---
title: "Mitsubishi UFJ Financial Group reports 1Q net income at record high in Japan; 30% toward FY26 target"
sdDatePublished: "2026-08-03T14:08:00Z"
source: "https://www.mufg.jp/dam/ir/fs/2026/pdf/highlights2606_en.pdf"
topics:
  - name: "banking"
    identifier: "medtop:20000274"
  - name: "corporate earnings"
    identifier: "medtop:20000178"
  - name: "financial statement"
    identifier: "medtop:20000180"
locations:
  - "China"
  - "Malaysia"
---


Mitsubishi UFJ Financial Group reports 1Q net income at record high in Japan; 30% toward FY26 target

highlights2606_en

Mitsubishi UFJ Financial Group
Financial Highlights
under Japanese GAAP
for 1st Quarter of
the Fiscal Year Ending
March 31, 2027
August 3, 2026

2
Key Message
Breakdown of Changes in NOP*2
Breakdown of Changes in Net Income
1
2
*1 Profits attributable to owners of parent
*2 On a managerial accounting basis
Definitions of figures and abbreviations used in this document can be found on the last page
End Jun
2026
End Jun
2025
FX rate
162.39
144.81
USD/JPY
820.5
R&D
+18.9
CWM
+46.3
JCIB
+54.6
GCB
+11.9
AM/IS
+3.3
GCIB
+70.9
GM
+67.7
Other
+4.8
542.2
FY25
1Q
R&D
CWM
JCIB
GCB
AM/IS
GCIB
GM
Other
FY26
1Q
809.4
+182.0
+47.0
+104.0
(17.0)
(52.0)
546.0
Customer Segment: +205.8
FY25
1Q
FY26
1Q
FY25
1Q
FY26
1Q
NOP
Credit
costs
Net gains
(losses)
on equity
securities
Others
Key components
• Rebound of one-time gains in
FY25, including gains on the
liquidation of subsidiaries
• Increase in profits attributable
to non-controlling interests
(¥bn)
(¥bn, approx. amounts, after-tax)
FX fluctuation: approx. +40.0
rises in JPY interest rates: approx. +60.0
Including the impact due to;
Including the impact due to;
FX fluctuation: approx. +50.0
+263.3
+48%
Equity in
earnings
of equity
method
investees
Net Operating Profits (NOP): ¥809.0bn, up by ¥266.0bn YoY / 28% progress towards FY26 target
Increased significantly, driven by growth in loan balances and fee income, while steadily
capturing the benefit of higher JPY interest rate
Net Income*1: ¥809.4bn, up by ¥263.3bn YoY / 30% progress towards FY26 target
Achieved record-high net income for the 1st quarter, driven by a significant increase in NOP
and equity in earnings of equity method investees

3
YoY
1
1,358.4
1,736.0
+377.6
2
690.7
882.3
+191.6
3
499.4
603.7
+104.2
4
168.1
249.8
+81.7
5
(28.2)
(35.0)
(6.7)
6
815.4
927.0
+111.6
7
(Expense ratio)
60.0%
53.4%
(6.6)ppt
8
542.9
809.0
+266.0
9
(46.9)
(72.0)
(25.1)
10
30.3
98.9
+68.6
11
31.5
103.4
+71.9
12
157.9
261.5
+103.6
13
24.2
20.5
(3.7)
14
708.5
1,117.9
+409.3
15
20.0
0.3
(19.7)
16
546.0
809.4
+263.3
<Reference>
17
ROE (JPX basis)
10.8%
14.4%
+3.6ppt
(\bn)
FY25
1Q
FY26
1Q
Net operating profits
Total credit costs
Net gains (losses) on equity
securities
G&A expenses
Gross profits
(before credit costs for trust accounts)
Net interest income
Trust fees
+ Net fees and commissions
Net trading profits (losses)
+ Net other operating profits
Profits attributable to
owners of parent
Net gains (losses) on debt
securities
Equity in earnings of equity
method investees
Other non-recurring gains
(losses)
Ordinary profits (losses)
Net extraordinary gains
(losses)
Net gains (losses) on sales of
equity securities
Progress
28%
30%
Income Statement Summary
Income Statement
【Consolidated】
Gross profits (FX impact: approx. ¥75.0bn)
• Gross profits increased significantly by higher net interest income
due to benefit of higher JPY interest rates and growth of loan balances,
strong performance in fee income across solutions, lending-related
businesses, and asset management in both domestic and overseas,
as well as higher revenue in Sales & Trading
G&A expenses (FX impact: approx. ¥35.0bn)
• Despite higher expenses due to inflation, strategic expense allocation
for the growth, and cybersecurity initiatives, growth in gross profits
offset the increase resulting in an improved expense ratio
Total credit costs
• Increased due to rebound from the reversal of large loan loss
provisions accounted in the previous year
Equity in earnings of equity method investees
• Increased significantly by strong performance of Morgan Stanley
and etc.
Profits attributable to owners of parent
• Achieved record-high net income for the 1st quarter
• Progress toward the full-year target of ¥2.7tn stands favorable at 30%
1
2
3
4
5
1
2
3
4
5

