三菱UFJフィナンシャルグループADRの適時開示

6-K 1 d949535d6k.htm FORM 6-K FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May 2025

Commission File No. 000-54189

MITSUBISHI UFJ FINANCIAL GROUP, INC.

(Translation of registrant’s name into English)

4-5, Marunouchi 1-chome, Chiyoda-ku

Tokyo 100-8330, Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or

will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(7):

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-273681) OF MITSUBISHI UFJ FINANCIAL GROUP, INC. AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED WITH OR FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 15, 2025


Mitsubishi UFJ Financial Group, Inc.

By:		/s/ Toshinao Endo
Name:		Toshinao Endo
Title:		Managing Director, Head of Documentation & Corporate Secretary Department,
		Corporate Administration Division

LOGO

Consolidated Summary Report

for the fiscal year ended March 31, 2025

May 15, 2025


Company name:		Mitsubishi UFJ Financial Group, Inc.
Stock exchange listings:		Tokyo, Nagoya, New York
Code number:		8306
URL		https://www.mufg.jp/english/
Representative:		Hironori Kamezawa, President & Group CEO
For inquiry:		Masahisa Takahashi, Managing Director, Head of Financial Accounting and Reporting, Financial Accounting Office, Financial Planning Division
		TEL 050-3613-1179
General meeting of shareholders:		June 27, 2025
Dividend payment date:		June 30, 2025
Securities report issuing date:		June 25, 2025
Trading accounts:		Established
Supplemental information for financial statements:		Available
Investor meeting presentation:		Scheduled (for investors and analysts)

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Data for the Fiscal Year ended March 31, 2025

(1)	Results of Operations


	(% represents the change from the previous fiscal year)
	Ordinary Income				Ordinary Profits				Profits Attributable to Owners of Parent
	million yen		%		million yen		%		million yen		%
Fiscal year ended
March 31, 2025		13,629,997		14.6		2,669,483		25.4		1,862,946		25.0
March 31, 2024		11,890,350		28.1		2,127,958		108.5		1,490,781		33.5

(*)	Comprehensive income

March 31, 2025: 2,069,660 million yen (37.6) %; March 31, 2024: 3,316,519 million yen 186.2 %


	Basic earnings per share		Diluted earnings per share		Net Income to Net Assets Attributable to MUFG shareholders		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	yen		yen		%		%		%
Fiscal year ended
March 31, 2025		160.02		159.48		9.3		0.7		19.6
March 31, 2024		124.65		124.33		8.1		0.5		17.9

(Reference) Income from investment in affiliates (Equity method)

March 31, 2025: 596,956 million yen; March 31, 2024: 531,803 million yen (Reference) Shareholders’ equity as of March 31, 2025: 20,520,374 million yen; March 31, 2024: 19,587,974 million yen

(2)	Financial Conditions


	Total Assets		Total Net Assets		Equity-to-asset ratio (*)		Total Net Assets per Common Stock
	million yen		million yen		%		yen
As of
March 31, 2025		413,113,501		21,728,132		5.0		1,783.37
March 31, 2024		403,703,147		20,746,978		4.9		1,670.45

(*)	“Equity-to-asset ratio” is computed under the formula shown below

(Total net assets - Subscription rights to shares - Non-controlling interests) / Total assets

(3)	Cash Flows


	Cash Flows from Operating Activities			Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the period
	million yen			million yen			million yen			million yen
Fiscal year ended
March 31, 2025		6,415			(186,948	)		(861,116	)		109,095,437
March 31, 2024		(9,844,860	)		3,986,415			8,307			109,875,097

2. Dividends on Common Stock


	Dividends per Share										Total dividends		Dividend payout ratio (Consolidated)		Dividend on net assets ratio (Consolidated)
	1st quarter-end		2nd quarter-end		3rd quarter-end		Fiscal year-end		Total		Total dividends		Dividend payout ratio (Consolidated)		Dividend on net assets ratio (Consolidated)
	yen		yen		yen		yen		yen		million yen		%		%
Fiscal year
ended March 31, 2024		—		20.50		—		20.50		41.00		488,038		32.9		2.6
ended March 31, 2025		—		25.00		—		39.00		64.00		741,992		40.0		3.7
ending March 31, 2026 (Forecast)		—		35.00		—		35.00		70.00				40.3

(*)	Revision of forecasts for dividends on the presentation date of this Consolidated Summary Report : None

3. Earnings Target for the Fiscal Year ending March 31, 2026 (Consolidated)

MUFG has set an earnings target of 2,000.0 billion yen of profits attributable to owners of parent for the fiscal year ending March 31, 2026. MUFG is engaged in financial service businesses such as banking business, trust banking business, securities business and credit card/loan businesses. Because there are various uncertainties caused by economic situation, market environments and other factors in these businesses, MUFG discloses a target of its profits attributable to owners of parent instead of a forecast of its performance.

