Thank you very much for joining us today for this briefing on SBI Holdings' consolidated performance for nine months, FY 2023. For the first, for the, the interim, the results and the year-end results, the Kitao explains about them, and this is the third quarter, so please, bear with me.
Starting with the consolidated performance, I'd like to read those numbers in the unit of billions. Revenue, JPY 164.7 billion. Profit before income tax expense, JPY 100.1 billion. In the period, for the period, JPY 70.1 billion. Profit attributable to owners of the company, JPY 59.6 billion yen. So both revenue and profit increased year-on-year. For the revenue, it is record high.
So the JPY 1 trillion, that is our target, for the one year, and it is almost certain that we will achieve it. Since the Shinsei has become the member of the group, it is always at least JPY 200 billion, that is the quarterly number, and also recently, share prices are coming up, and JPY 1 trillion is also observed for the market cap.
The same time last year, the net profit was rather small, and this is because of the TPBank listed in Vietnam, and their share price went down, and there was the fair value losses. And in the crypto asset business, the losses were large. So because of these two factors, profit attributable to owners of the company was low the same period last year.
This year, we do not have such factors, so net profit increased by 600%, almost 7 times year-on-year. So this is actually the more natural figure for us. Now, performance by segment, Financial Services business, the record high, Asset Management business, both revenue and profit before tax are record highs. And for Financial Services business, revenue was record high. It's very stable.
For investment business, crypto-asset business incurred large losses last year, but is showing steady recovery. And the next-gen business continues to be in the red, but this is because of advanced investment. So all in all, it is within our tolerance. Performance of the SBI Group's major listed companies.
The SBI Holdings is based on IFRS, and the company entities on the J-GAAP, but both of them, good results. The one exception is SBI ARUHI , impacted by the rates and struggling with the sales of Flat 35, so both revenue and profit decreased. But for SBI ARUHI , the product lineup strong and operating structure being stronger, they are aiming at recovering in earnings going forward.
Dividend forecast. In the interim dividend, JPY 30 was already paid. And as the financial services, the business based on their numbers, JPY 120 is expected for the year-end dividend. And SBI is going to commemorate 25th anniversary since the foundation, and that will add 10 more. So, the JPY 130 for the year-end, and for the annual, this is JPY 160.
That is the forecast. Dividend per share development, as you can see, it is increasing year on year. This is shareholder benefits. XRP and other related other products are used as benefits. Business overview of each core business, starting with financial service business. The revenue increased and a slight decrease in the other profit. But last year, there were some factors.
For ALBERT, the shares were sold, and JPY 5.1 billion in gain was included last year. Considering the impact of these factors, profit actually increased slightly. Financial services business, the core business is the securities business, SBI Securities. Operating revenue and the net operating revenue, operating profit, ordinary profit, in almost all the items, record high numbers were recorded. Profit attributable to owners of the company, it is not record high.
But in December 2020, in the third quarter, JPY 37 billion, and we did not reach JPY 37 billion, but it's very close to it, so the net profit was also very good. Here, the comparison with major brokerage firms, that is this table. Nomura Securities, Daiwa Securities, and SBI Securities is ranked number 3.
The top three names remain unchanged, and the other ranking, the changes among those three online companies or large offline companies, such, the classification is becoming more and more meaningless. The banking business, second pillar, SBI Shinsei Bank. At the cumulative basis, these are the numbers. The gross operating profit, JPY 198.6 billion. Ordinary business profit, JPY 75.8 billion, the record high during the past 10 years. Pre-tax profit, JPY 44.9 billion, a slight decrease.
Profit attributable to owners of the company, slight decrease, and near JPY 38.3 billion. The annual target is JPY 45 billion, so as far as progress is concerned, it is 85%. So, we are making progress at a very good pace. On the IFRS basis, it will be JPY 31 billion, that is the profit before income tax.
