SBI Holdings, Inc.

For FY2024 on an IFRS basis, SBI Holdings reported revenue of ¥1,443,733 million, up 19.3% year-on-year; pre-tax income of ¥282,290 million, up 99.4%; net income of ¥189,158 million, up 66.5%; and profit attributable to owners of the company of ¥162,138 million, up 85.8%. ROE was 12.8%, up 5.8 percentage points. By segment, Financial Services pre-tax income was ¥225,369 million, Asset Management pre-tax income was ¥5,447 million, PE Investment pre-tax income was ¥67,188 million, and Crypto-Asset business revenue/pre-tax income were ¥80,797 million and ¥21,220 million, respectively. The dividend was increased to ¥140 for FY2024 versus ¥130 in the prior year, with a payout ratio of 31.7%. Looking ahead, management’s new medium-term vision for FY2028 targets 100 million customers, ¥500 billion in consolidated pre-tax income, overseas profit share of 30%, and ROE of 15%.

Yoshitaka Kitao struck an emphatic, highly confident tone, saying SBI’s business is still widely misunderstood and arguing that the group’s scale, ecosystem, and financial strength are being underestimated. He framed the next phase around building a larger customer base, expanding open alliances, pushing overseas, and combining finance with media, IT, and digital assets. He was especially bullish on tokenization, crypto-related products, and a neo-media ecosystem, while repeatedly stressing that SBI should move quickly and capitalize on global shifts.

The financial update emphasized broad-based growth and strong profitability across the core franchises. Management highlighted the FY2024 results of ¥1,443,733 million in revenue, ¥282,290 million in pre-tax income, and ¥189,158 million in net income, plus ROE of 12.8% and a dividend increase to ¥140. In the financial-services businesses, banking and securities drove the bulk of earnings, with SBI Securities posting record-high operating revenue of ¥238,867 million and SBI Shinsei Bank reporting JGAAP ordinary business profit of ¥130 billion, up 27%, while SBI Savings Bank Korea delivered higher IFRS pre-tax income and improved delinquency and capital ratios. Capital allocation commentary centered on shareholder returns, a 30% shareholder return ratio excluding special factors, and continued investment in growth areas such as asset management, overseas banking, and digital assets.

There was little traditional analyst Q&A in the material provided; most of the call was management commentary and strategic presentation. Management did address likely investor concerns implicitly by explaining why zero-commission securities trading had not hurt the business as feared, saying diversified revenue more than offset lost commissions, and by discussing how SBI manages risk in Korea and other overseas operations. They also addressed the question of monetizing holdings such as Ripple and B2C2, saying those assets could be very valuable but were not being sold.