ø Notes

(1)	Changes in significant subsidiaries during the period: No

(2)	Changes in accounting policies, changes in accounting estimates and restatements

(A) Changes in accounting policies due to revision of accounting standards: Yes

(B) Changes in accounting policies due to reasons other than (A): Yes

(D) Restatements: No

(3)	Number of common stocks outstanding at the end of the period


(A) Total stocks outstanding including treasury stocks:	March 31, 2025	12,067,710,920 shares
	March 31, 2024	12,337,710,920 shares
(B) Treasury stocks:	March 31, 2025	561,193,945 shares
	March 31, 2024	611,522,914 shares
(C) Average outstanding stocks:	Fiscal year ended March 31, 2025	11,642,149,075 shares
	Fiscal year ended March 31, 2024	11,959,977,563 shares

* This “Consolidated Summary Report” (“Tanshin”) is outside the scope of the external auditor’s audit procedure.

* Notes for using forecasted information etc.

This financial summary report contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the company and/or the group as a whole (the “forward-looking statements”). The forward-looking statements are made based upon, among other things, the company’s current estimations, perceptions and evaluations. In addition, in order for the company to adopt such estimations, forecasts, targets and plans regarding future events, certain assumptions have been made. Accordingly, due to various risks and uncertainties, the statements and assumptions are inherently not guarantees of future performance, may be considered differently from alternative perspectives and may result in material differences from the actual result. For the main factors that may affect the current forecasts, please see Consolidated Summary Report, Annual Securities Report, Disclosure Book, Annual Report, and other current disclosures that the company has announced.

The financial information included in this financial summary report is prepared and presented in accordance with accounting principles generally accepted in Japan (“Japanese GAAP”). Differences exist between Japanese GAAP and the accounting principles generally accepted in the United States (“U.S. GAAP”) in certain material respects. Such differences have resulted in the past, and are expected to continue to result for this period and future periods, in amounts for certain financial statement line items under U.S. GAAP to differ significantly from the amounts under Japanese GAAP. For example, differences in consolidation basis or accounting for business combinations, including but not limited to amortization and impairment of goodwill, could result in significant differences in our reported financial results between Japanese GAAP and U.S. GAAP. Readers should consult their own professional advisors for an understanding of the differences between Japanese GAAP and U.S. GAAP and how those differences might affect our reported financial results. We will publish U.S. GAAP financial results in a separate disclosure document when such information becomes available.

Mitsubishi UFJ Financial Group, Inc.

(Appendix)

Contents of Appendix


1. Results of Operations and Financial Condition			2
(1) Analysis of results of operations			2
(2) Analysis of financial condition			3
2. Basic Views on Selection of Accounting Standards			3
3. Consolidated Financial Statements and Notes			4
(1) Consolidated Balance Sheets			4
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income			6
(3) Consolidated Statements of Changes in Net Assets			9
(4) Consolidated Statements of Cash Flows			11
Notes to the Consolidated Financial Statements			13
Notes on Going-Concern Assumption
Changes in Accounting Policies
Additional Information
Segment Information
Per Share Information
Subsequent Events

Supplemental Information:

“Selected Financial Information under Japanese GAAP For the Fiscal Year Ended March 31, 2025”

(*)	The following is the schedule of internet conference and explanation for investors and analysts. You can confirm those contents over the internet.


Internet Conference:		May 15, 2025 (Thursday)

Explanation for investors and analysts:		May 19, 2025 (Monday)

Mitsubishi UFJ Financial Group, Inc.

1. Results of Operations and Financial Condition

(1) Analysis of results of operations

(Results of operations for the fiscal year ended March 31, 2025)

Consolidated gross profits for the fiscal year ended March 31, 2025, increased 86.7 billion yen from the previous fiscal year to 4,819.3 billion yen. This was due to an increase in net interest income with the improved margins and incorporation of the impact of JPY interest rate hike, in addition to the contribution of overseas acquisitions, an increase in net fees and commissions with the favorable performance of the fee business in both domestic and global, partially offset by net losses on debt securities realized through rebalance of the bond portfolio leveraging one-time gains. General and administrative expenses increased 339.3 billion yen from the previous fiscal year to 3,228.1 billion yen, due to the impact of the investment in resources for growth and the impact of inflation, in addition to the impact of overseas acquisitions, etc. As a result, while net operating profits decreased 252.5 billion yen from the previous fiscal year to 1,591.1 billion yen due to net losses on debt securities realized through rebalance of the bond portfolio, net operating profits in customer segments demonstrated the good performance.

Total credit costs decreased 389.1 billion yen from the previous fiscal year to 108.7 billion yen, mainly due to the large reversal of overseas credit costs. Net gains on equity securities improved 221.2 billion yen from the previous fiscal year to 592.5 billion yen, mainly due to the progress in the sales of equity holdings. As a result, ordinary profits for the fiscal year ended March 31, 2025, increased 541.5 billion yen from the previous fiscal year to 2,669.4 billion yen. As a result, profits attributable to owners of parent for the fiscal year ended March 31, 2025, were 1,862.9 billion yen, an increase of 372.1 billion yen from the previous fiscal year.