Again, the very stable contribution to the profit. Since the bank joined the group, so it was in December 2021, they became the member of the SBI Group, end of 2022, end of 2023, JPY 62.5 billion, JPY 75.8 billion respectively. These are the cumulative numbers of net business income comparison, and a big improvement is observed. As to on a customer basis, the same trend.
Before they joined the group, there was a downward trend, but after becoming the member, it is increasing both for total amount of deposits and number of accounts. Since the TOB, then since the bank and the SBI Group said that, that there was a strong synergy, and this is the creation of synergies, both in amount and the number of accounts, that they are increasing debt finance and the loan balance.
As we claimed, that we have been increasing the numbers based on the synergies. Moving on to SBI Sumishin Net Bank. On the left-hand side, we have already disclosed ordinary profit on J-GAAP basis, up 15% to JPY 25.1 billion ordinary profit. As to contribution on IFRS basis, the same period last year, it was before the listing, so it was between the 50/50 ownership, and back then, it was about JPY 1.7 billion, that is, the contribution.
And now our stake is 34.19%, and we are still getting the JPY 3.5 billion or JPY 3.6 billion of the earnings from this investment. And this is the customer basis of that bank, the number of accounts and the deposits in both terms, it is increasing trend.
The main product for Sumishin Net Bank is mortgage loans, and SBI Shinsei, SBI ARUHI. When you look at the total number or amount of mortgage loans extended, you could see the data on this graph. SBI Group new mortgage loan market share is about 10% of total or JPY 2.1 trillion. So we exceed the level of mega banks. For mortgage loans, we have been showing a considerable amount of presence already.
To that end, we would like to continue to increase our share as well as the size we account for in the pie. The third bank is SBI Savings Bank in South Korea. So K-GAAP and IFRS results are shown here. K-GAAP is closed in December, so it's up until the fourth quarter, and for IFRS basis, it's up until the third quarter, until end of December.
For K-GAAP Q3, there was a specific factor. The criteria for allowance for doubtful receivables was revised, so it includes gains on allowance reversals. For IFRS, there are no special factors, so the second quarter compared to the first quarter, third and fourth quarters compared to the second and third quarters, are seeing greater numbers.
The absolute amount of profits compared to last year still is down, and it's quite considerable. However, the trend is on a recovery trend. For the capital adequacy ratio, it reached a record high of 15.5%, so we are not feeling any soundness issues. Net assets, as well as the performing loan balance, as well as delinquency rates, are shown here as we always share. Trend-wise, we still are seeing a situation where balance is not growing. It's rather declining.
However, for the delinquency rate, we believe, the upward trend has subsided. So with this, we believe that we have started to enter a recovery trend. Next is the third part of the financial services business, which is the insurance business. So this has already been disclosed for the SBI Insurance Group's performance. So whether it be ordinary income or profit, for the nine months leading up to Q3, we were able to record record highs.
The customer base, in the case of the insurance business, we look at a total number of in-force contracts as a KPI. This has been growing steadily as well. CAGR is at 13.9%. Next is the second, second segment, which is the asset management business. So for this segment, two years ago in November, Okasan Asset Management, became a member of our group.
Therefore, year-over-year, we saw increases in revenue as well as in profits. For SBI Global Asset Management, which is a core part of this business, the performance already has been disclosed, and on a J-GAAP basis, we were able to recognize record highs for all of the profit items as well as net sales due to the significant increase of AUM.
For SBI Asset Management, they established new funds, and they are extremely popular. AUM has been growing substantially. There are 2 that are mentioned here. First one is SBI Japan High Dividend Equity Type. Settlement happens quarterly, and the lowest trust fee is proposed, and we have been exceeding JPY 41 billion as of February the 6th.
The next one is the India Equity Index Fund, where the trust fees are kept extremely low, and as of February 6th, the AUM was at JPY 32.8 billion. Assets under management for SBI Global Asset Management Group has now reached JPY 5.1 trillion. We are continuing to see a steady growth, and on a year-over-year basis, AUM has went up by 15%.
