Message from the Management

Message from the Management

We would like to sincerely thank all our stakeholders for supporting the day-to-day operations of The Norinchukin Bank (“the Bank”).

The vision set forth under the Medium-Term Management Plan (FY2019–FY2023) of the Bank is to “become the leading bank that supports the agriculture, fishery and forestry (“AFF”) industries, food production and consumption, and the daily lives of local communities.” In fiscal 2023, by making the pursuit of this vision its perpetual endeavor, the Bank is proceeding steadily with its business operations.

During the first half of fiscal 2023, the financial markets faced rising interest rates mainly in the United States and Europe, as concerns continued about inflation rates hovering high against a backdrop of persistent employment and consumer demand, although the pace of price increases slowed due to monetary tightening via interest rate hikes by central banks in various countries. Stock markets remained steady, and the foreign exchange market saw a significant appreciation of the dollar against the yen due to differences in monetary policy between Japan and the United States.

As this volatile and uncertain market environment continues, we have conducted financial operations, prioritizing prudential soundness. As a result, in the first half of fiscal 2023, the Bank secured Consolidated Ordinary Profits of ¥185.5 billion, as well as a Consolidated Capital Adequacy Ratio as represented by a Common Equity Tier 1 Capital Ratio of 14.02%, a Tier 1 Capital Ratio of 18.12%, and a Total Capital Ratio of 18.13%. As the continuation of volatile and uncertain economic and financial environments is expected, the Bank will continue to engage in appropriate financial management.

Looking at business operations, the Bank is determined to continue to fulfill its overall mission of being committed to the development of the AFF industries in line with its Purpose. To achieve that, the Bank will steadily implement five specific missions: contribute to the global environment; contribute to the AFF industries and local communities; enhance the members’ management base; secure a sustainable financial/profit base; and maximize organizational vitality. These missions will be pursued in alliance with all the cooperative groups, jointly with JA Bank Medium-Term Management Strategies, JF Marine Bank Medium-Term Management Strategies, and the JForest Cooperatives Action Policy. Moreover, the Bank will steadily implement continuous self-reform as a member of JA Group.

JA Bank, JF Marine Bank, JForest Group, and the Bank will continue to perform their roles and functions with the goal of becoming financial institutions and organizations that win the confidence of their customers, and contribute to the advancement of the AFF industries and their rural communities and the resolution of environmental and social issues.

Global price increases due to changes in international situations have had a significant impact on many industries including the AFF industries. The Bank will continue to provide maximum support for the various AFF industry-related stakeholders affected by this problem, as the mission of a financial institution that operates in the foundational AFF industries and related local communities.

Finally, we would like to ask for your continued support for JA Bank, JF Marine Bank, JForest Group, and The Norinchukin Bank.

January 2024

Chairman of the Supervisory Committee

OKU Kazuto
President and Chief Executive Officer

Message from the CEO

The Norinchukin Bank celebrated its 100th anniversary in December 2023. This achievement is thanks to the support of our members and all stakeholders, and I would like to express my sincere gratitude.

Since its establishment in the year of the Great Kanto Earthquake, the Bank has grown while facing fully with the AFF (Agriculture, Forestry and Fisheries) industries.
100 years to date, we have believed in our role to sustain the AFF industries, support business operations of our cooperative members, and dedicate ourselves to development of food and agriculture. This will remain unchanged from now on.

However, the business environment surrounding the Norinchukin Bank Group is undergoing complex and accelerated changes, including rapid progress in initiatives towards achieving sustainable society, the development of technologies such as AI, and rapid monetary tightening in response to global inflation. Looking ahead, we expect these environmental changes will continue to progress even further.

Based on the above, we back-casted from the expected environmental and social changes (mega trends) by 2030, a little in the future, and formulated the state that the Bank Group wishes to achieve as the Medium-Term Vision. With flexible and agile management with respect to changes in the external environment, we will have more options available and greater likelihood that the vision can be realized, even if detours may need to be taken along the way to some degree.

Our Purpose, Vision and Mission

We will demonstrate the Bank Group’s overall strengths and work toward our future Vision without fear of change.

March 2024


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