A n a l y s t M e e t i n g A n a l y s t M e - - PowerPoint PPT Presentation
A n a l y s t M e e t i n g A n a l y s t M e e t i n g P r e s e n t a t i o n M a t e r i a l P r e s e n t a t i o n M a t e r i a l M a y 2 7 , 2 0 0 9 C h u o M
1
*CMTH: Chuo Mitsui Trust Holdings *CMTB: Chuo Mitsui Trust and Banking *CMAB: Chuo Mitsui Asset Trust and Banking
2
3
*1 B e f
e t r u s t a / c c r e d i t c
t s *2 E f f e c t i v e n e t
e r a t i n g p r
i t b e f
e t r u s t a / c c r e d i t c
t s & p r
i s i
( r e v e r s a l )
g e n e r a l r e s e r v e
F Y 3 / 9 H i g h l i g h t s
a b c:b-a (Yen bn)
Actual
CMTB+CMAB, non-consolidated FY3/08 FY3/09 Change % Gross operating profit *1
265.2 228.7 (36.5) (14)%
Operating expenses （ minus）
110.8 115.9 5.0 5%
[Net periodic retirement benefit cost] （ minus）
[(7.7)] [(0.4)] [7.2]
Pre-provision profit *2
154.4 112.8 (41.5) (27)%
Net other profit (loss) and other
(27.5) (226.6) (199.0)
[Losses on devaluation of stocks]
[(7.4)] [(69.7)] [(62.3)]
[Losses on sales of Japanese stock related investments]
[-] [(113.3)] [(113.3)]
Ordinary profit
126.8 (113.8) (240.6)
Extraordinary profit
8.1 7.7 (0.3)
Current and Deferred income taxes （ minus）
53.0 (26.0) (79.1)
Net income
81.9 (79.9) (161.9)
Credit Costs （ minus）
9.5 21.2 11.7
CMTH, consolidated FY3/08 FY3/09 Change Ordinary profit
125.3 (116.9) (242.2)
Net income
71.8 (92.0) (163.8)
Dividends per share: Common stocks
7.00yen 5.00yen
4
Factors for Increase/Decrease in Gross Operating Profit (CMTB+CMAB, non-consolidated)
F Y 3 / 9 G r
s
e r a t i n g p r
i t d e c r e a s e d b y J P Y 3 6 . 5 b n Y
, m a i n l y d u e t
h e d e c l i n e i n f e e i n c
e f r
I n v e s t m e n t t r u s t , A n n u i t y i n s u r a n c e a n d R e a l e s t a t e a s a r e s u l t
t h e f i n a n c i a l m a r k e t t u r m
l .
Conventional Banking Businesses Strategic Businesses
Priority Segments
Increase factor 0.5 Decrease factor
FY3/08 FY3/09 (2.9) 5.4 5.5 (15.3) (17.7) (12.0) （ Y e n b n ）
Corporate loans, etc.
(36.5)
Bond investments, etc. Loans to individuals Investment trust & Annuity insurance Real estate Alternative investments (including disposing loss
Others
5
5 2 . 5 5 9 . 2 4 . 6 5 . 5 4 . 6 1 1 5 . 3 1 1 8 . 5 1 1 6 . 4 5 1 . 8 4 7 . 4 6 1 . 1 6 3 . 2 4 8 1 2 F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 T a x N
e r s
n e l P e r s
n e l ( e x c l u d i n g n e t r e t i r e m e n t b e n e f i t c
t ) ( Y e n b n )
T r e n d
O p e r a t i n g E x p e n s e s
（ C M T B + C M A B , n
s
i d a t e d ）
T r e n d
O H R
*
（ C M T B + C M A B , n
s
i d a t e d ）
*operating expenses（ excluding net retirement benefit cost） / gross operating profit
O p e r a t i n g E x p e n s e s
P
i c y
r e s t r a i n i n g t
a l a m
n t
e r a t i n g e x p e n s e s ⇒E x c l u d i n g t h e i n c r e a s e i n r e t i r e m e n t b e n e f i t c
t ,
e r a t i n g e x p e n s e r e m a i n e d a l m
t f l a t O H R i n c r e a s e d Y
, m a i n l y d u e t
h e d e c r e a s e i n g r
s
e r a t i n g p r
i t
4 1 . 9 % 4 4 . 7 % 5 . 8 %
. % 2 . % 4 . % 6 . % F Y 3 / 7 F Y 3 / 8 F Y 3 / 9
( % )
6
Factors for Increase/Decrease in Net Income （ CMTB+CMAB, non-consolidated）
(5.0) D ecrease factor Increase factor
(79.9) 799
FY 3/08 FY 3/09
81.9
(113.3) (11.7) 67.0 (36.5) (62.3) （ Y en bn） (161.9)
G ross operating profit O perating expense (including N et periodic retirem ent benfit costs (7.2)) Losses on stock devaluation Losses on sales of stock related investm ent Credit costs O thers
7
5 % 3 % 2 % 2 % 5 % 5 % 5 % 6 % 9 % 1 % 1 % 1 1 % 1 4 % 1 2 % 6 % 1 6 % 1 7 % 1 3 % 2 % 9 % 4 % 4 % 1 1 % 1 3 % 1 5 % 2 % 4 % 9 % 1 3 % 1 7 % 2 3 % 1 5 % 1 6 % 1 9 % 3 % 2 % 2 % 2 % △1 % 5 % 4 % 2 % F Y 3 / 3 F Y 3 / 7 F Y 3 / 8 F Y 3 / 9
B a n k i n g r e l a t e d B u s i n e s s e s
C
v e n t i
a l B a n k i n g B u s i n e s s e s
B r e a k d
n
g r
s
e r a t i n g p r
i t b y b u s i n e s s s e g m e n t ( C M T B + C M A B , n
s
i d a t e d ) Recomposition of Revenue Structure
１ ６ ％ ４ ４ ％ 3 7 % 3 9 ％
p
a t e l
n s , e t c .