Furthermore, against the five point one trillion, Okasan, REITs, private equity, if you add all of these together, we are at JPY 8,666.5 billion. AUM has been growing substantially here. As already explained or announced, going forward in Japan, the trend from savings to investment is likely to pick up.
Therefore, the SBI Group has decided to partner with major asset managers, namely the Man Group as well as KKR, in order to promote alternative assets and strategies. We have plans to apply for registration as an investment management business, and as soon as we're finished with this, we would like to roll out the business as soon as possible.
We're currently at JPY 8.7 trillion AUM, but by 2027 or in the year ending March 2028, we would like to exceed JPY 20 trillion. This policy has not changed. Next is the investment business. For this business, there's two constituents, which is the private equity business, and the other is the listed SBI Leasing Services. In the same period last year, as I mentioned at the beginning, we had TPBank in Vietnam.
We had to write down valuation losses, and that was quite big. So revenue was also in the negative, which was extraordinary, and profits before income tax expense was negative as well. But we don't have these one-off factors this year, so revenue grew substantially, and so did profit before income tax expense. That turned positive.
So regarding changes in fair value, for the investment business, because we had the Vietnam valuation losses last year, which is gone this year, the change has been positive of JPY 2,539 million. But for the listed names, because rates remain high overseas, the venture companies have been challenged with financing, so this environment is continuing.
The market itself is not that bad, but some securities are performing well, but the rest are not able to benefit, which is the reason why we're seeing these results. So with that in place, when you look at our results around IPOs and M&As, the number is likely to be the same as last year. That's our prospect for this fiscal year.
And when you look at our group's assets under management, we are at JPY 767.5 billion for private equity, et cetera. Internet, fintech, and digital assets are areas of our focus. And there's a new fund around the digital space, which would invest into advanced services and products. It is in the size of JPY 100 billion. Currently, 70% of the applications have already been received, and we have been receiving commitments from investors.
So by leveraging this fund, we would like to invest into promising companies going forward as well. Also, it's not just in Japan, but globally, we would like to roll out our investment business overseas as well. I'm not gonna go through the entire list, but we are employing a business alliance with a state-owned Saudi Aramco of Saudi Arabia, for example.
Skipping one and going to the third one, for Standard Chartered, it is a global British financial giant, and we have decided to collaborate in the investment field. Also in Africa, in the Global South, it is said to be the last frontier, but there is a UK investment house which is long established in investment to Africa. We have entered a strategic capital alliance agreement with them.
It's not just the developed countries, but in these frontier regions, too, we would like to be proactive in engaging in investment activities. For SBI Leasing Services, here are J-GAAP numbers which already have been disclosed. We've been seeing a significant rise in both revenue and operating income, and stock prices have reversed as well, because of this performance. On IFRS basis, it is contributing to earnings as well.
Crypto Asset Business, the fourth segment. Last year, there was a big negative number, -JPY 17.3 billion. The BitFlyer, Three Arrows Capital, FTX, as you know, as you have already heard, those entities went under, and we had some exposure to those entities, so we incurred big losses. That is the nine months cumulative numbers last year. But this year, reflecting on these risks, we have contained risks in operating crypto asset business.
In addition, the market has significantly improved, as written here, as to Spot ETF, the, there's expectation for the approval, and so both amount and size increased greatly, and about JPY 2 billion of cumulative profit. This is customer basis for the group crypto asset business, exchange business. It is also increasing.
The BitTrade, BitPoint Japan, providing staking services, which is growing very steadily, and there are needs among the customers, and we'd like to continue to offer such, the products. Last segment, NextGen Business segment. Compared to last year, the deficits increased. The major constituents, the biotechnology related and the Web3 related new businesses. As the biotechnology related business, as you can see on this table, basically, the red numbers have been reduced. So as sub-segment, year-on-year basis, red number is now smaller.
SBI ALApromo , in 2025, it is scheduled to be IPO'd and continuing its preparation. Web3 related business, the advance investment is progressing, SBI NFT or SBI Digital Asset Holdings. Those entities are involved in and have very progressed, the operations, creating seeds for future businesses. This is the last slide. The semiconductor business.
