Business Context and Reporting Period
Company: Mitsubishi UFJ Financial Group, Inc. (MUFG)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Nine months ended December 31, 2025
Filing Date: February 9, 2026
Accounting Standard: Japanese GAAP (Interim review completed by Japanese audit firm)
MUFG is a global financial services group engaged in banking, trust banking, securities, and credit card/loan businesses. This report confirms the completion of an interim review of the Japanese-language original quarterly consolidated financial statements with no changes from the original announcement on February 4-5, 2026.
Key Financial Metrics
| Metric | 9 Months Ended Dec 31, 2025 | 9 Months Ended Dec 31, 2024 | Change (%) |
|---|---|---|---|
| Ordinary Income | 10,643,805 million yen | 10,277,584 million yen | 3.6% |
| Ordinary Profits | 2,509,250 million yen | 2,421,937 million yen | 3.6% |
| Profits Attributable to Owners of Parent | 1,813,508 million yen | 1,748,939 million yen | 3.7% |
| Comprehensive Income | 2,188,784 million yen | 1,684,256 million yen | 30.0% |
| Basic EPS | 158.89 yen | 149.85 yen | 6.0% |
| Total Assets | 418,107,863 million yen | 413,113,501 million yen (Mar 31, 2025) | 1.2% |
| Total Net Assets | 22,809,787 million yen | 21,728,132 million yen (Mar 31, 2025) | 5.0% |
| Equity-to-Asset Ratio | 5.1% | 5.0% | +0.1 pp |
Material Changes vs. Prior Period
- Profitability Growth: Ordinary profits and net income attributable to the parent increased by approximately 3.6% to 3.7% year-over-year, driven by higher net fees and commissions and improved net other operating profits.
- Comprehensive Income Surge: Comprehensive income rose 30.0% to 2.19 trillion yen, primarily due to a significant swing in net unrealized gains on available-for-sale securities (from a loss of 502 billion yen in 2024 to a gain of 543 billion yen in 2025).
- Asset Expansion: Total assets grew by roughly 5 trillion yen to 418 trillion yen, with notable increases in loans and bills discounted (up ~9 trillion yen) and trading assets (up ~7.7 trillion yen).
- Expense Management: General and administrative expenses increased by 6.0% to 2.50 trillion yen, while credit costs (net) improved, with total credit costs decreasing by approximately 31 billion yen compared to the prior period.
- Non-Performing Loans (NPL): The consolidated NPL ratio improved to 0.98% from 1.11% as of March 31, 2025.
Guidance, Outlook, and Risks
- Earnings Target: MUFG maintains an earnings target of 2,100.0 billion yen in profits attributable to owners of the parent for the fiscal year ending March 31, 2026. This target was unchanged from the November 14, 2025 release.
- Dividend Forecast: The forecasted total dividend per share for the fiscal year ending March 31, 2026, is 74.00 yen (35.00 yen for the second quarter and 39.00 yen for the fiscal year-end).
- Accounting Changes: MUFG adopted a new credit rating system for calculating allowance for credit losses. The impact on consolidated financial statements is deemed immaterial. Additionally, the method of calculating operating profit for reporting segments was changed, and prior period data was restated for comparability.
- Risks and Contingencies:
- Geopolitical & Economic Uncertainty: Significant uncertainty remains regarding the Russia-Ukraine situation and global trade policies, which could impact credit loss assumptions and economic forecasts.
- GAAP Differences: The filing notes material differences between Japanese GAAP and U.S. GAAP, particularly regarding consolidation and goodwill amortization. U.S. GAAP results are not published for this interim period.
- Credit Risk: Allowance calculations rely heavily on estimates of borrower future performance and macroeconomic variables, which are subject to high uncertainty.
Investor Verification Checklist
- GAAP Reconciliation: Verify the potential impact of Japanese GAAP vs. U.S. GAAP differences on reported earnings, as U.S. GAAP results are not provided for this quarter.
- Segment Restatement: Review the restated segment data for the prior period to ensure accurate year-over-year comparisons of business unit performance.
- Comprehensive Income Volatility: Assess the sustainability of the 30% jump in comprehensive income, which was heavily influenced by unrealized gains on available-for-sale securities.
- Credit Cost Assumptions: Monitor the assumptions regarding the Russia-Ukraine conflict and trade policies used in credit loss modeling, as these are flagged as high-uncertainty areas.
- Dividend Execution: Confirm the payment of the forecasted 74.00 yen total dividend in the subsequent fiscal year-end announcement.