November 26, 2009

Financial Statements for the First Half of Fiscal 2009

Name：

（ＵＲＬ
http://www.nochubank.or.jp/ ）
Name of the President:
Yoshio Kono, President & Chief Executive Officer
The Person Responsible for Inquiries： Shinichi Saitoh, General Manager of Financial Planning & Control Division

(Note) Amounts less than one million yen and digits after decimal point presented are rounded down.
1. Consolidated Financial Results for the First Half of Fiscal 2009 (for the period ended September 30, 2009)
(1) Consolidated Results of Operations
(Percentage represents change from the previous period)

Ordinary Income
Ordinary Profits
Net Income

Millions of Yen
％

Millions of Yen
％

Millions of Yen
％

1H Fiscal 2009

741,118
( 21.8 )
111,143
452.5

60,078 674.7
1H Fiscal 2008

948,598
( 28.1 )
20,113
( 86.9 )

7,754
( 94.5 )

(2) Consolidated Financial Conditions
*Consolidated BIS Capital Adequacy Ratio as of September 30, 2009 is preliminary.

Total Assets
Total Net Assets
Net Assets
Ratio (Note 1)
Consolidated BIS Capital
Adequacy Ratio (Note 2)
Millions of Yen
Millions of Yen
％

％

1H Fiscal 2009
68,399,475

3,542,239

5.1

18.29

Fiscal

2008
62,593,968
2,492,768
3.9
15.56

(Ref) Net Assets - Minority Interests for 1H Fiscal 2009
3,536,472
millions of Yen for Fiscal 2008
2,487,033
millions of Yen

(Note 1) Net Assets Ratio is computed by dividing ( Net Assets − Minority Interests ) by the Total Assets. (Note 2) The calculation of the Norinchukin Bank's Consolidated BIS Capital Adequacy Ratio is based on the formula found in Notification
No.4 of the Financial Services Agency and the Ministry of Agriculture, Forestry and Fisheries (Standards for Judging the Soundness of Management of the Norinchukin Bank).

(3) Changes in the Scope of Consolidation (Specified Subsidiaries) during the period : No

(4) Changes in Accounting Principles, Methods or Presentations of Consolidated Financial Statements
①
Changes due to revisions of Accounting Standards : No
②
Changes other than ① above :

No

2. Non-consolidated Financial Results for the First Half of Fiscal 2009 (for the period ended September 30, 2009)
(1) Non-consolidated Results of Operations
(Percentage represents change from the previous period)

Ordinary Income
Ordinary Profits
Net Income

Millions of Yen
％

Millions of Yen
％

Millions of Yen
％

1H Fiscal 2009

734,097
（
22.0）

112,061
444.3
61,874
490.8
1H Fiscal 2008

941,296
（
28.2）

20,584
（
86.3）
10,471
（
92.5）

1

2
(2) Non-consolidated Financial Conditions
*Non-Consolidated BIS Capital Adequacy Ratio as of September 30, 2009 is preliminary.

Total Assets
Total Net Assets
Net Assets
Ratio (Note 1)
Non-Consolidated BIS Capital
Adequacy Ratio (Note 2)
Millions of Yen
Millions of Yen
％

％

1H Fiscal 2009
68,243,344

3,523,174

5.1

18.30

Fiscal

2008
62,499,278
2,472,301
3.9
15.65
(Ref) Net Assets for 1H Fiscal 2009
3,523,174
millions of Yen for Fiscal 2008
2,472,301
millions of Yen

(Note 1) Net Assets Ratio is computed by dividing the Net Assets by the Total Assets. (Note 2) The calculation of the Norinchukin Bank's
Non-
Consolidated BIS Capital Adequacy Ratio is based on the formula found in Notification
No.4 of the Financial Services Agency and the Ministry of Agriculture, Forestry and Fisheries (Standards for Judging the Soundness of Management of the Norinchukin Bank).

The First Half of FY 2009 in Review

Total Assets of the Norinchukin Bank (“the Bank”) at the end of the period increased by
¥5,744.0 billion to ¥68,243.3 billion from the previous fiscal year-end. Total Net Assets at the end of the period increased by ¥1,050.8 billion to ¥3,523.1 billion from the previous fiscal year-end.
On the asset side, Loans and Bills Discounted at the end of the period increased by ¥855.9
billion to 11,803.7 billion from the previous fiscal year-end, and Securities at the end of the period increased by ¥3,626.1 billion to 43,184.9 billion from the previous fiscal year-end. On the procurement side, Deposits at the end of the period increased by ¥713.0 billion to 38,214.6 billion from the previous fiscal year-end, and Debentures at the end of the period increased by ¥186.1 billion to 5,441.1 billion from the previous fiscal year-end.
The Bank accumulated interest income steadily in the financial environment declined global
interest rates by the monetary easing policy of the governments and financial authorities, and gained net profits of ¥125.0 billion on sales of securities by quickly responding to the fluctuation in the financial markets. Meanwhile impairment expenses were ¥148.8 billion by the total credit cost increase mainly due to worsening of our client’s conditions and revaluation loss on securities holdings.
As a result of the factors mentioned above, the Bank’s Ordinary Profits were ¥112.0 billion, up
¥91.4 billion from the previous period and Net Income was ¥61.8 billion, up ¥51.4 billion from the previous period.
The Bank’s gross operating profits were ¥149.4 billion and net operating profits (before
provision of general reserve for possible loan losses) were ¥ 92.9 billion.
The Bank’s shares in the consolidated financial statements are extremely high. Consolidated
Total Assets at the end of the period were ¥68,399.4 billion, up ¥5,805.5 billion from the previous fiscal year-end. Consolidated Ordinary Profits were ¥111.1 billion, up ¥91.0 billion from the previous period and consolidated Net Income was ¥60.0 billion, up ¥52.3 billion from the previous period.
(Note) All the amounts shown in this document are rounded down.
3