(in billions of Japanese yen)	For the fiscal year ended March 31, 2025			For the fiscal year ended March 31, 2024			Increase (Decrease)
Gross profits before credit costs for trust accounts		4,819.3			4,732.5			86.7
General and administrative expenses		3,228.1			2,888.7			339.3
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		1,591.1			1,843.7			(252.5	)
Total credit costs		(108.7	)		(497.9	)		389.1
Net gains (losses) on equity securities		592.5			371.2			221.2
Equity in earnings of equity method investees		596.9			531.8			65.1
Other non-recurring gains (losses)		(2.4	)		(120.9	)		118.4
Ordinary profits		2,669.4			2,127.9			541.5
Net extraordinary gains (losses)		(118.8	)		(77.8	)		(40.9	)
Total taxes		609.1			478.3			130.8
Profits attributable to non-controlling interests		78.5			80.9			(2.4	)
Profits attributable to owners of parent		1,862.9			1,490.7			372.1

Mitsubishi UFJ Financial Group, Inc.

(2) Analysis of financial condition

Total assets as of March 31, 2025 increased 9,410.3 billion yen from March 31, 2024 to 413,113.5 billion yen, and total net assets as of March 31, 2025 increased 981.1 billion yen from March 31, 2024 to 21,728.1 billion yen. The increase in total net assets was mainly due to an increase of Retained earnings and Foreign currency translation adjustments, etc.

With regard to major items of assets, loans and bills discounted as of March 31, 2025 increased 4,610.4 billion yen from March 31, 2024 to 121,436.1 billion yen and securities as of March 31, 2025 decreased 753.2 billion yen from March 31, 2024 to 86,125.3 billion yen. With regard to major items of liabilities, deposits as of March 31, 2025 increased 4,477.7 billion yen from March 31, 2024 to 228,512.7 billion yen.

2. Basic Views on Selection of Accounting Standards

MUFG group, currently adopting Japanese GAAP, is preparing for its future adoption of IFRS by considering the development of its infrastructures and organizations within the group, and the timing of adoption.

Mitsubishi UFJ Financial Group, Inc.

3. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheets


(in millions of yen)	As of March 31, 2024			As of March 31, 2025
Assets:
Cash and due from banks		109,875,097			109,095,437
Call loans and bills bought		720,879			1,180,949
Receivables under resale agreements		18,367,908			18,856,895
Receivables under securities borrowing transactions		5,010,399			5,701,495
Monetary claims bought		7,786,978			6,620,404
Trading assets		20,886,546			26,142,919
Money held in trust		1,270,815			1,084,487
Securities		86,878,589			86,125,371
Loans and bills discounted		116,825,660			121,436,133
Foreign exchanges		2,496,308			1,913,526
Other assets		17,912,498			17,824,068
Tangible fixed assets		1,229,007			1,240,104
Buildings		281,807			285,624
Land		625,557			600,852
Lease assets		15,517			7,581
Construction in progress		29,264			33,974
Other tangible fixed assets		276,860			312,072
Intangible fixed assets		1,671,372			1,875,551
Software		611,287			669,248
Goodwill		405,629			530,386
Lease assets		26			12
Other intangible fixed assets		654,429			675,903
Net defined benefit assets		1,982,502			2,217,529
Deferred tax assets		156,673			148,752
Customers’ liabilities for acceptances and guarantees		12,167,164			12,864,745
Allowance for credit losses		(1,535,253	)		(1,214,870	)

Total assets		403,703,147			413,113,501

Mitsubishi UFJ Financial Group, Inc.


(in millions of yen)	As of March 31, 2024			As of March 31, 2025
Liabilities:
Deposits		224,035,035			228,512,749
Negotiable certificates of deposit		16,555,451			17,374,010
Call money and bills sold		5,125,583			5,072,926
Payables under repurchase agreements		35,482,072			43,359,076
Payables under securities lending transactions		1,047,194			699,852
Commercial papers		3,105,779			3,475,042
Trading liabilities		16,729,760			19,362,603
Borrowed money		25,955,961			22,101,954
Foreign exchanges		3,465,919			2,508,462
Short-term bonds payable		1,211,769			1,373,236
Bonds payable		16,303,298			14,018,955
Due to trust accounts		7,387,495			4,937,999
Other liabilities		13,312,715			14,563,347
Reserve for bonuses		243,372			251,665
Reserve for bonuses to directors		2,629			2,879
Reserve for stocks payment		13,331			11,077
Net defined benefit liabilities		102,155			104,612
Reserve for retirement benefits to directors		822			813
Reserve for loyalty award credits		17,809			7,730
Reserve for contingent losses		133,860			150,657
Reserves under special laws		5,058			5,295
Deferred tax liabilities		465,295			540,770
Deferred tax liabilities for land revaluation		86,631			84,903
Acceptances and guarantees		12,167,164			12,864,745

Total liabilities		382,956,169			391,385,368

Net assets:
Capital stock		2,141,513			2,141,513
Capital surplus		83,623			—
Retained earnings		13,791,608			14,845,617
Treasury stock		(613,823	)		(726,631	)