d i n v e s t m e n t s , e t c .
Sum of loans to individuals, investment trust & annuity insurance, and real estate
6 4 % 7 6 %
n s t
n d i v i d u a l s
e a l e s t a t e a s s e t f i n a n c e
l t e r n a t i v e i n v e s t m e n t s
t h e r b a n k i n g r e l a t e d b u s i n e s s e s
n v e s t m e n t t r u s t & A n n u i t y i n s u r a n c e
e a l e s t a t e
e n s i
t
k t r a n s f e r a g e n c y
t h e r a s s e t m a n a g e m e n t b u s i n e s s e s
7 1 % ４ 3 ％
B a n k i n g r e l a t e d B u s i n e s s e s A s s e t M a n a g e m e n t B u s i n e s s e s
8
M a n a g e m e n t D i r e c t i
Stable demand for borrowing R e a l e s t a t e L
n s t
n d i v i d u a l s
Assuming that market recovery from the crisis turmoil will take time… C
t i n u e d f
u s a s p r i
i t y s e g m e n t s d u e t
a v i n g m e d i u m t
g t e r m g r
t h p
e n t i a l , i n s p i t e
t h e c h a l l e n g i n g c i r c u m s t a n c e i n t h e s h
t t e r m Demand for borrowing due to the market turmoil I n v e s t m e n t t r u s t & A n n u i t y i n s u r a n c e I n v e s t m e n t t r u s t & A n n u i t y i n s u r a n c e
C a p t u r e n e a r
e r m
p
t u n i t i e s a n d i n c r e a s e p r
i t a b l e l e n d i n g I n c r e a s e l
n b a l a n c e b y p r
c t i v e i n i t i a t i v e s
C
c e n t r a t i
h i g h m a r g i n & h i g h g r
t h a r e a w i t h i n s t r a t e g i c b u s i n e s s e s
9
(Yen bn) CMTB+CMAB Actual Outlook non-consolidated FY3/09 FY3/10 Change Gross operating profit *1
228.7 220.0 (8.7)
Operating expenses （ minus）
115.9 120.0 4.0
[Net periodic benefit cost] （ minus）
[(0.4)] [4.0] [4.4]
Pre-provision profit *2
112.8 100.0 (12.8)
Net other profit
(226.6) (40.0) 186.6
[Losses on devaluation on stocks]
[(69.7)] [-] [69.7]
[Losses on sales of Japanese stock related investments]
[(113.3)] [-] [113.3]
Ordinary Profit
(113.8) 60.0 173.8
Extraordinary profit
7.7 0.0 (7.7)
Current and Deferred income taxes （ minus）
(26.0) 20.0 46.0
Net income
(79.9) 40.0 119.9
Credit costs （ minus）
21.2 20.0 (1.2)
CMTH, consolidated FY3/09 FY3/10 Change Ordinary profit
(116.9) 60.0 176.9
Net income
(92.0) 30.0 122.0
Dividends per share: Common stocks
5.00yen 5.00yen
O u t l
f
F Y 3 / 1
A s s u m p t i
： D i f f i c u l t c i r c u m s t a n c e i n t h e s e c
d h a l f
F Y 3 / 9 c
t i n u e s i n F Y 3 / 1 ⇒s l i g h t l y l
e r p r
i t t h a n t h a t
F Y 3 / 9 r e s u l t s T h
g h l
c
t
e r a t i
： O p e r a t i n g e x p e n s e s e x c l u d i n g n e t r e t i r e m e n t b e n e f i t c
t s w i l l r e m a i n f l a t , C r e d i t c
t w i l l r e m a i n s t a b l e a s l
n p
t f
i
s
h i g h q u a l i t y a n d w e l l m a n a g e d R e t u r n t
r
i t a b i l i t y i n F Y 3 / 1
*1 B e f
e t r u s t a / c c r e d i t c
t s *2 E f f e c t i v e n e t
e r a t i n g p r
i t b e f
e t r u s t a / c c r e d i t c
t s & p r
i s i
( r e v e r s a l )
g e n e r a l r e s e r v e
B y p
t i n g d e v a l u a t i
l
s e s
c r
s s h a r e h
d i n g s , a n d l
s e s
s a l e
J a p a n e s e s t
k r e l a t e d i n v e s t m e n t s i n F Y 3 / 9 , r i s k
a d d i t i
a l l
s e s i n F Y 3 / 1 a r e s i g n i f i c a n t l y r e d u c e d
10
G r
s O p e r a t i n g P r
i t b y B u s i n e s s U n i t
a b c:b-a d e:d-b （ Yen bn） Actual Outlook CMTB+CMAB, non-consolidated FY3/08 FY3/09 Change % FY3/10 Change % Asset management businesses
Real estate
Pension
Stock transfer agency
Banking related businesses
Conventional banking businesses
[Corporate loans, etc.]