4
(Reference) Results by business group (1/2)
CWM*1
R&D*1
*1 Managerial accounting basis. Local currency basis
*2 Domestic business only *3 Real estate *4 Includes real estate securitization, etc.
JCIB*1
GCIB*1
FY25 1Q
FY26 1Q
YoY
195.3
252.8
+57.4
Loan and deposit interest income
88.9
122.2
+33.3
Domestic and foreign settlement / forex
25.4
26.1
+0.7
Derivatives, solutions
20.3
30.6
+10.3
RE*3, corporate agency, inheritance
12.3
14.2
+2.0
Investment product sales
39.8
56.0
+16.3
110.2
122.2
+11.9
Expense ratio
56%
48%
(8)ppt
85.1
130.6
+45.5
62.7
87.9
+25.1
(\bn)
Gross profits
Expenses
Net operating profits
Net income
FY25 1Q
FY26 1Q
YoY
223.5
272.9
+49.4
Loan and deposit interest income
127.8
152.3
+24.5
Domestic and foreign settlement / forex
*2
22.4
22.2
(0.1)
Derivatives, solutions*2
15.0
31.4
+16.4
RE*3, corporate agency
17.2
20.8
+3.6
M&A・DCM･ECM*4
13.2
16.8
+3.6
Overseas Non-Interest income
22.3
23.3
+1.0
92.4
98.6
+6.3
Expense ratio
41%
36%
(5)ppt
131.1
174.3
+43.2
116.9
139.4
+22.5
(\bn)
Gross profits
Expenses
Net operating profits
Net income
FY25 1Q
FY26 1Q
YoY
177.7
222.3
+44.6
Loan and deposit interest income
87.1
104.1
+17.0
Commission
73.5
95.0
+21.5
Forex, derivatives
7.7
11.8
+4.1
DCM・ECM
7.1
8.5
+1.5
96.4
100.7
+4.3
Expense ratio
54%
45%
(9)ppt
81.3
121.6
+40.3
63.9
81.1
+17.1
(\bn)
Gross profits
Expenses
Net operating profits
Net income
【Consolidated】
FY25 1Q
FY26 1Q
YoY
252.0
289.4
+37.4
Loan and deposit interest income
76.4
105.4
+29.0
Domestic and foreign settlement / forex
11.0
11.3
+0.3
Investment product sales
13.5
20.4
+6.8
Card settlement
60.7
63.4
+2.7
Consumer finance
79.9
83.1
+3.2
188.0
207.4
+19.3
Expense ratio
75%
72%
(3)ppt
64.0
82.0
+18.0
22.9
23.4
+0.4
(\bn)
Gross profits
Expenses
Net operating profits
Net income

