Chugin Financial Group raised its consolidated ordinary profit forecast for the first half from the previous forecast of ¥30.0 billion to ¥43.3 billion in the afternoon session on 23 October. The figure was ¥25.2 billion in the same period last year, implying profit growth of approximately 71.8%. This further raised the forecast for a record-high first-half profit.
On 23 October, Chugin Financial Group revised its consolidated ordinary profit forecast for the cumulative second quarter, raising it from the previous forecast of ¥30.0 billion to ¥43.3 billion and indicating a substantial increase from ¥25.2 billion in the same period last year. The announcement was made after 14:00, with the strong performance of the stock market and the rebalancing of the securities portfolio accompanying the Bank of Japan's interest-rate hike cited as reasons for the upward revision.
The full-year ordinary profit forecast was maintained at the previous forecast of ¥65.0 billion. The revision raises the interim profit level and suggests the possibility that the company may again post a record-high profit in its consolidated results for the current fiscal year.
The background to the revision was described as including higher domestic interest rates and increased investment income from securities trading. The rebalancing of the securities portfolio during the period is expected to result in ordinary revenue exceeding the initial forecast.