[Bond investments, etc.]
Loans to individuals
Real estate asset finance
Alternative investments
[CDO loss disposition]
Gross operating profit
Investment trust & Annuity insurance Other banking related businesses
11
12 2 7 % 4 3 % 2 1 % 3 % 6 % 国内銀行
3 7 % 8 % 5 5 %
3 7 % 8 % 3 % 2 2 % 2 %
% 2 % 4 % 6 % 8 % 1 %
当社
Loans by Industry *１（ As of 3/09） Loans by Size of Borrowers （ As of 3/09 ）
SMEs*9 Real Estate Asset Finance*3 *1. Managerial accounting-basis, CMTB non-consolidated. Balance at period end, post-securitization *2. Loan providers that charge interest rates in excess of the upper limit set by the Interest Rate Restriction Law (“Gray Zone” Interest Rates) *3. Does not include bond-types *4. Rate of pay-out on guarantees by Chuo Mitsui Guarantee in FY3/09 (based on number of pay-outs) Consumer finance*2： 1％ We have curtailed our exposure to consumer finance companies, which include sales finance companies and credit card
consumer finance companies to total loans: 0.2% Real estate companies： 7％ Ratio of loans to large companies and their group companies to total loans: 4.4％ Real Estate Asset Finance*3
Loans to Individuals Loss rate*4 on housing loans, which make up the majority type of loans to individuals: 0.08%
Ratio of Housing Loans to Total Loans*10 (Comparison of Major Banking Groups） （ As of 3/09）
Companies
Mid-sized companies*8 Large Companies*7 Others*6 Loans to individuals
*5. Source: Bank of Japan *6. Local governments ＋ Overseas yen loans, Domestic loans transferred overseas *7. Large companies: capital of JPY 1bn or more and with more than 300 employees *8. Mid-sized companies: companies other than large companies and SMEs *9. SMEs: capital of JPY 300 mn or less or less than 300 employees Money market brokers, etc.
10%
*10. Source: Company disclosures As of 3/09, non-consolidated, post-securitization Construction : 1％
CMTH *1 Domestic banks total
*5
3 3 % 1 4 % 2 1 % 1 4 % 2 3 % % 1 % 2 % 3 % 4 % C M T H A Ｂ Ｃ Ｄ
1 %
13
2 9 1 . 7 2 8 3 . 1 1 6 5 . 2 8 9 . 1 6 1 . 5 7 6 . 1 2 2 . 3 4 1 . 6 1 8 4 . 9 9 4 . 9 7 1 . 8 8 2 . 8 7 9 . 5 1 6 . 7 1 . 7 % 1 . 4 % 7 . % 4 . 9 % 2 . 8 % 1 . 8 % 1 . 7 % 2 5 5 7 5 3 / 3 3 / 4 3 / 5 3 / 6 3 / 7 3 / 8 3 / 9 3 / 1 ( Y e n b n )
% % 2 % 4 % 6 %
C l a i m s u n d e r H i g h R i s k & ( V i r t u a l ) B a n k r u p t c y C l a i m s u n d e r C l
e O b s e r v a t i
N P L r a t i
Balance of NPL and NPL Ratio (CMTB, non-consolidated, Banking a/c + Trust a/c) 7 2 . 3 4 6 8 . 2 6 . 1 1 6 . 9 1 4 4 . 3 1 5 5 . 6 1 3 9 . 1
NPL decreased steadily
1% level
（ Outlook）
As of Claims under Close observation: Decreased due to improvement of certain borrowers’ business condition Claims under High Risk: Increased due to strict assessment Claims under (Virtual) Bankruptcy: Increased as a result of bankruptcy of some real estate companies due to the economic downturn
14
20.0 21.2 121.5 58.3 43.9 29.7 9.5 65.6
. 2 2 % . 2 % . 4 9 % . 7 5 % . 6 2 % 1 . 2 2 % . 3 5 % . 1 1 % 5 1 1 5 F Y 3 / 3 F Y 3 / 4 F Y 3 / 5 F Y 3 / 6 F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 F Y 3 / 1
5 % . % . 5 % 1 . % 1 . 5 % C r e d i t C
t s C r e d i t C
t R a t i
C r e d i t C
t s a n d C r e d i t C
t R a t i
n s a n d G u a r a n t e e s ( C M T B , n
s
i d a t e d )
（ Y e n b n ）
（ Credit costs/Total loans and guarantees）
（ Outlook）
15
（ Y e n b n ）
A s
3 / 9 ( a ) A s
1 2 / 8 ( b ) C h a n g e ( a
) A c q u i s i t i
C
t U n r e a l i z e d G a i n s / L
s e s U n r e a l i z e d G a i n s / L
s e s R a t i
c q u i s i t i
C
t U n r e a l i z e d G a i n s / L
s e s A c q u i s i t i
C
t U n r e a l i z e d G a i n s / L
s e s A v a i l a b l e
a l e s e c u r i t i e s ( C M T B , n
s
i d a t e d )
3 , 4 . 8 ( 1 . 1 ) ( 2 . 9 ) % 3 , 1 1 7 . 3 ( 1 7 9 . ) 2 8 3 . 4 7 8 . 9
J a p a n e s e S t
k s
4 1 9 . 6 ( 4 . 4 ) ( 9 . 6 ) % 4 1 2 . 2 ( 1 5 . 5 ) 7 . 4 ( 2 4 . 9 )
J a p a n e s e B
d s
2 , 4 3 . 2 ( 1 8 . 4 ) ( . 9 ) % 1 , 7 4 . 6 ( 1 8 . 4 ) 3 2 . 6 .
