My name is Negishi. Thank you very much for joining Credit Saison's First Quarter Financial Results briefing today. I would like to begin by providing an overview of our financial results for the first quarter. Please refer to the materials posted on our investor relations website, which I will be using for today's presentation. The materials will also be displayed on the screen. First, turning to page three for an overall summary. Consolidated net revenue was JPY 122.4 billion, or 112% year-on-year. Business profit was JPY 30.4 billion, or 132% year-on-year. Profit attributable to owners of parent was JPY 21.7 billion, or 135% year-on-year. With three months of the 12-month fiscal year now behind us, we were able to achieve record high profit for the first quarter from April through June.
Our outlook also remains positive from the second quarter onward. One point I would like to highlight here is that non-consolidated profit was 80% year-on-year, as you can see. This was due to the recognition of a loss of approximately JPY 3.2 billion associated with the divestiture of the amusement business of our former subsidiary, Concerto, as of April 1 this year. On a consolidated basis, this loss was recognized in FY 2025 when the decision to sell the business was made. Please understand that this is due to the timing of recognition of the loss that deferred between the consolidated and non-consolidated financial statements.
Next, I will give you an overview of business results by segment. Please turn to page four. I will start with the payment business. Please note that from this fiscal year, the continuing operations previously included in the former entertainment business segment, excluding the former Concerto's amusement business, have been reclassified into the payment business. However, for the time being, to make the figures easier to understand and allow you to make comparisons on the same basis as before, we have provided a breakdown labeled former payment business within this segment. As you can see, for the former payment business profit for the first quarter was JPY 11.2 billion, or 97% year-on-year. While revenue increased year-on-year, financing costs, as you would expect, as well as credit costs and advertising and promotion expenses increased, resulting in the overall performance you can see here.
However, against our plan for the current fiscal year, the progress rate was 35%, and in our view, we got off to a very strong start in the first quarter. Next, in the finance business profit was JPY 13.8 billion, or 153% year-on-year. The three related companies, Credit Saison, Saison Fundex , and Suruga Bank, an equity method affiliate, each had a very strong three months. In the real estate-related business profit was JPY 1.7 billion, down JPY 100 million year-on-year. As you know, Saison Realty accounts for a large portion of this real estate-related business. In FY 2024 and FY 2025, the company recorded substantial gains on sales of assets designated for disposal and withdrawal.
From this fiscal year, however, we expect the business to return largely to normal, and accordingly, our business profit plan for the current fiscal year has been set at approximately 72% of the FY 2025 level. Progress against that plan is running slightly behind, but transactions planned for the second and third quarters are expected to proceed as scheduled. On a full year basis, we therefore believe we are making sufficient progress to achieve the plan, and I hope this provides some reassurance. In the global business profit was JPY 2.2 billion. We had a very difficult first quarter last year when we recorded a loss of JPY 800 million. Having taken the necessary actions since then, however, we are now able to focus squarely on the business this fiscal year and have gotten off to a good start.
From here, I would like to provide a little more detail on our three main business segments. First, the global business. Please turn to page seven. For the segment as a whole, business profit was JPY 2.2 billion, an increase of JPY 3.1 billion year-on-year. Breaking this down, the lending business generated JPY 2.6 billion, up JPY 1.7 billion year-on-year, while the investment business recorded a loss of JPY 400 million, an improvement of JPY 1.4 billion year-on-year. I will discuss the three major countries in the lending business in a little more detail shortly. Regarding the JPY 400 million loss in the investment business, this reflects valuation losses recorded on certain investments held by our Singaporean CVC. At this point, however, we do not see any concern that this will lead to further significant losses from the second quarter onward.
Let me start with India, one of our key markets. Please turn to page eight. In India, we recorded a loss of JPY 400 million in the first quarter of last year. Part of this reflected costs arising from the poor credit quality of earlier vintages. However, we made steady progress in rebuilding the business from the third quarter of the previous fiscal year onward. In the three months of this first quarter, we generated a solid profit contribution of JPY 2.7 billion. For the current fiscal year, we are progressing toward our plan to generate around JPY 10 billion in profit, and we believe we got off to a good start in the first three months.
Turning to page nine, the receivables balance that forms the basis of our revenue stood at JPY 425 billion, representing an increase of approximately 10% from the end of FY 2025. The main drivers of this increase were partnership lending and embedded finance. Branch lending also grew, of course, although it fell somewhat short of the level we had expected. Secured loans also continued to grow. However, as a precautionary measure, we tightened credit to some extent for small businesses and certain industries that we believe could be more susceptible to developments in the Middle East and other external factors. Please understand that the resulting balance reflects a degree of deliberate control on our part.
Next, I will discuss our business in Brazil. Please turn to page 12. In the previous fiscal year, the Brazil business had reached a point where it was generating profit contributions of approximately JPY 400 million every three months. In the first quarter of this fiscal year, however, profit contribution ultimately came in at only several tens of millions of yen. As you can see from the receivables balance on the right, we continued to build a solid investment pipeline and execute them accordingly. However, in the first quarter, we recorded approximately JPY 500 million in provision for credit losses on certain portfolio assets, resulting in profit contribution of only several tens of millions of yen in the first quarter.
