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May 21, 2010

Financial Statements for the 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 Fiscal 2009 (for the fiscal year ended March 31, 2010)
(1) Consolidated Results of Operations
(Percentage represents change from the previous year)

Ordinary Income
Ordinary Profits
Net Income

Millions of Yen
％

Millions of Yen
％

Millions of Yen
％

Fiscal 2009
1,268,037
（
11.3）
76,620
−

33,087
−

Fiscal 2008
1,429,247
（
45.9）
（
616,656）
−

（
572,102）
−
Net Assets
Net Income Ratio
Total Assets
Ordinary Profits Ratio
Ordinary Income
Ordinary Profits Ratio
％
％
％

Fiscal 2009
1.0
0.1
6.0
Fiscal 2008
（
20.0）
（
1.0）
（
43.1）

(Ref) Equity in Earnings of Affiliates for Fiscal 2009
(48,202)
millions of Yen for Fiscal 2008
(1,422)
millions of Yen

(2) Consolidated Financial Conditions
*Consolidated BIS Capital Adequacy Ratio as of March 31, 2010 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
％

％

Fiscal 2009
68,676,723

3,956,092

5.8

19.21

Fiscal 2008
62,593,968

2,492,768

3.9

15.56

(Ref) Net Assets - Minority Interests for Fiscal 2009
3,950,244
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) Consolidated Cash Flows

Cash Flows from
Operating Activities
Cash Flows from
Investing Activities
Cash Flows from
Financing Activities
Cash and Cash Equivalents
at the end of the fiscal year
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Fiscal 2009
4,566,098

(4,439,001)

14,479

1,029,012

Fiscal 2008
3,618,310

(4,746,071)

1,834,458

887,436
(4) Changes in the Scope of Consolidation (Specified Subsidiaries) in the fiscal year : No

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(5) Changes in Accounting Principles, Methods or Presentations of Consolidated Financial Statements
①
Changes due to revisions of Accounting Standards : Yes
②
Changes other than ① above : No
(Note) Please refer to the Note Ⅱ“Changes in Accounting Policies” in Consolidated Financial Statements on page 17 for details.
2. Non-consolidated Financial Results for the Fiscal 2009 (for the fiscal year ended March 31, 2010)
(1) Non-consolidated Results of Operations
(Percentage represents change from the previous year)

Ordinary Income
Ordinary Profits
Net Income

Millions of Yen
％

Millions of Yen
％

Millions of Yen
％

Fiscal 2009
1,257,221
(11.2)
71,655
−

29,561
−
Fiscal 2008
1,415,724
(46.0)
（
612,719）
−
（
565,712）
−

(2) Non-consolidated Financial Conditions
*Non-Consolidated BIS Capital Adequacy Ratio as of March 31, 2010 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
％

％

Fiscal 2009
68,470,391

3,931,677

5.7

19.26

Fiscal 2008
62,499,278

2,472,301

3.9

15.65
(Ref) Net Assets for Fiscal 2009
3,931,677
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).

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The FY 2009 in Review
Under the “Business Renewal Plan (FY2009-FY2012)” which the Norinchukin Bank (“the Bank”) has
established, the Bank is carrying out a new business strategy which is based on three pillars: First,
“Financial Restoration which Enables the Stable Distribution of Profits”; Second, “Enhancement of its
Role as the Central Organization for the Cooperative System”; Third, “Bank-initiated Reform Efforts to
Curtail Management Costs”. During fiscal year 2009, the Bank saw an improvement in unrea lized
losses on securities due to the recovery of financial markets. While the Bank implemented financial
management policies which focused on the delivery of steady earnings, it also made pro-active efforts in
restructuring its outsourcing operations as well as in shifting its global investment policies so that the
primary focus would be placed on the quality of its diversified portfolios. As a result of the reasons
stated above, the Bank was able to achieve both its earnings and financial recovery targets, as planned.

Total Assets of the Bank at the end of the fiscal year increased by ¥5,971.1 billion to ¥68,470.3 billion from the previous fiscal year-end. Total Net Assets at the end of the fiscal year increased by ¥1,459.3 billion to ¥3,931.6 billion from the previous fiscal year-end. On the asset side, Loans and Bills Discounted at the end of the fiscal year increased by ¥2,090.2 billion
to 13,038.0 billion from the previous fiscal year-end, and Securities at the end of the fiscal year
increased by ¥4,454.8 billion to 44,013.7 billion from the previous fiscal year-end. On the liability side,
Deposits at the end of the fiscal year increased by ¥1,607.1 billion to 39,108.7 billion from the previous
fiscal year-end, and Debentures at the end of the fiscal year increased by ¥356.7 billion to 5,611.7
billion from the previous fiscal year-end.
On the economic climate, financial market was recomposed by some financial authorities’ policies, while weak real economy was actualized late. In this earning environment, the Bank accumulated interest income steadily under the conservative financial management, and interest income of the Bank were ¥129.0 billion, up ¥68.4 billion from the previous fiscal year. Total credit cost increased by ¥78.7 billion to ¥152.9 billion from the previous fiscal year for additional reserve due to worsening business performance of our clients. As for net gains on securities, net gains on sales were increased by ¥239.4 billion to ¥149.6 billion from the previous fiscal year by quickly responding to the fluctuation in the financial markets, meanwhile expenses for holding securities were decreased by ¥199.5 billion to ¥147.1 billion from the previous fiscal year. As a result of the factors mentioned above, the Bank’s Ordinary Profits were ¥71.6 billion, up ¥684.3 billion from the previous fiscal year and Net Income was ¥29.5 billion, up ¥595.2 billion from the previous fiscal year. The Bank’s net operating profits were ¥69.3 billion and net operating profits (before provision of general reserve for possible loan losses) were ¥ 93.4 billion.
The Bank’s shares in the consolidated financial statements are extremely high. Consolidated Total Assets at the end of the fiscal year increased by ¥6,082.7 billion to ¥68,676.7 billion from the previous fiscal year-end. Consolidated Ordinary Profits were ¥76.6 billion, up ¥693.2 billion from the previous fiscal year and consolidated Net Income was ¥33.0 billion, up ¥605.1 billion from the previous fiscal year.
(Note) All the amounts shown in this document are rounded down.