On October 31st, there was a press release, and the things are moving on as was announced. More specifically, TSMC, our partner, and the other construction workers for the foundries. We are now discussing specific construction plan and the cost involved. We are finalizing a plan. On a potential basis, we are beginning to approach customers, but at this moment, we are in line with the plan for this operation. So much for the financial results and some thoughts.
Maybe I should have said that at the beginning, that today we have second part, and this portion is about the effect of Zero Revolution. We have received many questions from you, so today, I would like to... Well, we have developed the reference materials for Zero Revolution as well. So there are three layers here. First, is their securities directly benefits from Zero Revolution, and the second is for securities-related business, and thirdly, benefits for non-securities, the business.
I'd like to explain about each of these three. Starting with direct benefit for securities business. So, this is a very familiar page. The SBI Group's customer base is expanding at an accelerated pace, driven by Zero Revolution and expansion of NISA. The day before yesterday, on Monday, the number of accounts exceeded 12 million. As you can see, it is growing very steadily, and the line is getting steeper. This is due to Zero Revolution and expanded and improved NISA program. So 1 million accounts, how many months did it take for 1 million?
So from 8 million to 9 million, it took about 8 months, and to 10 million accounts, about 7 months and 6 months, and from 11 million to 12 million, only 4 months. So it seems, it is an evidence that there are very high needs, especially from retail customers. And this is the number of new accounts. On the left-hand side, we have number of new accounts opened, second quarter and third quarter, 598 thousand, 623 thousand.
So on a quarterly basis, they are all record highs. In January, 280 thousand, so another record high. In three months, the 600 thousand, so the 200 thousand is for one month's figure, but actually, we achieved 280 thousand in January, showing a very high interest. For number of margin accounts opened, we are seeing same trend, and the number of accounts application is increasing very rapidly. Next, transfers from our peers.
In-transfers and out-transfers are shown here as indication. Up until 2022, there's not much difference between in-transfers and out-transfers, but right before the announcement of Zero Revolution, based on expectation for the launch, the in-transfers increased, and that trend continues more recently, 25.1 in-transfers and 3.5 out-transfers, so in-transfers are dominant. Based on that, what is the market share of SBI? This is another familiar page.
After hitting 45%, it was rather difficult to exceed 50% mark. But after the announcement of Zero Revolution, both for individual stock and the margin trading, 50% was exceeded. For individual stock, 51.6% record high, and for margin trading, 53.8% record high. In SBI Securities for NISA, the very strong focus, the number of accounts, we are aiming at number one.
So in September last year, part two of the ZERO Revolution was announced, and this is no commission for individual U.S. stocks and overseas ETFs in new NISA. That is part two. This is to satisfy customers' needs, and the number of accounts is actually growing very rapidly. More recently, the steeper the line is, as you can see on this graph. We will continue to offer products and services which satisfy the needs of the customers, and we'd like to aim at number one in the number of accounts as well. And this is number of newly opened NISA accounts.
Because of seasonal reasons, there was a drop in the first quarter, but the second quarter and third quarter, big increase was shown. The transfers from the peers increased 789.4%, the huge increase. Those who already have the securities accounts are now changing, shifting to SBIs. For October-December period, 48.9% came from Rakuten Securities, almost half. So among online companies, the trend is toward SBI.
This is about iDeCo. We have been engaged in this business for a long time, and the number of enrollees is increasing very steadily. On the right-hand side, balance of investment trust for 401(k) distributed by SBI Securities, it is showing steady increase. This is cumulative number of the customers. The SBI Securities has been number one for a while, and the gap is widening. So what is the result of SBI Securities? At the end of the third quarter comparison between the same period last year and this year's 19.9% year-on-year increase.