5
(Reference) Results by business group (2/2)
AM/IS*1
GCB*1,2
*1 Managerial accounting basis. Local currency basis
*2 KS: After GAAP adjustment. Includes only figures attributable to GCB and excludes figures attributable to other business groups. BDI: Entity basis
Global Markets*1
FY25 1Q
FY26 1Q
YoY
125.2
134.4
+9.2
AM
36.4
37.8
+1.4
IS
68.7
73.8
+5.0
Pension
20.0
22.8
+2.8
91.0
96.6
+5.6
Expense ratio
73%
72%
(1)ppt
34.2
37.8
+3.6
23.0
24.9
+2.0
(\bn)
Gross profits
Expenses
Net operating profits
Net income
FY25 1Q
FY26 1Q
YoY
163.6
271.5
+107.9
Sales & trading
79.6
99.7
+20.1
Treasury
72.7
170.0
+97.3
71.1
75.6
+4.5
Expense ratio
43%
28%
(16)ppt
92.6
195.9
+103.3
Sales & trading
21.9
38.6
+16.7
Treasury
59.8
156.0
+96.2
81.7
128.7
+47.1
Net income
Gross profits
Expenses
Net operating profits
(\bn)
FY25 1Q
FY26 1Q
YoY
159.8
169.7
+9.9
KS
118.2
126.4
+8.3
BDI
37.8
45.4
+7.5
89.4
96.5
+7.1
56%
57%
+1ppt
KS
57.7
63.9
+6.2
(Expense ratio)
49%
51%
+2ppt
BDI
21.3
24.2
+2.9
(Expense ratio)
56%
53%
(3)ppt
70.4
73.2
+2.8
KS
60.4
62.5
+2.1
BDI
16.5
21.2
+4.6
24.5
34.0
+9.5
KS
20.5
18.5
(2.0)
BDI
5.8
8.6
+2.8
(\bn)
Gross profits
Expenses
Net operating profits
Net income
(Expense ratio)
【Consolidated】

6
(Reference) Breakdown by Entity
Breakdown of Net Income*1
Financial Summary of Major Entities*2
*1 The figures reflect the percentage holding in each subsidiary and equity method investee
*2 Figures except the Bank and the Trust Bank are approx. and before consolidation adjustments. The equity holding ratio of MUFG is not reflected
in net income (ACOM: Approx. 39.6%, KS: Approx. 76.9%, BDI: Approx. 92.5％)
*3 YoY figures include an increase in income taxes – deferred toward profit side as a result of a change in the company classification relating to the
recoverability of deferred tax assets
(¥bn)
(\bn)
FY26
FY26
FY26
1Q
YoY
1Q
YoY
1Q
YoY
Gross profits
961.1
+280.9
126.0
+38.4
90.4
+11.6
NOP
540.7
+220.6
65.9
+32.5
31.6
+25.9
Net income
485.1
+170.1
60.4
+23.7
24.8
+16.5
(\bn)
FY26
FY26
FY26
1Q
YoY
1Q
YoY
1Q
YoY
Gross profits
14.9
+3.3
64.3
+2.5
76.9
+4.7
NOP
7.0
+2.5
11.5
+7.5
50.3
+4.3
Net Income
5.0
+1.6
1.1
+5.0
19.1
(14.9)
(\bn)
FY26
FY26
FY26
1Q
YoY
1Q
YoY
1Q
YoY
Gross profits
191.3
+31.0
56.2
+11.0
21.7
+0.6
NOP
90.3
+13.6
24.1
+6.0
2.2
(2.1)
Net Income
35.6
+1.5
10.4
+3.6
2.6
(0.5)
KS
BDI
FSG
the Bank
the Trust Bank
the Securities HD
MUAM
NICOS
ACOM
【Consolidated】
*3
*4
the
Bank
485.1
the
Trust
Bank
60.4
the
Securities
HD
24.8 MUAM
5.0
NICOS
1.1
ACOM
7.5
KS
27.3
BDI
9.6
FSG
2.6
MS
222.2
Other
(36.7)
MUFG
809.4

