Resona Holdings Inc

8308: XTKS (JPN)

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Resona Sees Strong Three-Year Growth Drivers on Higher Margins, Share Sales, and Cost Controls

Lorraine Tan

May 13, 2026

Business Strategy and Outlook

Over the next five years, we expect Resona’s earnings to benefit from interest rate tailwinds in Japan, improving operating leverage that is lowering its cost/income ratio, and from share sale gains. These factors should help Resona’s ROE average 11.6% during the period before easing to 11% in our midcycle forecast as equity sales diminish.

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Resona Holdings Inc

Resona Sees Strong Three-Year Growth Drivers on Higher Margins, Share Sales, and Cost Controls

Business Strategy and Outlook

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