Suruga Bank Ltd SUGBY

FinancialsBanking ServicesJapan

Last close 172.63 USD on Nov 1, 2026, −10.5% year to date

Quant rating

Quant rating D Rank 282 of 304 in Financials

Growth D 230 of 304
Valuation D 244 of 304
Quality C 177 of 304
Revisions D 253 of 304
Momentum D 221 of 304

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.1B
Enterprise value: 289M
52-week range: 172.63 – 197.17
3-year range: 50.90 – 197.17
Dividend yield: 2.18%
Beta (5 years): –
Shares outstanding: 172M
Next earnings: Nov 12, 2026

About the company

Suruga Bank Ltd. is a Japan-based bank engaged in the banking business, as well as the provision of other financial services such as leasing business, loan business and guarantee servive. The Bank operates in two business segments. The Banking segment is engaged in the provision of deposit services, loan services, and domestic and foreign exchange transactions services, as well as the counter sale of securities, investment trust and insurance. The Others segment is engaged in the provision of loans, leasing services, manpower dispatching services, credit guarantee services, system development services and credit cards services, among others.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	492	456	438	516	617	–
Revenue growth	7.9%	4.2%	−15.2%	−16.3%	−17.9%	−8.1%
EPS (basic, normalized)	1.26	0.76	0.53	0.47	0.34	–
EPS growth	66.6%	42.5%	13.0%	39.3%	−60.3%	8.2%
Gross margin	–	–	–	–	–	–
Net margin	44.5%	29.5%	23.2%	15.4%	10.6%	24.6%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	0
Net debt (mil)	–
Total equity (mil)	2,033
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	492	+7.9%	0.6x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
SUGBY Suruga Bank Ltd	3.1B	–	44.5%	1.38x	–	–	–	–
PRK Park National Corp	3.2B	13.9%	33.1%	1.04x	14.7x	13.4x	1.8x	1.7x
FHB First Hawaiian, Inc.	3.1B	13.3%	29.0%	1.45x	11.6x	10.1x	1.0x	0.9x
BKU BankUnited, Inc.	3.0B	12.3%	14.7%	1.22x	11.2x	10.0x	1.0x	0.9x
PFS Provident Financial Services Inc	3.0B	12.1%	22.9%	1.00x	9.3x	8.8x	1.0x	0.9x
CLBK Columbia Financial Inc	3.0B	14.0%	11.0%	1.03x	18.7x	14.4x	0.9x	0.9x
Mean		13.1%	25.8%	1.19x	13.1x	11.3x	1.1x	1.1x
Median		13.3%	26.0%	1.13x	11.6x	10.1x	1.0x	0.9x

Technical analysis

1M−10.5%
3M−10.5%
1Y−10.5%
3Y+56.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Suruga Bank Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Interest income	492	456	438	516	617	751
Total interest expense	48.5	17.0	7.6	10.4	12.2	14.1
Net interest income	444	439	430	506	604	737
Loan loss provision	−58.6	−15.0	−15.7	−19.3	122	56.1
Net interest income after loan loss provision	502	454	446	525	482	681
Non-interest income	101	95.4	95.9	125	99.3	137
Non-interest expense	−382	−385	−413	−560	−507	−612
Net income before taxes	222	165	129	90.6	74.5	206
Provision for taxes	3.5	30.3	27.1	11.0	9.1	12.1
Minority interest & equity in affiliates	0	0	0	0	0	0.1
Other	0	0	0	0	0	0
Net income before extraordinary items	219	135	102	79.7	65.4	194
Extraordinary items	–	–	–	–	–	–
Net income	219	135	102	79.7	65.4	194
Basic weighted average shares (mil)	175	189	204	188	229	232
Diluted weighted average shares (mil)	175	189	204	188	229	232
Basic EPS excluding extraordinary items	1.25	0.71	0.50	0.42	0.29	0.84
Basic EPS, normalized	1.26	0.76	0.53	0.47	0.34	0.85

Balance sheet in millions of USD, fiscal years

Balance sheet, Suruga Bank Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & due from banks	2,735	4,624	6,491	7,864	7,185	8,617
Other earning assets	4,288	3,814	3,266	3,734	4,663	2,632
Net loans	14,631	13,945	12,978	14,806	16,515	19,526
Property, plant & equipment	181	193	211	251	290	313
Goodwill	4.9	6.0	6.8	8.8	10.6	12.9
Intangibles	48.6	57.5	81.4	112	141	172
Long-term investments	–	–	–	–	–	–
Other long-term assets	194	188	198	267	290	305
Other assets	245	262	300	369	414	494
Total assets	22,327	23,089	23,533	27,411	29,508	32,072
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4.6	3.4	3.2	3.8	4.3	4.8
Total deposits	20,145	20,996	21,445	25,225	27,185	29,322
Other bearing liabilities	6.9	7.4	8.4	9.6	12.1	14.1
Short-term borrowings	–	–	1.2	0.3	0.3	0
Current portion of long-term debt	0.1	0.2	0.2	0.3	0.3	0.1
Long-term debt	0	0.1	0.3	0.6	1.0	0.1
Minority interest	0.7	0.7	0.7	0.8	0.8	0.9
Other liabilities	133	109	124	130	134	150
Total liabilities	20,290	21,117	21,583	25,371	27,337	29,492
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	189	200	199	226	247	271
Additional paid-in capital	0	–	30.3	14.9	16.2	18.5
Retained earnings (accumulated deficit)	1,840	1,759	1,766	1,921	2,019	2,158
Treasury stock	−195	−89.0	−170	−136	−149	−5.1
Other equity	203	101	125	15.0	38.2	138
Total equity	2,037	1,972	1,950	2,040	2,171	2,581
Total liabilities & shareholders' equity	22,327	23,089	23,533	27,411	29,508	32,072

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Suruga Bank Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	222	165	129	90.6	74.5	206
Depreciation, depletion & amortization	25.6	40.6	35.2	41.9	47.4	51.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	−598	−503	−496	−607	−749	−969
Changes in working capital	−583	−1,092	−283	658	1,796	2,552
Cash from operations	−933	−1,390	−615	184	1,168	1,840
Investing activities
Capital expenditures	−18.9	−13.6	−14.8	−17.5	−42.4	−41.8
Other investing cash flows	−496	−363	313	1,089	−1,690	−1,126
Cash from investing	−515	−376	298	1,072	−1,733	−1,168
Financing activities
Financing cash flow items	–	–	–	0	0	–
Cash dividends paid	−41.0	−36.1	−21.3	−8.5	−9.5	−10.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−111	−70.1	−33.2	0	−145	0
Cash from financing	−152	−106	−54.5	−8.5	−155	−10.5
Foreign exchange effects	–	–	–	0	0	0
Net change in cash	−1,600	−1,873	−371	1,248	−719	662
Free cash flow	−952	−1,404	−630	167	1,126	1,798

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.