O t h e r s
9 3 7 . 8 ( 4 1 . 2 ) ( 4 . 3 ) % 9 6 4 . 4 ( 1 4 5 . ) ( 2 6 . 6 ) 1 3 . 8
A s
3 / 9 ( a ) A s
1 2 / 8 ( b ) C h a n g e ( a
) ( B r e a k d
n
t h e " O t h e r s "
a v a i l a b l e
a l e s e c u r i t i e s )A c q u i s i t i
C
t U n r e a l i z e d G a i n s / L
s e s U n r e a l i z e d G a i n s / L
s e s R a t i
c q u i s i t i
C
t U n r e a l i z e d G a i n s / L
s e s A c q u i s i t i
C
t U n r e a l i z e d G a i n s / L
s e s F
e i g n g
e r n m e n t b
d s
2 1 7 . 1 . 1 . 5 % 7 . 5 . 7 1 4 6 . 4 . 4
U S a g e n c y M B S
3 7 8 . . 4 . 1 % 3 1 5 . 4 . 1 6 2 . 5 . 2
O v e r s e a s I n v e s t m e n t
2 1 . 3 ( 1 7 . 7 ) ( 8 . 4 ) % 1 9 6 . ( 1 9 . ) 1 4 . 2 1 . 3
( E x c l u d i n g f
e i g n g
e r n m e n t b
d s , U S a g e n c y M B S )
C D O （ ※1 ）
1 .
.
n v e s t m e n t t r u s t ( b
d f u n d s ) （ ※2 ）
9 . 8 ( . 2 ) ( 2 . 9 ) % 9 . 8 ( . 3 )
I n v e s t m e n t t r u s t ( c r e d i t f u n d s ) （ ※3 ）
2 4 . 9 ( 6 . 2 ) ( 2 5 . 1 ) % 2 4 . 9 ( 7 . 5 )
. 2
I n v e s t m e n t t r u s t ( e q u i t y f u n d s , e t c . ) （ ※4 ）
1 . 7 ( 1 . 3 ) ( 1 2 . 1 ) % 1 . 7 ( 1 . 2 ) ( . ) ( . )
F
e i g n b
d s , e t c . （ ※5 ）
1 5 4 . 7 ( 9 . 8 ) ( 6 . 3 ) % 1 4 . 3 ( 9 . 8 ) 1 4 . 3 .
J a p a n e s e s t
k r e l a t e d i n v e s t m e n t （ ※6 ）
3 8 . 3 ( 7 . 2 ) ( 1 8 . 9 ) % 2 8 6 . 6 ( 1 9 . 1 ) ( 2 4 8 . 2 ) 1 1 . 8
R M B S （ ※7 ）
7 . 5 ( . 1 ) ( 2 . 1 ) % 7 . 8 ( . ) ( . 2 ) ( . )
O t h e r s （ ※8 ）
8 6 . 4 ( 1 7 . 6 ) ( 2 . 4 ) % 8 7 . 8 ( 1 7 . 7 ) ( 1 . 4 ) .