Total shareholders’ equity		15,402,921			16,260,498

Net unrealized gains (losses) on available-for-sale securities		1,534,094			1,327,127
Net deferred gains (losses) on hedging instruments		(687,476	)		(894,227	)
Land revaluation excess		133,967			122,400
Foreign currency translation adjustments		2,762,818			3,198,279
Remeasurements of defined benefit plans		507,085			554,502
Debt value adjustments of foreign subsidiaries and affiliates		(65,435	)		(51,663	)
Net unrealized gains (losses) on loans of foreign subsidiaries and affiliates		—			3,457

Total accumulated other comprehensive income		4,185,052			4,259,875

Subscription rights to shares		0			11
Non-controlling interests		1,159,003			1,207,746

Total net assets		20,746,978			21,728,132

Total liabilities and net assets		403,703,147			413,113,501

Mitsubishi UFJ Financial Group, Inc.

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

Consolidated Statements of Income


(in millions of yen)	For the fiscal year ended March 31, 2024		For the fiscal year ended March 31, 2025
Ordinary income		11,890,350		13,629,997
Interest income		7,468,679		8,467,719
Interest on loans and bills discounted		3,969,660		4,158,027
Interest and dividends on securities		1,372,086		1,685,174
Interest on call loans and bills bought		31,822		33,377
Interest on receivables under resale agreements		421,537		747,550
Interest on receivables under securities borrowing transactions		125,323		161,089
Interest on deposits		709,392		751,749
Other interest income		838,856		930,751
Trust fees		139,363		144,395
Fees and commissions		2,047,232		2,360,111
Trading income		368,172		454,258
Other operating income		679,329		505,980
Other ordinary income		1,187,572		1,697,531
Reversal of allowance for credit losses		—		76,843
Gains on loans written-off		101,726		112,203
Others		1,085,846		1,508,484
Ordinary expenses		9,762,391		10,960,514
Interest expenses		5,011,105		5,591,266
Interest on deposits		1,929,404		2,108,129
Interest on negotiable certificates of deposit		681,823		716,717
Interest on call money and bills sold		1,718		13,348
Interest on payables under repurchase agreements		1,065,167		1,364,295
Interest on payables under securities lending transactions		22,801		20,426
Interest on commercial papers		164,313		145,534
Interest on borrowed money		114,617		159,238
Interest on short-term bonds payable		362		4,139
Interest on bonds payable		470,099		464,681
Other interest expenses		560,796		594,754
Fees and commissions		365,940		414,289
Other operating expenses		593,515		1,107,697
General and administrative expenses		2,920,875		3,166,035
Other ordinary expenses		870,954		681,224
Provision for allowance for credit losses		377,978		—
Others		492,975		681,224

Ordinary profits		2,127,958		2,669,483

Mitsubishi UFJ Financial Group, Inc.


(in millions of yen)	For the fiscal year ended March 31, 2024		For the fiscal year ended March 31, 2025
Extraordinary gains		19,738		67,824
Gains on disposition of fixed assets		19,621		19,961
Gains on sales of shares of affiliates		—		47,759
Gains on change in equity		117		102
Extraordinary losses		97,593		186,673
Losses on disposition of fixed assets		15,027		12,348
Losses on impairment of fixed assets		31,108		141,542
Provision for reserve for contingent liabilities from financial instruments transactions		399		236
Provision for reserve for contingent liabilities arising from commodities transactions		—		0
Losses on change in equity		50,964		23,668
Losses on step acquisitions		—		5,854
Losses on sales of shares of subsidiaries		93		3,023

Profits before income taxes		2,050,104		2,550,634

Income taxes-current		411,857		382,695
Income taxes-deferred		66,485		226,461

Total taxes		478,342		609,156

Profits		1,571,761		1,941,477

Profits attributable to non-controlling interests		80,979		78,530

Profits attributable to owners of parent		1,490,781		1,862,946

Mitsubishi UFJ Financial Group, Inc.

Consolidated Statements of Comprehensive Income


(in millions of yen)	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Profits		1,571,761			1,941,477
Other comprehensive income
Net unrealized gains (losses) on available-for-sale securities		706,097			(233,452	)
Net deferred gains (losses) on hedging instruments		(297,162	)		(201,599	)
Land revaluation excess		—			(2,424	)
Foreign currency translation adjustments		587,606			464,906
Remeasurements of defined benefit plans		369,769			45,916
Net unrealized gains (losses) on loans of foreign subsidiaries and affiliates		—			4,279
Share of other comprehensive income of associates accounted for using equity method		378,446			50,556

Total other comprehensive income		1,744,757			128,182

Comprehensive income		3,316,519			2,069,660

(Comprehensive income attributable to)
Comprehensive income attributable to owners of parent		3,195,413			1,948,808
Comprehensive income attributable to non-controlling interests		121,106			120,851

