization of USD 4,386 mil. Since the end of 2013, the stock has depreciated by -7.26 % implying an annual average growth of -1.50 %. In absolute terms, the value of the ...

AEON Financial Service's net interest margin fell 2.82% to 2.94% in 2018

By Helgi Library - October 20, 2019

AEON Financial Service's net interest margin amounted to 2.94% in 2018, down from 3.02% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.20% in 2015 and an all time low of 2.94% in 2018. The avera...

AEON Financial Service's customer loan growth fell 76.2% to 5.23% in 2018

By Helgi Library - October 20, 2019

AEON Financial Service's customer loan growth reached 5.23% in 2018, down from 22.0% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 22.0% in 2017 and an all time low of 5.23% in 2018. In the last decade, t...

AEON Financial Service's customer loans rose 5.23% to JPY 2,213 bil in 2018

By Helgi Library - October 20, 2019

AEON Financial Service's customer loans reached JPY 2,213 bil in 2017, up 21.9% compared to the previous year. Japanese banking sector provided customer loans of JPY 502,494 bil in 2017, down 0.230% when compared to the last year. AEON Financial Service a...

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Finance

AEON Financial Service has been growing its revenues and asset by 7.11% and 12.6% a year on average in the last 3 years. Its loans and deposits have grown by 12.8% and 17.2% a year during that time and loans to deposits ratio reached 67.1% at the end of 2018. The company achieved an average return on equity of 9.58% in the last three years with net profit growing 3.27% a year on average. In terms of operating efficiency, its cost to income ratio reached 63.1% in 2018, compared to 63.3% average in the last three years.

Equity represented 8.40% of total assets or 19.3% of loans at the end of 2018. AEON Financial Service's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

AEON Financial Service stock traded at JPY 2,137 per share at the end of 2018 resulting in a market capitalization of USD 4,386 mil. Over the previous five years, stock price fell by 7.26% or 1.5% a year on average. That’s compared to an average ROE of 9.83% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 12.3x and price to book value (PBV) of 1.08x in 2018.