The green part at the bottom, and this is the online brokerage of domestic stocks subject to the Zero Revolution. First quarter and the second quarter, that part, they existed. So, for the first, third quarter, we are still looking at the green part. What about on a quarterly basis? JPY 4.8 billion over JPY 6.4 billion, those are the numbers in the green. But for October-December period, green part is gone, and the question is whether revenue went down because of that. The answer is no.
Actually, in a year basis, +8.5%, and compared to the immediately previous quarter, it is only two percentage point decrease. So, the financial revenues, trading revenues, and IPO-related commissions, and the other stock commission, which is not the online, for example, overseas related. So including all that, our result was positive. Actually, one portion of revenue source is gone, but striking a good balance, we are maintaining good composition.
The breakdown, major breakdown, the open interest to credit the balance, there's some seasonal reasons, so the third quarter usually drops, but still remains high as a level. And along with that, trend of financial revenue, up 29.2% or JPY 15.162 billion is the result. This is the result of the diversification and stabilization of earnings sources.
So for trading revenue, on top of FX, this is also related to foreign currency-denominated bonds. It's grown by 17.5% to JPY 43.696 billion. The breakdown is about 50/50. So domestic stocks online has been covered by the growth in these types of revenue. So whether it be yen-denominated or foreign currency bonds, they are trending up.
However, due to higher rates overseas, foreign currency foreign bond sales has been increasing, and for the third quarter, it has recorded record highs. So products with such needs, if we have them in place, customers will buy them, and even if you lose revenue from one product area, you will be able to make up for it in other areas.
Also, online domestic is gone for brokerage commission, but other than that, we continue to diversify and stabilize our source. One area is the area of foreign stocks. So here are some KPIs. Last year, January is set at 1, and now we are at 1.9 times more revenue, which is a record high. In the past, people thought the hurdle was too high to buy or trade U.S.
stocks, but there are some first-timers, and compared to last year, January, it is twice as high, and this is also a record high. Also, for individual futures and options trading, we started the services, and we've been seeing growth in a linear way. All the trading volume in the past 3-4 months has been growing substantially.
There is some volatility, but still we are seeing good growth. So here on this slide, we talk about the Osaka Digital Exchange, which is a company, a security token platform called START, started on December 25 last year. So there were two property ST names that were launched. And there were about 110 tokenizations that were executed and traded as well within a month.
The value is not as high yet, but these are some new engagements, and by providing them to customers, they will be offered with new opportunities to generate more income, and we will also be increasing our revenue-generating opportunities, and we would like to continue to increase this business.
The number of names is still a low level, but we do believe this is a need that customers have as well. So this is regarding our involvement in IPO underwriting share that we always share. So when there is an IPO, people call upon an online broker, and there is a high chance that they call upon SBI Securities. And of course, we do make efforts marketing-wise as well. So our involvement rate is 93.7%.
So when there's an IPO, we come as a set that's turning into our status. And also for investment trusts and its balance, here, once again, because the market was good, we have been seeing good growth. On top of that, due to new NISA and its start that has boosted the business. So we were at about JPY 9.6 trillion in December, but the investment trust balance exceeded JPY 10 trillion in January, and for investment trust fees, too, we've been seeing linear growth.
So this is a recurring business, and we expect a stable revenue. Therefore, we would like to continue to focus and develop this business. Monthly accumulation settings, when you compare December and January, there has been a jump up in accumulation amount in the number of accounts. This is also associated with new NISA. Some people, customers, felt that they would like to start, so the monthly accumulation amount we are currently at JPY 170 billion. For example, we should reach JPY 12 trillion for the year if this continues, and the investment trust balance should reach JPY 12 trillion.
If that's the case for SBI Securities, we will be able to generate a steady revenue. And we're not saying that we're going to end at JPY 173 billion. This number still has the opportunity to grow as well on a monthly basis. So that was just, quick math that I wanted to share with you. And on the right-hand side, we show, the trend for SBI Wrap. We jointly developed this with FOLIO, and balance, as well as the number of accounts, have been steadily growing.