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Capital Adequacy Ratio

（
100 Millions of Yen）
Change
(preliminary)
19.26
15.65
3.61
13.88
9.61
4.27
52,605
37,435
15,170
37,908
23,006
14,902
21,846
19,133
2,712
273,075
239,171
33,904
（
100 Millions of Yen）
Change
(preliminary)
19.21
15.56
3.65
14.01
9.62
4.39
52,286
37,514
14,771
38,129
23,187
14,942
21,768
19,275
2,493
272,111
240,943
31,167
Fiscal 2008
BIS Capital Adequacy Ratio (%)Tier I Ratio (%)
Fiscal 2009
(Amounts less than 100 million yen and digits after decimal point presented are rounded down)
Total capital requirementsRisk Adjusted 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)
Fiscal 2009
Fiscal 2008
Total capital requirementsRisk Adjusted Assets
Total capitalTotal tier I capital
BIS Capital Adequacy Ratio (%)Tier I Ratio (%)


The Bank’s management policies and current issues to be addressed
１
The Bank’s Management Policies
In fiscal year 2008, the Bank raised capital worth ¥ 1,917.6 billion from its member cooperatives in
order to rebuild its stable financial base. The Bank takes very seriously the fact that it has had to
raise a large amount of capital from its member banks. Therefore, the Bank has established a set of
business operation policies, referred to as “The Business Renewal Plan” (FY 2009 – FY 2012). The
plan was created based on two major management goals, first, “to re-evaluate both the financial and
the risk management approaches” and, second, “to further the Bank’s role as the central organization
for the cooperative system.” Since fiscal year 2009, every member of the Bank’s staff has been making
a concerted effort toward achieving this plan.
The Bank believes that, among all of its commitments to the member banks, the highest priority
should be placed on achieving the aims of the Business Renewal Plan. At the same time, each of the
Bank’s employees, while being extremely mindful of the fact that they are members of the cooperative
system, acknowledges the significance of executing the Business Renewal Plan in a steady fashion.
The Bank will firmly promote the Business Renewal Plan while ensuring that various
stakeholders, mainly the member banks, understand and support the Plan. Furthermore, the Bank
will seek to elevate its presence as a financial institution in the global markets through the “steady

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growth of both the member banks and the agriculture, forestry and fisheries industries” and the
“expansion of the Bank’s global investment and loan operations”.

２
Current Issues to be Addressed
The Bank will mainly address the following issues, which are listed in the “Business Renewal Plan”.
（１）
Re-evaluation of both the financial and the risk management approaches
As far as securities investment is concerned, the Bank plans to invest in safer financial products.
In addition to its portfolio management practice which ensures an optimal balance between
capital, risk and profits, the bank has set its sights on achieving stable financial management
practice which is more immune to market fluctuations. To that end, the Bank has carried out the
restructuring of its risk management approaches based on lessons it has learned from the
financial crisis. Specifically, the Bank has been working toward achieving increased management
involvement in the determination process of operating policies, strengthened credit risk analysis
framework, more accurate and sophisticated market environment analysis, and enhanced stress
testing.
With respect to the Bank’s future approaches to the financial management, the Bank will strive
to deliver stable returns to its member banks while maintaining its capital adequacy ratio at a
high level.
（２）
Strengthening of the Bank’s role as the central organization for cooperatives
As part of the Bank’s commitment to take on an increased role as the central organization for the
cooperative system, the Bank has taken steps toward establishing a system for planning and
implementing various measures to help its member banks operate their businesses smoothly as
well as to strengthen the Bank’s role in providing financial services to the agriculture, forestry
and fisheries industries. The Agriculture, Forestry, Fishery & Ecology Business Division was
established in July 2009 for the purpose of enabling the entire cooperative system including the
member banks (JA and JF) to satisfy the financial needs of farmers, foresters and fishermen.
Likewise, the Agriculture, Forestry, Fishery & Ecology Business Departments were established
on a branch level. Furthermore, the Bank has started offering the “Agriculture, Forestry and
Fisheries Environment Business Loans” for a wider range of targets as one of its loan product
offerings. On the other hand, it has provided various opportunities for business meetings and
social events in order to satisfy demands for an alliance between the agriculture, forestry and
fisheries industries and the commercial industries. The Bank believes that it is important to
press on with its initiatives so as to further its role as the financial services provider for the
agriculture, forestry and fisheries industries.