（ ※1 ） M a n a g e d s y n t h e t i c C D O （ ※5 ） O v e r s e a s c
p
a t e b
d s , e t c . （ ※2 ） I n v e s t m e n t s m a i n l y t
u b l i c a n d c
p
a t e b
d s , d
e s t i c a n d f
e i g n （ ※6 ） L
g
h
t f u n d s r e l a t e d t
a p a n e s e s t
k s , e t c . （ ※3 ） I n v e s t m e n t s m a i n l y t
a n k l
n s t
a r d U S c
p a n i e s （ ※7 ） A B S s e c u r i t i z i n g t h e d
e s t i c h
s i n g l
n s （ ※4 ） M a r k e t n e u t r a l f u n d s
U S e q u i t i e s , e t c （ ※8 ） C r e d i t l i n k e d n
e r e f e r e n c e t
e s t i c c
p a n i e s , e t c . （ * ） C r e d i t d e r i v a t i v e p
t i
t h i s C D O i s b i f u r c a t e d . J P Y 5 . b n w a s p
t e d a s d e r i v a t i v e c
t a t f i s c a l y e a r 2 7 , a n d J P Y 4 . 8 b n w a s p
t e d a s d e r i v a t i v e c
t a t f i s c a l y e a r 2 8 . （ * ） （ * ）
U n r e a l i z e d l
s e s , U n r e a l i z e d l
s r a t i
r e a t f a i r l y l
l e v e l s R i s k s
a d d i t i
a l l
s e s i n F Y 3 / 1 a r e l i m i t e d
16
17
A c t u a l f
F Y 3 / 9 S e g m e n t s H
s i n g L
n s I n v e s t m e n t T r u s t , A n n u i t y I n s u r a n c e
R e a l E s t a t e O u t l
f
F Y 3 / 1 F e e i n c
e J P Y 2 4 . 5 b n
（ J P Y 5 . 4 b n d e c r e a s e Y
) C a p t u r e t h e t r e n d
s h i f t f r
s a v i n g s t
n v e s t m e n t
N e t i n c r e a s e
J P Y 3 3 . b n
（ 1 1 % i n c r e a s e Y
) C
t i n u
s e n h a n c e m e n t
r
t e s a l e s c h a n n e l Strategic Businesses
N e t i n c r e a s e
J P Y 2 2 . b n
( 5 % i n c r e a s e Y
) I n c r e a s e i n l e n d i n g s i n r e s p
s e t
s t r
g d e m a n d f
b
r
i n g s c a u s e d b y t h e i n a c t i v e C
p
a t e b
d / C P m a r k e t
C
p
a t e L
n s N e t i n c r e a s e a m
n t J P Y 2 1 . b n
I n c r e a s e l
n s w i t h a t t r a c t i v e r i s k
e t u r n p r
i l e b y t a k i n g a d v a n t a g e
d
e s t i c c
p a n i e s ’ d e m a n d f
b
r
i n g s
C
t i n u
s f
u s a s S t r a t e g i c B u s i n e s s e s F e e i n c
e J P Y 1 6 . b n
（ J P Y 2 . b n i n c r e a s e Y
) I n c r e a s e n u m b e r
t h e t r a n s a c t i
s b y i d e n t i f y i n g n e e d s
i n v e s t
s a n d c
p a n i e s
N e t i n c r e a s e
J P Y 4 6 8 . 3 b n
( R e c
d h i g h ) ( 1 8 % i n c r e a s e Y
) S u c c e s s f u l l y i n c r e a s e d b y r
t e s a l e s c h a n n e l
F e e i n c
e :J P Y 1 3 . 9 b n
( J P Y 1 7 . 7 b n d e c r e a s e Y
) F e e i n c
e d e c r e a s e d d u e t
e a l e s t a t e m a r k e t d
n t u r n a n d t h e f i n a n c i a l m a r k e t t u r m
l
F e e i n c
e :J P Y 2 9 . 9 b n
（ J P Y 1 5 . 3 b n d e c r e a s e Y
) F e e i n c
e d e c r e a s e d d u e t
h e s t
k m a r k e t d
n t u r n S t e a d i l y c a p t u r i n g t h e p r
i t
p
t u n i t y Banking related Businesses
18
9 . 1 . 6 8 . 1 2 . 3 1 . 5 1 3 . 1 1 . 1 9 . 4 3 . 4 5 . 2 2 9 . 9 2 4 . 5 7 . 5 8 . 2 1 . 1 4 . 2
1 2 3 4 5 6 F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 F Y 3 / 1 （ Y e n b n ）
F Y 3 / 8 F Y 3 / 9 1 6 . 6 1 3 . 2 2 9 . 9 2 . 7 2 4 . 4 4 5 . 2 F l
S t
k
1,246.7 912.6 1,249.9 760.0 1,170.0 1,229.7 1,260.6 1,096.2
500 1,000 1,500 3/07 3/08 3/09 3/10 Investment trust Annuity insurance
（ Y e n b n )
The stock market downturn resulted to the decrease in investment trust and annuity insurance sales fee. “Stock- based” fees linked to the sales balance and the entrusted balance also decreased due to the decline of the balance on a market value basis. Investment Trust & Annuity Insurance related Revenues Investment Trust & Annuity Insurance Balance
＊ Total of Annuity insurance sales fee , Investment trust sales fee and Trust fee & Investment advisory fee for Investment trust
Although flow-based fees decreased sharply due to decrease in sales amount, stock-based fees underpinned the total revenue to a certain degree.
