Company Reports

Mitsubishi UFJ Financial Group's first-quarter fiscal 2026 (ending March 2027) net income rose 48% year on year. Growth was broad-based, as interest rate tailwind and loan growth drove net interest income, while fee income, trading income, and Morgan Stanley contribution were also robust.

Morgan Stanley, in which Mitsubishi UFJ Financial Group owns a 23.9% stake, reported strong second-quarter earnings, with diluted EPS rising 58% year over year, driven by strong investment banking results and 42% growth in trading revenue.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group. It is also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, driven in part by its 24% stake in Morgan Stanley. In fact, we expect Morgan Stanley to contribute 25% of MUFG's fiscal 2026 net income, which is consistent with the past 10 years. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam. MUFG recently acquired a 20% stake in Indian micro-finance lender Shriram Finance for JPY 707 billion.

Mitsubishi UFJ's fiscal 2025 net income jumped 30% to JPY 2.427 trillion, driven by improved margins and on a reduction in costs incurred in the adjustments in its bond portfolio undertaken in fiscal 2024. MUFG guides for 11% growth in net income to JPY 2.700 trillion in fiscal 2026.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.4% share of domestic loans and 11.8% of deposits as of March 2025. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

MUFG's December-quarter net profit grew 6.2% year on year to JPY 521 billion. Nine-month net interest income is up 0.9% year on year, and net fee income is up 10.7%. MUFG's original profit guidance of JPY 2.10 trillion has been raised to JPY 2.25 trillion.

Japan's big three banks, Mitsubishi UFJ, Mizuho, and Sumitomo Mitsui Financial Group, all posted September-quarter earnings that led to cumulative six-month performance making up over 60% of their full-year targets. All three have raised their full-year guidance and share buybacks.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.4% share of domestic loans and 11.8% of deposits as of March 2025. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.4% share of domestic loans and 11.8% of deposits as of March 2025. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

Mitsubishi UFJ Financial Group reported net profit of JPY 546 billion for the June quarter, or 27% of its full-year guidance of JPY 2.0 trillion for the fiscal year ending March 2026.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

Mitsubishi UFJ Financial Group reported net income of JPY 1.86 trillion for the fiscal year ended March 2025, and forecasts JPY 2 trillion for the current year.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

We adjust our Morningstar Uncertainty Ratings for 14 of the 16 Asia, excluding China, stocks we cover after US President Donald Trump announced much more severe tariffs on imports than we or the market were expecting, raising uncertainty over future economic conditions across Asia.

Five major Japanese banks reported aggregate earnings of JPY 4.14 trillion for the nine months from April to December 2024, reaching over 99% of their full-year guidance with three months remaining.

The Bank of Japan raised its policy rate to 0.50% from 0.25%, marking the highest level since 2008, as the country’s persistent deflation shifts toward moderate inflation.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

Mitsubishi UFJ reported interim earnings of JPY 1.26 trillion (84% of its guidance of JPY 1.50 trillion for the year ending March 2025), raised earnings guidance to JPY 1.75 trillion and its dividend plan by 20% to JPY 60 per share, and announced a JPY 300 billion buyback.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, but following its sale of Union Bank of California in 2022, its overseas contribution is similar to Sumitomo Mitsui Financial Group's and slightly higher than Mizuho's, excluding the profit contribution of equity-method affiliate Morgan Stanley. After including Morgan Stanley, which has contributed more than 25% of MUFG's total earnings in each of the past five years, MUFG is still the Japanese bank with the largest exposure to operations outside Japan. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam.

We transfer five Japanese banks to a new coverage analyst with minor tweaks to our earnings forecasts that do not change our fair value estimates for the Tokyo-listed shares. Our fair value estimates for Mitsubishi UFJ Financial Group's, or MUFG, and Mizuho Financial Group's ADRs rise by 9% each to $12.25 and $4.61, respectively, due to 9% appreciation in the Japanese yen against the US dollar.