So next, we talk about the ripple effects of the Zero Revolution on securities-related, businesses. The first one is FX, the number of accounts, as well as the amount of margin deposits. For the SBI Group, we have been in the leading position, creating a gap between our peers, and the number of accounts exceeded 2.1 million as of December last year. SBI Liquidity Markets is one of the core businesses, so the yen-dollar currency rates continue to be volatile, so we were able to reach a record high operating revenue.
Also for spot income, not just the flow of business, but for swap revenue as well as for corporate businesses. We focused on marketing as well as services, and we were able to achieve record high revenue numbers due to these efforts. Another related business would be SBI Money Plaza. For this business, compared to last fiscal year, on a J-GAAP basis, we were able to record higher revenue and profit before income tax expenses.
As you can see in the box, co-managed stores with SBI Shinsei Bank, we already expanded to 4, and relative to that, we have 26 co-managed stores with 14 regional banks. And the co-managed stores with SBI Shinsei, up until March, we are intending on opening 4 more. So we'll continue to expand the co-managed store base. Thirdly, signs of the Zero Revolution's effect on expanding the customer base are becoming apparent in businesses other than the securities business.
For example, if you see more SBI Securities customers too, it starts to have an impact on other group companies in a positive sense, and that is why we prepared this slide. So SBI Shinsei, SBI Securities, the accounts can be connected. So if you open an account with SBI Securities, they might be interested to open an account at Shinsei as well.
So SBI Shinsei can also grow their business steadily because of the solid account base, so we are able to create a virtuous cycle. So we show the example of SBI Shinsei here, but due to the Zero Revolution, we believe that this is a positive impact that we were able to benefit from. So the impact of Zero Revolution on the performance of other securities companies is the final segment in the presentation.
The first point I'd like to make is when you look at Q3 alone, which is October through December, we show performance of respective brokers. SBI Securities saw a Q-on-Q decline for the December quarter, and other brokers recorded a similar trend. So there are some brokers that are seeing Q-on-Q positive trends, and they can be classified. So they didn't follow the zero commission trend. That's one group.
Another group are people that saw changes in wholesale, and they performed well in their wholesale business during the December quarter that also recorded positive results Q-on-Q. But other than that, there are many brokers that saw a decline in Q-on-Q. So first, for the group that didn't follow the zero commission trends, going forward, I believe their performance will become increasingly challenging.
The number of accounts, our account base has been growing at SBI Securities, and of course, if customers were going to choose if they want to pay a commission or not, they obviously psychologically will choose the securities company that doesn't charge. So for those brokers that will continue to charge, I think their performance will become challenging.
For SBI Securities, with a Zero Revolution, we made our commission zero, and we would like to leverage this so that we can be in the winning camp when you compare ourselves against peers. For those companies that follow the zero revolution, how were they reflected? So comparing Rakuten Securities with SBI Securities, as you can see here, SBI Securities revenue dipped and operating profit went down by 13.5%, and profit attributable to owners of the company went down by 15.5% compared to the previous quarter.
But for Rakuten Securities, revenue went down by 12.4% Q on Q. OP almost halved, went down by 48.2%, and profit attributable to owner of the company went down by 82.8%. So their performance has been quite tough. So even if they do the Zero Revolution and follow suit, still their performance is challenging. So I think it's a difference in strategy, such as, diversification. Unless you diversify, I think their performance will remain to be challenging.
And this is just for your reference. For regional bank-affiliated securities companies, there's about 27 nationwide, and these companies also have been continuing to face challenging performance. And this is not being shown for the first time, but we believe that the Zero Revolution will lead to signs of restructuring in the securities industry.
There already has been some consolidation taking place, and needless to say, from my side, Docomo and Monex partnered, and Monex became a subsidiary of NTT Docomo, and Mizuho and Rakuten Securities also engaged in a capital business alliance, with Mizuho Financial Group owning the shares of Rakuten now. We believe these kinds of trends are likely to develop further going forward. I'm sorry that I ran for a long time, but that concludes my presentation.