From the second quarter onward, we believe the business should be able to progress broadly in line with our original plan. Next, please turn to page 13 for Vietnam. In Vietnam, profit contribution was JPY 600 million in the first quarter. Since the third quarter of the previous fiscal year, we have been steadily advancing the digitalization of our products and marketing, and amidst these efforts, new lending has been progressing extremely well. We maintained much of that momentum from the previous fiscal year in this first quarter, and we believe the outlook for new lending remains reasonably positive from the second quarter onward. Under local accounting standards, profit contribution has been fairly stable.
However, as the overall receivables balance has been growing rapidly over a relatively short period, additional ECL continues to be recognized when making IFRS adjustments for consolidation. In the first quarter, the IFRS adjustment was JPY 400 million, meaning that profit contribution on a local accounting basis was approximately JPY 1 billion. We expect IFRS adjustments of several hundred million yen to continue from the second quarter onward. That said, the underlying business on a local accounting basis continues to perform very well. That concludes my comments on the global business.
Next is the payment business. Please turn to page 15. As I mentioned earlier, looking at the former payment business profit was JPY 11.2 billion, down JPY 300 million year-on-year. The main changes from the previous year were solid growth in shopping-related revenue while financing costs, as you would expect, credit costs, and advertising and promotion expenses increased. Against our plan, progress was approximately JPY 2 billion better than we had expected. In addition to revenue coming in above plan, financing costs were below plan.
Looking at the total SG&A expenses, we were also able to keep them below our plan. While profit from investments accounted for using the equity method included in this segment made a larger positive contribution than we had anticipated. The only area where costs exceeded our expectations was credit costs. We recognize credit costs as a challenge that needs to be addressed, but otherwise, we believe the business is being managed well.
Turning to page 16, one of the major themes for the payment business this fiscal year is acquiring new customers. As you can see from the graph on the left, new card issuance in the first quarter totaled 380,000 cards, an increase of 80,000 year-on-year. In particular, I would like you to look at the breakdown. We are, of course, continuing to strengthen acquisition centered on the premium card segment. Within that, we increased issuance of business cards for small businesses year-on-year. While our invitation-based gold cards also produced solid results following an intensive invitation campaign this spring.
Another focus is acquiring customers in the general card segment who may become premium card users in the future. This naturally includes strengthening our initiatives to support those people who engage in fandom activities. It also includes new customer acquisition initiatives with relatively large partners such as Cainz and the Beisia Group , with which we have strengthened our partnership over the past several years. The TOHO Group, with which we launched the new TOHO-ONE Saison Card this spring. These initiatives also progressed steadily, supported by strong leadership from the management teams of our partners. We have positioned this as one of our key themes for the current fiscal year, and we believe we have gotten off to a good start.
Turning to page 17, let me discuss the status of revolving credit and installments. The balance itself stood at 106% year-on-year at the end of the first quarter. One of our major objectives this fiscal year is to raise awareness and promote the use of post-transaction switch to installments in addition to revolving credit. Looking at the installment balance alone, it was 155% year-on-year. We believe we are making reasonable progress toward our objective of increasing usage. When we initially launched installment payments, three installment plans accounted for a very large proportion of usage. Over time, however, the share of six or more installments has increased.
We are seeing repeat users of these plans, and some customers are using revolving credit for the first time after completing their installment payments. Building on these trends, we intend to further promote the overall concept of paying in installments and expand the user base. We have also recently received many questions about revolving credit fee rates. We naturally believe there is room to review these rates in the future. We have not yet reached the stage of considering any specific changes, but we expect the starting point of our discussions will probably be how we should revise preferential rates for premium cards.
Next is the finance business. The three affiliated companies' performance was solid. Credit Saison generated JPY 6.6 billion, up JPY 3 billion year-on-year. In real estate finance, we are still benefiting from rising interest rates at this stage, and there was a rebound from valuation losses on operational investment securities recorded in the first quarter of the previous year, resulting in a year-on-year increase of JPY 3 billion. At Saison Fundex, the credit guarantee business progressed well and served as a key driver, resulting in a year-on-year increase of JPY 1.2 billion. Suruga Bank's overall business performance was strong, and our share of profit increased by JPY 800 million year-on-year.
Overall, the finance business segment made better progress in the first quarter than we had anticipated. Finally, I would like to briefly touch on credit risk. Though we are planning to elaborate more in our non-consolidated financial report. As you can see, credit costs totaled JPY 11 billion for the three months of the first quarter, an increase of approximately JPY 1.7 billion year-on-year. Throughout the previous fiscal year, credit costs were running at around JPY 9.5 billion per quarter, whereas they came to JPY 11 billion in the first quarter of this fiscal year. So costs have increased somewhat.
The credit costs came in above our plan, and almost all of the variance was attributable to the payment business. In fact, within the payment business, we have faced challenges with the credit quality of business cards for the past two to three years, and the situation largely remain unchanged at present. That said, the number of delinquent customers itself has come down slightly year-on-year, so it is not the case that there has been no change at all. Nevertheless, the delinquency rate has risen somewhat, and costs have also increased. One factor behind this is the increase in the average amount per delinquent customer.
We are taking renewed and careful note of the fact that the average delinquent amount has been increasing. We will therefore further strengthen our initiatives to reduce future risk as much as possible and manage the situation carefully to ensure that costs do not increase significantly going forward. Credit costs have indeed increased, but revenue and other metrics remain very strong, and profitability has also been improving. Therefore, while credit risk remains a challenge for us, please note that we do not believe it will have a significant negative impact on our overall earnings outlook. That concludes my presentation.