Mitsubishi UFJ Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2024


	(in millions of yen)
	Shareholders’ equity														Accumulated other comprehensive income
	Capital stock		Capital surplus			Retained earnings			Treasury stock			Total shareholders’ equity			Net unrealized gains (losses) on available-for- sale securities		Net deferred gains (losses) on hedging instruments
Balance at the beginning of the period		2,141,513		349,661			12,739,228			(481,091	)		14,749,310			800,955		(387,079	)
Changes during the period
Cash dividends							(439,960	)					(439,960	)
Profits attributable to owners of parent							1,490,781						1,490,781
Repurchase of treasury stock										(400,036	)		(400,036	)
Disposal of treasury stock				211						2,295			2,506
Retirement of treasury stock				(265,009	)					265,009			—
Reversal of land revaluation excess							1,559						1,559
Changes in subsidiaries’ equity				(1,239	)								(1,239	)
Net changes of items other than shareholders’ equity																733,139		(300,397	)
Total changes during the period		—		(266,037	)		1,052,380			(132,731	)		653,610			733,139		(300,397	)
Balance at the end of the period		2,141,513		83,623			13,791,608			(613,823	)		15,402,921			1,534,094		(687,476	)


	(in millions of yen)
	Accumulated other comprehensive income												Subscription rights to shares		Non- controlling interests		Total net assets
	Land revaluation excess			Foreign currency translation adjustments		Remeasurements of defined benefit plans		Debt value adjustments of foreign subsidiaries and affiliates			Total accumulated other comprehensive income		Subscription rights to shares		Non- controlling interests		Total net assets
Balance at the beginning of the period		135,526			1,792,840		140,485		(747	)		2,481,980		—		1,041,565		18,272,857
Changes during the period
Cash dividends																		(439,960	)
Profits attributable to owners of parent																		1,490,781
Repurchase of treasury stock																		(400,036	)
Disposal of treasury stock																		2,506
Retirement of treasury stock																		—
Reversal of land revaluation excess																		1,559
Changes in subsidiaries’ equity																		(1,239	)
Net changes of items other than shareholders’ equity		(1,559	)		969,978		366,600		(64,688	)		1,703,072		0		117,437		1,820,510
Total changes during the period		(1,559	)		969,978		366,600		(64,688	)		1,703,072		0		117,437		2,474,121
Balance at the end of the period		133,967			2,762,818		507,085		(65,435	)		4,185,052		0		1,159,003		20,746,978

Mitsubishi UFJ Financial Group, Inc.

For the fiscal year ended March 31, 2025


	(in millions of yen)
	Shareholders’ equity														Accumulated other comprehensive income
	Capital stock		Capital surplus			Retained earnings			Treasury stock			Total shareholders’ equity			Net unrealized gains (losses) on available-for-sale securities			Net deferred gains (losses) on hedging instruments
Balance at the beginning of the period		2,141,513		83,623			13,791,608			(613,823	)		15,402,921			1,534,094			(687,476	)
Cumulative effects of changes in accounting policies							6,119						6,119						(1,896	)
Restated balance		2,141,513		83,623			13,797,728			(613,823	)		15,409,041			1,534,094			(689,373	)
Changes during the period
Cash dividends							(533,196	)					(533,196	)
Profits attributable to owners of parent							1,862,946						1,862,946
Repurchase of treasury stock										(418,426	)		(418,426	)
Disposal of treasury stock				0						9,333			9,333
Retirement of treasury stock				(296,284	)					296,284			—
Reversal of land revaluation excess							9,142						9,142
Changes in subsidiaries’ equity				(78,342	)								(78,342	)
Transfer from retained earnings to capital surplus				291,003			(291,003	)					—
Net changes of items other than shareholders’ equity																(206,967	)		(204,854	)
Total changes during the period		—		(83,623	)		1,047,889			(112,808	)		851,457			(206,967	)		(204,854	)
Balance at the end of the period		2,141,513		—			14,845,617			(726,631	)		16,260,498			1,327,127			(894,227	)


	(in millions of yen)
	Accumulated other comprehensive income															Subscription rights to shares		Non-controlling interests		Total net assets
	Land revaluation excess			Foreign currency translation adjustments		Remeasurements of defined benefit plans		Debt value adjustments of foreign subsidiaries and affiliates			Net unrealized gains (losses) on loans of foreign subsidiaries and affiliates		Total accumulated other comprehensive income			Subscription rights to shares		Non-controlling interests		Total net assets
Balance at the beginning of the period		133,967			2,762,818		507,085		(65,435	)		—		4,185,052			0		1,159,003		20,746,978
Cumulative effects of changes in accounting policies														(1,896	)						4,223
Restated balance		133,967			2,762,818		507,085		(65,435	)		—		4,183,156			0		1,159,003		20,751,202
Changes during the period
Cash dividends																					(533,196	)
Profits attributable to owners of parent																					1,862,946
Repurchase of treasury stock																					(418,426	)
Disposal of treasury stock																					9,333
Retirement of treasury stock																					—
Reversal of land revaluation excess																					9,142
Changes in subsidiaries’ equity																					(78,342	)
Transfer from retained earnings to capital surplus																					—
Net changes of items other than shareholders’ equity		(11,567	)		435,460		47,416		13,772			3,457		76,719			10		48,743		125,473
Total changes during the period		(11,567	)		435,460		47,416		13,772			3,457		76,719			10		48,743		976,930
Balance at the end of the period		122,400			3,198,279		554,502		(51,663	)		3,457		4,259,875			11		1,207,746		21,728,132