Capital Adequacy Ratio

（
100Millions of Yen）
Change
(preliminary)
18.30
15.65
2.65
12.76
9.61
3.15
48,308
37,435
10,872
33,677
23,006
10,671
21,112
19,133
1,979
263,911
239,171
24,740
（
100Millions of Yen）
Change
(preliminary)
18.29
15.56
2.73
12.79
9.62
3.17
48,384
37,514
10,870
33,848
23,187
10,661
21,160
19,275
1,885
264,509
240,943
23,565
Fiscal 2008
BIS Capital Adequacy Ratio (%)Tier I Ratio (%)
First Half of
Fiscal 2009
(Amounts less than 100 million yen and digits after decimal point presented are rounded down)
Total capital requirementsRisk Weighted Assets
Total capitalTotal tier I capital
○
Consolidated BIS Capital Adequacy Ratio
○
Non-Consolidated BIS Capital Adequacy Ratio
(Amounts less than 100 million yen and digits after decimal point presented are rounded down)
First Half of
Fiscal 2009
Fiscal 2008
Total capital requirementsRisk Weighted Assets
Total capitalTotal tier I capital
BIS Capital Adequacy Ratio (%)Tier I Ratio (%)
4

5
o
List of Group C mpanies
（
As of September 30, 2009）

Company Name
Address Nature
of
Business
Date of
Establishment
Capital
Percentage of Voting
Rights (%)
The Norinchukin Trust & Banking Co., Ltd.
1-12, Uchikanda 1-chome, Chiyoda-ku, Tokyo, Japan
Trust & Banking
August 17, 1995
¥20,000 million
100.00
Kyodo Seminar Co., Ltd.
1-12, Uchikanda 1-chome, Chiyoda-ku, Tokyo, Japan
Training
May 25, 1981
¥20 million
100.00
Norinchukin Research Institute Co., Ltd.
1-12, Uchikanda 1-chome, Chiyoda-ku, Tokyo, Japan
Research
March 25, 1986
¥300 million
100.00
Nochu Business Support Co., Ltd.
1-12, Uchikanda 1-chome, Chiyoda-ku, Tokyo, Japan
Various Operations, Talent Provider on behalf of The Norinchukin Bank
August 18, 1998
¥100 million
100.00
Kyodo Housing Loan Co., Ltd.
15-3, Chuocho 1-chome, Meguro-ku, Tokyo，Japan
Mortgage Loans
August 10, 1979
¥10,500 million
91.52
Nochu Information System Co., Ltd.
5-3, Musashino 3-chome, Akishima-City, Tokyo, Japan
System Development & Maintenance
May 29, 1981
¥100 million
90.00
Norinchukin-Zenkyoren Asset Management Co., Ltd.
7-12, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan
Asset management & Investment Advice
September 28, 1993
¥1,920 million
50.91
Ant Capital Partners Co., Ltd.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan
Private Equity Investments & Fund Management
October 23, 2000
¥3,086 million
38.00
The Cooperative Servicing Co., Ltd.
1-12, Uchikanda 1-chome, Chiyoda-ku, Tokyo, Japan
Management and Collection of Non-Performing Loans
April 11, 2001
¥500 million
37.96
Private Equity Funds Research and Investments Co., Ltd.
7-9, Nihonbashi 1-chome, Chuo-ku,Tokyo, Japan
Private Equity Fund Ratings, Investment Management
October 19, 2007
¥1,000 million
30.00
(5.00)
The Agribusiness Investment & Consultation Co., Ltd.
1-12, Uchikanda 1-chome, Chiyoda-ku, Tokyo, Japan
Investment Consultation to the Agricultural Companies
October 24, 2002
¥4,070 million
19.97
Mitsubishi UFJ NICOS Co., Ltd.
14-1, Sotokanda 4-chome, Chiyoda-ku, Tokyo, Japan
Credit Card Business
June 7, 1951
¥109,312 million
15.01
Daiichi Life Norinchukin Building Management Co., Ltd.
13-1, Yurakucho 1-chome, Chiyoda-ku, Tokyo, Japan
Building Maintenance
April 1, 1993
¥10 million
27.00
Norinchukin Finance (Cayman) Limited
PO Box 309，Ugland House， Grand Cayman, KY1-1104， Cayman Islands
Issue of Subordinated Bonds, Borrowing of Subordinated Loans
August 30, 2006
US $50,000
100.00
(Noteｓ)
1. Figure in parentheses ( ) in the voting rights column indicate voting rights held indirectly via subsidiaries.
2. Due to acquisition of its share in October, 2009, JA MITSUI LEASING, LTD. was newly accounted for by the equity method.