(Yen bn)
Investment Trust & Annuity Insurance Sales Amount Breakdown of Investment Trust & Annuity Insurance related Revenue
Annuity insurance sales fee Trustee fee & Investment advisory fee for Investment trust Investment trust sales fee As of
Breakdown of Investment trust & Annuity insurance related revenues* by “ flow- based” and “ stock-based” fees a b c:b-a d (Yen bn) CMTB+CMAB, non-consolidated Actual Outlook e:d-b Sales Fee FY3/08 FY3/09 Chg. FY3/10 Chg. Investment trust sales fee
20.3 10.5 (9.7) 8.0 (2.5)
Annuity insurance sales fee
14.2 11.1 (3.0) 9.0 (2.1)
Total
34.6 21.7 (12.8) 17.0 (4.7)
Trustee Fee & Investment Advisory Fee for Investment Trust Trustee fee
6.3 4.9 (1.4) 4.5 (0.4)
Investment advisory fee
4.2 3.2 (0.9) 3.0 (0.2)
Total
10.6 8.1 (2.4) 7.5 (0.6)
Grand total
45.2 29.9 (15.3) 24.5 (5.4)
7 8 . 6 5 9 8 . 2 1 8 4 . 9 2 4 . 8 2 3 . 4 3 6 1 . 4 3 1 . 1 2 5 . 1 7 7 . 3 2 1 5 . 4 2 2 5 . 1 1 8 5 . 5 1 , F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 F Y 3 / 1 （ Y e n b n ） I n v e s t m e n t t r u s t s a l e s a m
n t A n n u i t y i n s u r a n c e s a l e s a m
n t
（ Outlook） （ Plan）
(market value basis)
（ Plan）
19
7.6 7.2 4.2 4.0 9.7 24.4 31.0 12.0 16.0 13.9 31.7 38.7 575 437 159
0.0 10.0 20.0 30.0 40.0 50.0 FY3/07 FY3/08 FY3/09 FY3/10 (Yen bn)
150 300 450 (Numuber of contracts) Real estate brokerage fee Real estate trust fee Number of brokerage contracts 4 , 3 1 2 . 7 5 , 1 4 1 . 1 5 , 1 8 . 5 5 , 1 6 . 1 , 2 , 3 , 4 , 5 , 3 / 7 3 / 8 3 / 9 3 / 1 ( Y e n b n ）
Breakdown of Real Estate Revenue Balance of Securitized Real Estate Trend of Real Estate Revenue
Percentage of brokerage fees earned from investor related deals to total brokerage fees
FY3/09 Number of brokerage transactions, especially investor related deals, decreased due to the continuing market turmoil since 2H.FY03/08. ⇒ As a result, real estate brokerage fee decreased by JPY14.7bn YoY
～ ～
As of
a b c:b-a d (Yen bn) CMTB, Actual Outlook e:d-b non-consolidated FY3/08 FY3/09 Chg. FY3/10 Chg. Real estate brokerage fee
24.4 9.7 (14.7) 12.0 2.2
Real estate trust fee
7.2 4.2 (3.0) 4.0 (0.2)
Total
31.7 13.9 (17.7) 16.0 2.0
（ P l a n ）
（ Outlook）
20
7 , 9 5 . 8 8 , 6 2 5 . 9 7 , 3 5 9 . 6 7 , 3 4 4 . 4 7 , 1 2 1 . 5 6 , 5 7 . 7 7 , 6 5 7 . 1 6 , 4 1 9 . 9 3 , 4 , 5 6 , 7 , 5 3 / 6 3 / 7 3 / 8 3 / 9
（ Y e n b n ） B
v a l u e b a s i s M a r k e t v a l u e b a s i s
Industry Share ＊2
Balance of Entrusted Pension Assets*1 under Management FY3/09 Despite the steady growth of pension assets on a book value basis, the revenue declined slightly YoY due to decrease of pension assets on a market value basis
# of listed corporate clients
(As of 3/09)
*1 Includes discretionary assets
Pension Business related Revenue
# of shareholders under administration
(As of 3/09)
Our Group 25.4% Our Group 24.0%
・ FY3/09 25% market share and YoY revenue level are maintained. ・ Although the revenue will decrease due to the dematerialization of stock certificate started in Jan. 2009, our shift to a low cost structure by utilizing a JV set up with Mizuho Trust, which consolidates back office operations, will limit the decrease
*2 CMTB+Tokyo Securities Transfer Agent
Stock Transfer Agency Business related Revenue
～ ～ As of
a b c:b-a d (Yen bn) CMAB, Actual Outlook e:d-b non-consolidated FY3/08 FY3/09 Chg. FY3/10 Chg. Fees received
31.0 28.3 (2.6) 27.0 (1.3)
Fees paid (minus)
4.3 3.9 (0.3) 4.0 0.0
Total
26.6 24.4 (2.2) 23.0 (1.4)
a b c:b-a d (Yen bn) CMTB, Actual Outlook e:d-b non-consolidated FY3/08 FY3/09 Chg. FY3/10 Chg. Fees received
24.5 24.9 0.4 19.0 (5.9)
Fees paid (minus)
10.9 10.8 0.0 9.0 (1.8)
Total
13.6 14.0 0.4 10.0 (4.0)
21
Source: Company disclosures *1 CMTB + CMAB, non-consolidated *2 Sum of net fees and commissions and trust fees (excluding loan trust and JOMTs, or jointly operated money trusts) / gross operating profit (before trust a/c credit costs) *3 Sum of net interest income, loan trust fees, JOMTs fees, net trading income, and net other operating income / gross operating profit (before trust a/c credit costs)
Net fee income Other income
*2 *3
Net Fee Income as % of Gross Operating Profit for Major Banks in FY3/09 (Combined non-consolidated basis)
*1