Mitsubishi UFJ Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


(in millions of yen)	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Cash flows from operating activities:
Profits before income taxes		2,050,104			2,550,634
Depreciation and amortization		340,137			378,476
Impairment losses		31,108			141,542
Amortization of goodwill		22,230			36,553
Equity in losses (gains) of equity method investees		(531,803	)		(596,956	)
Increase (decrease) in allowance for credit losses		224,881			(355,752	)
Increase (decrease) in reserve for bonuses		34,279			705
Increase (decrease) in reserve for bonuses to directors		(1,239	)		134
Increase (decrease) in reserve for stocks payment		4,027			(2,254	)
Decrease (increase) in net defined benefit assets		(481,644	)		(80,073	)
Increase (decrease) in net defined benefit liabilities		7,404			887
Increase (decrease) in reserve for retirement benefits to directors		(7	)		(2	)
Increase (decrease) in reserve for loyalty award credits		(1,077	)		(10,824	)
Increase (decrease) in reserve for contingent losses		(32,296	)		8,400
Interest income recognized on statement of income		(7,468,679	)		(8,467,719	)
Interest expenses recognized on statement of income		5,011,105			5,591,266
Losses (gains) on securities		79,574			401,929
Losses (gains) on money held in trust		76,366			(231	)
Foreign exchange losses (gains)		(4,994,338	)		162,239
Losses (gains) on sales of fixed assets		(4,594	)		(7,612	)
Net decrease (increase) in trading assets		(2,288,718	)		(4,698,259	)
Net increase (decrease) in trading liabilities		1,387,039			2,172,346
Adjustment of unsettled trading accounts		(206,076	)		484,987
Net decrease (increase) in loans and bills discounted		(6,763,304	)		(4,061,718	)
Net increase (decrease) in deposits		9,410,399			3,607,220
Net increase (decrease) in negotiable certificates of deposit		2,903,887			792,861
Net increase (decrease) in borrowed money (excluding subordinated borrowings)		920,095			(4,070,898	)
Net decrease (increase) in call loans and bills bought and others		(4,059,830	)		1,111,226
Net decrease (increase) in receivables under securities borrowing transactions		(281,434	)		(474,540	)
Net increase (decrease) in call money and bills sold and others		(3,720,809	)		6,820,892
Net increase (decrease) in commercial papers		885,347			375,713
Net increase (decrease) in payables under securities lending transactions		(125,534	)		(394,001	)
Net decrease (increase) in foreign exchanges (assets)		(170,240	)		597,580
Net increase (decrease) in foreign exchanges (liabilities)		895,169			(960,008	)
Net increase (decrease) in short-term bonds payable		164,270			191,466
Net increase (decrease) in issuance and redemption of unsubordinated bonds payable		(295,231	)		(2,510,207	)
Net increase (decrease) in due to trust accounts		(4,301,919	)		(2,449,496	)
Interest income (cash basis)		7,250,761			8,389,421
Interest expenses (cash basis)		(4,851,903	)		(5,573,505	)
Others		(435,455	)		1,233,679

Sub-total		(9,317,949	)		336,102

Income taxes		(607,135	)		(464,398	)
Refund of income taxes		80,225			134,711

Net cash provided by (used in) operating activities		(9,844,860	)		6,415

Mitsubishi UFJ Financial Group, Inc.


(in millions of yen)	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Cash flows from investing activities:
Purchases of securities		(92,819,270	)		(108,125,780	)
Proceeds from sales of securities		64,100,921			55,734,137
Proceeds from redemption of securities		33,333,232			52,543,394
Payments for increase in money held in trust		(1,378,121	)		(1,484,910	)
Proceeds from decrease in money held in trust		1,333,026			1,684,568
Purchases of tangible fixed assets		(129,650	)		(134,196	)
Purchases of intangible fixed assets		(333,157	)		(322,505	)
Proceeds from sales of tangible fixed assets		78,282			77,714
Proceeds from sales of intangible fixed assets		568			4
Proceeds from transfer of businesses		5,070			—
Payments for acquisition of subsidiaries’ equity affecting the scope of consolidation		(205,797	)		(161,424	)
Payments for sales of subsidiaries’ equity affecting the scope of consolidation		—			(1,988	)
Proceeds from sales of subsidiaries’ equity affecting the scope of consolidation		4,406			—
Others		(3,092	)		4,038

Net cash provided by (used in) investing activities		3,986,415			(186,948	)