7
92.7
93.6
94.1
94.0
94.2
94.8
83.5
86.2
82.9
84.4
91.0
87.1
47.7
48.6
47.6
48.7
54.1
54.9
224.0
228.5
224.7
227.2
239.4
236.9
24/3
25/3
25/6
25/9
26/3
26/6
14.2
14.2
14.3
14.3
14.4
14.4
52.1
52.2
53.9
54.5
60.1
61.5
2.6
7.9
7.6
5.5
3.4
0.7
46.8
46.3
46.2
48.4
55.5
57.3
2.4
2.0
1.8
1.9
1.6
1.7
118.3
122.9
124.0
124.8
135.2
135.7
24/3
25/3
25/6
25/9
26/3
26/6
Balance Sheet Summary
Overview of Balance Sheet
Housing
Loans
Corporates*2
Governments,
etc.
Overseas*3
Others
Individuals*6
Corporates,
etc.*6
Overseas*7
Loans (Period End Balance)*1
Deposits (Period End Balance)
(¥tn)
(¥tn)
Overseas: +¥1.7tn from End Mar 26
(+¥1.0tn excluding FX impact)
Overseas: +¥0.7tn from End Mar 26
(¥(0.0)tn excluding FX impact)
(\tn) Total Assets
61.5
94.8
57.3
87.1
0.7
54.9
30.6
32.0
63.3
  Deposits
Others
Net Assets
24.1
(2.5)
+0.7
(3.8)
+0.6
135.7
236.9
+0.5
+4.2
+0.4
209.9
Foreign
bonds
Domestic
bonds
BOJ current
account*5
(6.0)
(0.7)
+2.0
(0.7)
Others
433.9
+2.1
172.7
Governments,
etc.
Overseas*3
Corporates*2
(2.7)
+1.7
+1.4
Investment Securities*4
  Loans*1
Overseas*7
Corporates,
etc.*6
Individuals*6
88.1
+2.4
vs
End Mar 26
vs
End Mar 26
As of End Jun 26
【Consolidated】
*1 Banking + trust accounts
*2 Domestic only. Excludes loans to governments and governmental institutions and includes foreign currency-denominated loans
*3 Loans booked in overseas branches, MUAH, KS, BDI, the Bank (China), the Bank (Malaysia) and the Bank (Europe)
*4 Banking accounts *5 Non-consolidated + The Master Trust Bank of Japan *6 Non-consolidated. Domestic only *7 Overseas and others
vs End Mar 26

8
Domestic Corporate Lending Spreads*2,4,5
Domestic Deposit / Lending Rates*4,5
Loan Balance (Period End Balance)*1
1.13% 1.18% 1.20%
1.32%
1.47%
0.95% 0.99%0.99% 1.05%1.16%
0.17%0.19%0.20%0.26%0.30%
0.0%
0.4%
0.8%
1.2%
1.6%
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
Lending rate
Differences in yield between Lending rate and Deposit rate
Deposit rate
【Consolidated / Non-Consolidated】
(¥tn)
¥(1.3)tn from end Mar.26
SMEs*2,3
Governments,
etc.
Large
Corporates*2
Housing
loans
2023
2024
2025
2026
2023
2024
2025
2026
0.64%
0.65%0.64% 0.65%
0.68%
0.62%
0.65%0.65% 0.65%
0.68%
0.5%
0.6%
0.7%
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
SME
Large corporate
*6
*1 Banking + trust accounts *2 Includes foreign currency-denominated loans
*3 Domestic loans to small / medium-sized companies and proprietors, excluding domestic consumer loans
*4 Excludes loans to government and governmental institutions
*5 On a managerial accounting basis. Non-consolidated
*6 Excludes the impact of collective recording of interest received at fiscal year-end of FY23, FY24 and FY25 via subsidized interest payment programs
*7 Figures have been retrospectively adjusted to exclude previously accrued interest following the change to non-accrual treatment in FY25 3Q
*7
Domestic Loans
14.2
14.2
14.3
14.3
14.4
14.4
26.0
27.2
27.2
27.8
31.0
30.6
26.1
25.0
26.6
26.7
29.1
30.9
2.6
7.9
7.6
5.5
3.4
0.7
69.1
74.5
75.8
74.4
78.1
76.7
24/3
25/3
25/6
25/9
26/3
26/6

9
1.40%1.39%
1.40%1.40% 1.39%
1.1%
1.2%
1.3%
1.4%
1.5%
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
Overseas Loans
Overseas Deposit / Lending Rates
Overseas Lending Spreads*3,5
4.19%4.51% 4.71% 4.61%4.65%
1.74%1.80%1.75% 1.78%1.78%
7.9% 7.7% 7.5% 7.3% 7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
BDI: Net interest margin
KS: Net interest margin
Non-Consolidated: Differences in yield between Lending rate and Deposit rate*3
*2
Loan Balance (Period End Balance)
【Consolidated / Non-Consolidated】
(¥tn)
q
*1,4
+¥1.7tn from end Mar.26
(+¥1.0tn excluding FX impact)
Americas
EMEA
Asia /
Oceania
KS
BDI
2023
2024
2025
2026
2023
2024
2025
2026
*1 Financial results as disclosed in BDIʼs financial reports based on Indonesia GAAP
*2 Financial results as disclosed in KSʼs financ