22
9 9 . 1 8 2 . 1 6 4 . 2 4 6 8 1
F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 （ N u m b e r
c
d
i n i u m s : t h
s a n d s ）
5 1 1 5 2 2 5 3 （ Y e n b n ）
N e w C
d
i n i u m s a l e s （ M e t r
i t a n a r e a ＋K i n k i a r e a ） C M T B ' s n e w h
s i n g l
n
i g i n a t i
f
n e w c
d
i n i u m
4 3 9 . 3 9 8 . 2 3 6 2 . 3 2 . 2 , 5 7 9 . 9 2 , 9 3 . 1 3 , 3 6 2 . 3 3 , 6 5 . 3 , 3 3 . 2 , 1 4 . 9 2 , 5 3 1 . 9 3 , . 2
1 , 2 , 3 , 3 / 7 3 / 8 3 / 9 3 / 1 （ Y e n b n ）
H
s i n g l
n s S
e p r
r i e t
s h i p s , e t c
5 % 1 % 9 4 %
Balance of Loans to Individuals
Housing Loans Origination by Channel Route sales channel Over the counter, etc. Client company channels
FY3/09, Numbers of new loans originated
Post securitization
“Route sales (major home builders, real estate agents and developers channel)” strategy successfully differentiates CMTB from competitors
New origination: JPY738.8bn (+JPY48.8bn against plan） Net increase: JPY468.3bn (+JPY146.8bn against plan)
* Source: Real Estate Economic Institute Co.,Ltd.
As of
Trend of Housing Market and CMTB’s Loan Origination
(Comparison of New Condominium Sales with CMTB‘s New Housing Loan Origination for New Condominium Buyers )
＊
（ Plan）
23
Balance of Real Estate Asset Finance
（ Plan）
8 6 6 . 8 8 7 5 . 8 8 4 8 . 1 8 4 7 .
2 4 6 8 1 , 3 / 7 3 / 8 3 / 9 3 / 1
% DSCR*2 over 2.0x: 93% %
*2 Excluding REIT type and development type
Limited downside risk even during correction phase of the market High risk tolerance allows us to build more profitable loan portfolio by flexibly originating loans that meet our risk-return criteria Solid portfolio based on stringent risk-return analysis
*1 Excluding REIT type
(YEN bn) As of
24
. 2 , . 4 , . 6 , .
3 / 7 3 / 8 3 / 9 3 / 1
Balance of Corporate Loans（ domestic）
*1
（ Yen bn）
4,791.8 4,749.3 <（ 425） > 4,971.0 <+221.7> 5,180.0 <around+210.0> . 4 % . 4 5 % . 5 % . 5 5 % 1 H F Y 3 / 8 2 H F Y 3 / 8 1 H F Y 3 / 9 2 H F Y 3 / 9
Corporate Loan Spread（ domestic）
*2
*2 Weighted average spread of new transactions on each term （ Excluding foreign currency loans, loans to money market brokers, private bonds）
. 4 5 ％ . 4 5 ％ . 4 6 ％ . 5 ％ . 5 3 ％
*1 Including investments to privates bonds issued as an alternative to loans Excluding foreign currency loans
（ P l a n ）
As of
25
. 2 , . 4 , . 6 , .
3 / 7 3 / 8 3 / 9 3 / 1
Balance of Corporate Loans*1 （ Yen bn）
*1 Including investments to privates bonds issued as an alternative to loans Including foreign currency loans, loans to foreign sovereigns
4,998.5 5,096.8 <+98.3> 5,655.9 <+559.1> 5,930.0 <around+270.0>
. 4 % . 4 5 % . 5 % . 5 5 % 1 H F Y 3 / 8 2 H 3 / 8 1 H F Y 3 / 9 2 H 3 / 9 Corporate Loan Spread*2
*2 Weighted average spread of new transactions on each term （ Excluding loans to money market brokers, private bonds, loans to Japanese non-residential companies)
. 4 5 ％ . 4 7 ％ . 5 2 ％ . 5 4 ％
（ Plan）
As of
26
. % . 2 % . 4 % . 6 % . 8 % 1 . % 1 . 2 % 1 . 4 % 1 . 6 % 1 . 8 % 2 . % F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 A v e r a g e y i e l d
l
n s a n d b i l l s d i s c
n t e d L
n s t
n d i v i d u a l s R e a l e s t a t e a s s e t f i n a n c e C
p
a t e l
n s A v e r a g e y i e l d
d e p
i t s a n d p r i n c i p a l s N e t i n t e r e s t m a r g i n
2 5 % 3 % 3 4 % 3 8 % 7 1 % 6 % 5 6 % 5 2 % 1 % 1 % 1 % 4 %
% 2 % 4 % 6 % 8 % 1 % F Y 3 / 3 F Y 3 / 7 F Y 3 / 8 F Y 3 / 9 L
n s t
n d i v i d u a l s R e a l e s t a t e n
e c
r s e l
n s C
p
a t e l
n s
Recompositon
* 3
40％ 29％ 44％ 48％ Recomposition of Loan Portfolio (average balance *2)
* 4
Trend of Yields*2
* 3
* 2 B a n k i n g A / C ( d
e s t i c f u n d s ) + JOMTs + l
n t r u s t s + y e n l
n t
e s i d e n t , e x c l u d i n g e f f e c t
s e c u r i t i z a t i
p r
i t a n d a m
t i z a t i
*3 C
p
a t e l
n s + c
p
a t e r e s t r u c t u r i n g & r e v i t a l i z a t i
r e l a t e d f i n a n c e , e t c . * 4 E x c l u d i n g y e n l
n t
e s i d e n t * 5 E x c l u d i n g b
d
y p e * 6 A v e r a g e y i e l d
l
n s – a v e r a g e y i e l d
d e p
i t a n d p r i n c i p a l s
* 5 * 4
FY3/09 Focus on lending to domestic corporations that meets our risk- return criteria, which the profitability is improving.
