San ju San Financial Group,Inc.
7322・Prime Market・Banks
Business
Thirty-Three Financial Group, Inc. is a regional financial holding company established in 2018 through a joint share transfer by The Mie Bank and The Daisan Bank. In 2021, the two banks merged to form The Thirty-Three Bank. With nine consolidated subsidiaries, the group centers on Banking (Deposit Business, Lending Business, foreign exchange, and over-the-counter sales), and provides financial services including Leasing Business (Thirty-Three Lease) and Credit Card Business, Credit Guarantee Business, etc., mainly in Mie and Aichi Prefectures. It is listed on the Prime Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange. With total assets of approximately ¥4,584.0 billion, it is a mid-sized regional financial group.
Business Model
The main revenue sources are interest on loans (¥41,944 million on a standalone basis for The Sanjushi Bank) and fee and commission income (¥15,638 million on a consolidated basis). In addition to the traditional deposit-and-lending model, in which the bank raises low-cost funds through deposits and earns spreads through lending and securities investment, it builds up fee income through over-the-counter sales of investment trusts and insurance and by providing solutions such as business succession support and business matching. Within the group, it cross-sells leasing, credit card, and credit guarantee services, creating multiple layers of customer touchpoints.
Company Strengths
Sanjusan Bank's non-consolidated loan balance reached ¥3,146,616 million (up ¥109,411 million from the end of the previous fiscal year), and the non-performing loan ratio improved to 1.91% (from 2.29% at the end of the previous fiscal year). The balance of individual assets under custody also expanded to ¥3,944,759 million (up ¥190,388 million from the end of the previous fiscal year), providing numerical evidence of the bank's deep customer relationships in Mie Prefecture.
Under the Third Mid-Term Management Plan (April 2024 to March 2027), multiple KPIs are progressing ahead of plan: the cumulative number of business matching deals closed over two years reached 4,042 (already exceeding the three-year target of 3,000), the local business loan balance reached ¥1,410.8 billion (99.4% achievement of the March 2027 target of ¥1,420.0 billion), and the ratio of female managers reached 19.5% (achieving the target of 19% or higher).
In addition to Banking, the group has linked Sanjusan Lease (ordinary income of ¥17,625 million) and Credit Card, Credit Guarantee, etc. (ordinary income of ¥6,362 million) within the group, generating ¥4,681 million in inter-segment internal transactions. The merger with Mie Lease has also been completed, streamlining operations and realizing synergies within the group.
ENVALITH's Perspective
Performance Trend
Ordinary income expanded 33% over five periods, from ¥70,479 million in FY2022 to ¥93,787 million in FY2026. In particular, FY2026 saw an increase of ¥18,874 million (up 25.2%) year on year, with the pace of growth accelerating. The main driver was an external factor—rising interest rates—which led to a sharp increase in interest on loans (from ¥31,877 million in the previous period to ¥41,818 million) and an increase in interest and dividends on securities (from ¥5,851 million to ¥8,324 million). Profit attributable to owners of parent improved significantly, from ¥8,653 million to ¥12,349 million (up 42.7%), and ROE rose to 5.65% (from 4.12% in the previous period). Comprehensive income swung sharply into positive territory at ¥28,663 million (from ¥-4,351 million in the previous period), with net unrealized gains on other securities improving from ¥-1,839 million to ¥12,999 million. For FY2027 (ending March 2027), the company forecasts ordinary profit of ¥21,400 million (up 28.6% year on year) and net income of ¥15,000 million (up 21.5% year on year).
Growth Strategy
Dramatically expand the earnings base through wide-area integration with Aichi Financial Group and leveraging rising interest rates
Basic agreement signed on May 13, 2026. Integration to be implemented via an absorption-type merger targeted for April 1, 2027, aiming to strengthen presence in Aichi and Mie Prefectures and neighboring areas and to provide financial and non-financial services to meet diversifying needs. Combined total assets of the two companies are expected to exceed ¥12 trillion after integration.
The Sanjuusan Bank's non-consolidated loan balance expanded to ¥3,146,616 million (up ¥109,411 million from the previous fiscal year-end). Growth continues to be driven mainly by lending to SMEs and consumer loans. Combined with improvement in loan yield amid the rising interest rate environment (1.35%, up 0.29 percentage points year on year), the Bank aims for sustained expansion of net interest income.
Through strengthening over-the-counter sales of investment trusts and insurance, the balance of individual assets under custody expanded to ¥3,944,759 million (up ¥190,388 million from the previous fiscal year-end). Fee and commission income steadily increased to ¥10,984 million (up from ¥10,377 million in the previous fiscal year), and the Bank is promoting the establishment of a stable fee income base that is not dependent on interest income.
Effective April 1, 2025, Sanjuusan Lease absorbed and merged with Mie Lease, integrating the customer base and expertise of the Leasing Business. In March 2026, Sanjuusan Chiiki Sosei Co., Ltd. was made a consolidated subsidiary (acquisition cost of ¥64 million), strengthening the regional revitalization promotion framework. The Group is simultaneously pursuing the elimination of duplicate functions within the Group and the expansion of revenue opportunities.
Last updated: July 19, 2026