Cash flows from financing activities:
Proceeds from subordinated borrowings		123,000			85,000
Repayments of subordinated borrowings		(68,000	)		(31,000	)
Proceeds from issuance of subordinated bonds payable and bonds with warrants		992,021			674,976
Payments for redemption of subordinated bonds payable and bonds with warrants		(155,290	)		(507,910	)
Proceeds from issuance of common stock to non-controlling shareholders		945			4,912
Repayments to non-controlling shareholders		(216	)		—
Dividends paid by MUFG		(439,755	)		(532,976	)
Dividends paid by subsidiaries to non-controlling shareholders		(44,946	)		(43,888	)
Purchases of treasury stock		(400,156	)		(418,546	)
Proceeds from sales of treasury stock		2,297			15,661
Payments for purchases of subsidiaries’ equity not affecting the scope of consolidation		(1,592	)		(107,344	)

Net cash provided by (used in) financing activities		8,307			(861,116	)

Effect of foreign exchange rate changes on cash and cash equivalents		2,090,467			261,988

Net increase (decrease) in cash and cash equivalents		(3,759,669	)		(779,659	)

Cash and cash equivalents at the beginning of the period		113,630,172			109,875,097

Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation		4,595			—

Cash and cash equivalents at the end of the period		109,875,097			109,095,437

Mitsubishi UFJ Financial Group, Inc.

Notes to the Consolidated Financial Statements

(Notes on Going-Concern Assumption)

None.

(Changes in Accounting Policies)

(Accounting Standard for Corporate Tax, Inhabitant Tax, Enterprise Tax, etc.)

Accounting Standards Board of Japan (“ASBJ”) Statement No. 27, “Accounting Standard for Corporate Tax, Inhabitant Tax, Enterprise Tax, etc.” (ASBJ, October 28, 2022), etc., have been applied from the beginning of the fiscal year ended March 31, 2025.

The cumulative effect of retroactively applying the new accounting policy to reporting periods prior to the beginning of the fiscal year ended March 31, 2025 was recognized as an adjustment to retained earnings as of the beginning of the fiscal year ended March 31, 2025.

As a result, at the beginning of the fiscal year ended March 31, 2025, retained earnings increased by ¥6,119 million, and deferred hedge decreased by ¥1,896 million, deferred tax liabilities decreased by ¥4,223 million.

(Adoption of IFRS accounting standards by a consolidated foreign subsidiary)

The consolidated financial statements of Bank of Ayudhya Public Company Limited (“Krungsri”), which are used in MUFG’s consolidated accounting process, had been previously prepared in accordance with U.S. GAAP, but from the beginning of the fiscal year ended March 31, 2025, have been prepared in accordance with IFRS.

This change has been made pursuant to MUFG’s decision to consolidate Krungsri based on a provisional closing of its accounts through the system put in place to prepare Krungsri’s consolidated financial statements in accordance with IFRS from the perspective of providing MUFG’s consolidated financial statements in a more timely manner as described in “Provisional closing of accounts of a significant consolidated subsidiary” under “Additional Information” below. The change is part of the MUFG Group’s ongoing review of infrastructure and system development in considering adoption of IFRS.

The impact of the change on MUFG’s consolidated financial statements and per share information for the previous fiscal year is immaterial.

(Additional Information)

(Information which is relevant to the understanding of the readers of the consolidated financial statements regarding the calculation of allowance for credit losses)

The process of calculating the allowance for credit losses for the Bank and its domestic consolidated subsidiaries, our principal domestic consolidated banking subsidiaries, involves various estimates such as determination of borrower credit ratings which are based on evaluation and classification of borrowers’ debt-service capacity, assessment of the value of collateral provided by borrowers, estimation of future cash flows when applying the cash flow estimation method, and adjustments for future loss projections and other factors to the loss rates calculated based on historical credit loss experience.

Among these, internal credit ratings are assigned to counterparties based on qualitative factors such as the current and expected future business environment of the industry to which they belong as well as their management and funding risks in addition to quantitative financial evaluations through an analysis of their financial results. In particular, those determination of internal credit ratings for these counterparties may be highly dependent on our assessment of the prospects of improvements in their operating results and their ability to continue as going concerns.

MUFG Bank, Ltd. (“the Bank”), our principal consolidated domestic banking subsidiary, applies the cash flow estimation method when determining allowance for credit losses for loans to substantially bankrupt borrowers and borrowers requiring special attention and caution in cases where it is possible to reasonably estimate the cash flows related to the collection of loan principal and receipt of interest payments. The estimation of such future cash flows is based on a borrower-specific assessment regarding the collectability of loans, including past collection experience, evaluation of the borrower’s restructuring plans, the financial condition and operating results of the borrower, and the economic environment of the industry to which the borrower belongs. In this regard, the estimation of future cash flows may be highly dependent on estimation of borrowers’ future performance and business sustainability. Estimates are subject to a high degree of uncertainly especially when made in connection with assessments regarding the collectability of loans to substantially bankrupt borrowers with respect to which objective information is not reasonably available.

Mitsubishi UFJ Financial Group, Inc.

In addition, when calculating allowance for credit losses, the Bank determines loss rates primarily by calculating a rate of loss based on a historical average of the credit loss rate or a historical average of the default probability derived from actual credit loss experience or actual bankruptcy experience and making necessary adjustments based on future projections and other factors.