* 6 *1 Rate of pay-out on guarantees by Chuo Mitsui Guarantee
We have built a loan portfolio adopting appropriate risk control by stringent selection of deals Weight of comparatively high margin loans to individuals increased (FY3/09 Housing loan loss rate*1: 0.08%)
Approximately 40% of total loans are profitable loans to individuals
27 (Yen bn)
FY3/08 FY3/09 Outlook FY3/10 Buyout investment related
4.1 4.2 5.0
Securitized product investment related
3.0 3.5 3.0
Equity investment related
7.9 0.1 0.5
Hedge fund investment related
4.8 2.1 1.0
Total of investment return ①
19.9 10.0 9.5
Loss disposition ②
(5.0) (7.7) 0.0
Grand total ①+②
14.9 2.3 9.5
Alternative Investments: Actual / Plan Return on Alternative Investment by Type*1
* 2 * 3
*1 Gross operating profit （ before funding costs） *2 Mostly Chuo Mitsui Capital related *3 Oversea CDO loss disposition: 5.0bn in FY3/08, 4.8bn in FY3/09
( Y e n b n ) Actual Actual Plan FY3/08 FY3/09 FY3/10
Avg. balance
Return*1
R a t e
r e t u r n
28
29
A m
n t ( Y e n b n ) T y p e Y e a r / M
t h
I n j e c t i
D i v i d e n d R a t e ( % ) C u r r e n t C
v e r s i
P r i c e
* 3
M a n d a t
y c
v e r s i
d a t e C
v e r s i
P r i c e a t m a n d a t
y c
v e r s i
d a t e
C l a s s Ⅱ 1 5 . 0C
v e r t i b l e 3 / 1 9 9 9 . 9 4 5 8 / 1 / 2 9 M a r k e t p r i c e
* 4
C l a s s Ⅲ 5 . 3 5C
v e r t i b l e 3 / 1 9 9 9 1 . 2 5 4 5 8 / 1 / 2 9 M a r k e t p r i c e
* 4
T
a l 2 . 3 5
290.2 432.2 400.2 363.2 200.3 86.4 32.0 37.0 76.5 100 200 300 400 Distributable profit amount Public funds(Book value) Buyback Offering
* 2 D i s t r i b u t a b l e p r
i t a m
n t
C M T H , n
s
i d a t e d . （ C a p i t a l s u r p l u s （ e x c e p t C a p i t a l r e s e r v e ） ＋R e t a i n e d e a r n i n g s （ e x c e p t E a r n e d r e s e r v e ）
r e a s u r y s t
k ）
*4 30 business day average for common share price, starting form 45days prior to mandatory conversion date. 400yen is final reset floor.
C a p i t a l A d e q u a c y R a t i
1(
C M T H , c
s
i d a t e d )
Status of outstanding public preferred shares
R e p a y m e n t
P u b l i c F u n d s
*1 3
/ 9 i s p r e l i m i n a r y 3 / 6 3 / 7 3 / 8 3 / 9
Factors that decrease Tier1 Buyback of preferred stocks （ 127.3） Net loss（ CMTH consolidated） （ 92.0） Factors that decrease Risk adjusted assets Sales of Japanese stock related investments approximately(440.0) Sales of US agency ＭＢ Ｓ approximately(170.0)
（ Yen bn）
7/06 Offering 7/07 Offering 7/08 Offering + Buyback
＊2
*3 Conversion price up to the mandatory conversion date(8/1/2009) (Yen bn) a b c:b-a CMTH, Consolidated 3/08 3/09 Change Total Capital
1,122.3 891.8 (230.5)
Tier I
878.0 646.6 (231.4)
Tier Ⅱ
263.7 267.0 3.3
Risk adjusted assets
8,109.0 7,397.0 (712.0)
Capital Adequacy Ratio
13.84% 12.05% (1.79)%
Tier1 Ratio
10.82% 8.74% (2.08)%
As of
30
This material contains certain forward-looking statements. These statements are not guarantees of future performance, and involve risks and uncertainties. Actual results may differ from these forward-looking statements contained in the present material, due to various factors, including, but not limited, to changes in