The Bank makes such adjustments to the loss rates calculated based on historical loss experience, taking into account future projections and other factors, especially considering the uncertain business environment arising from potential changes in the Russia-Ukraine situation and the trade policies of various countries. These adjustments are implemented made when deemed necessary, for example, by considering any additional expected loss amount not captured by the loss rates calculated based on historical loss experience. The amount of impact of these adjustments as of the end of the current fiscal year is ¥33,610 million (¥42,492 million as of March 31, 2024).

In addition, certain overseas subsidiaries which apply IFRS recognize allowance for credit losses in accordance with IFRS9 “Financial Instruments.” At each reporting date, these subsidiaries assess whether the credit risk on a financial asset has increased significantly since initial recognition, and if the credit risk has not increased significantly since initial recognition, the subsidiaries measure the allowance for credit losses for the financial asset at an amount equal to the 12-month expected credit loss. On the other hand, if the credit risk on a financial asset has increased significantly since initial recognition, the subsidiaries measure the allowance for credit losses for the financial asset at an amount equal to the lifetime expected credit loss. Expected credit losses are calculated using a quantitative model that reflects economic forecast scenarios based on macroeconomic variables. The calculation process includes determination of macroeconomic variables used in multiple economic forecast scenarios and the weightings applied to each economic forecast scenario. Expected credit losses are adjusted for qualitative factors to compensate for expected credit losses that are not reflected in a quantitative model.

Significant assumptions used in our calculation of allowance for credit losses, including those described above, are subject to uncertainty. In particular, certain counterparties’ prospects of improvements in their operating results and expectations as to their ability to continue as going concerns, and adjustments to the rate of loss calculated based on actual experience for future projections and other factors, as well as determination of the macroeconomic variables used in, and the weightings applied to, multiple economic forecast scenarios, and adjustments thereto for qualitative factors, by certain subsidiaries which apply IFRS, are based on estimation relating to the economic environment, including changes in economic conditions, commodity prices and monetary and trade policies in each country as well as geopolitical situations, with respect to which objective data are not readily available.

In particular, future developments concerning the Russia-Ukraine situation and the trade policies of various countries are subject to significant uncertainty. Accordingly, we make certain assumptions, including that the current Russia-Ukraine situation continues for the foreseeable future and that the trade policies of various countries, while being subject to policy and other changes over the short term, will generally be implemented with consideration for economic and price trends. The recorded allowance represents our best estimate made based on such assumptions and in a manner designed to ensure objectivity and rationality.

These assumptions change to reflect actual developments in the Russia-Ukraine situation, and the trade policies of various countries, and changes in the assumptions may result in a significant increase or decrease in the allowance for credit losses in the following fiscal year.

Mitsubishi UFJ Financial Group, Inc.

(Provisional closing of accounts of a significant consolidated subsidiary)

Krungsri, a significant consolidated subsidiary of MUFG, closes its financial accounts based on a fiscal year-end of December 31 and, previously, had been consolidated based on its consolidated financial statements as of the end of each immediately preceding reporting period. However, from the perspective of providing financial information in a more timely manner, MUFG has decided to consolidate Krungsri based on a provisional closing of accounts of Krungsri to be implemented as of MUFG’s fiscal year, effective from the fiscal year ended March 31, 2025.

Accordingly, for the fiscal year ended March 31, 2025, Krungsri’s financial results for the fifteen-month period from January 1, 2024 to March 31, 2025 have been consolidated based on a provisional closing of accounts of Krungsri, and the impact of implementation of such provisional closing of accounts has been reflected through MUFG’s consolidated statement of income.

Concerning Krungsri’s financial results for the period from January 1, 2024 to March 31, 2024, ordinary income was ¥226,537 million, ordinary profits were ¥37,575 million, and profits before income taxes were ¥37,372 million.

Mitsubishi UFJ Financial Group, Inc.

(Segment Information)

1.	Information on net revenue, operating profit (loss), and fixed assets for each reporting segment

For the Fiscal Year Ended March 31, 2025


	(in millions of yen)
	Retail & Digital Business Group		Commercial Banking & Wealth Management Business Group		Japanese Corporate & Investment Banking Business Group		Global Commercial Banking Business Group		Asset Management & Investor Services Business Group		Global Corporate & Investment Banking Business Group		Total of Customer Business		Global Markets Business Group			Other			Total
Net revenue		944,554		726,557		1,025,616		969,328		534,207		913,004		5,113,268		(330,602	)		27,869			4,810,535
Operating expenses		667,525		429,701		386,610		531,225		398,712		439,935		2,853,711		318,117			72,971			3,244,801
Operating profit (loss)		277,029		296,855		639,005		438,103		135,494		473,068		2,259,557		(648,720	)		(45,102	)		1,565,734
Fixed assets at period end		267,446		187,824		171,687		2,045		23,137		160,913		813,055		87,803			482,307			1,383,167

(Notes)

“Net revenue” in the above table is used in lieu of net sales generally used by Japanese non-financial companies.

“Net revenue” includes net interest income, trust fees, net fees and commissions, net trading profit, and net other operating profit.

“Operating expenses” includes personnel expenses and premise expenses.

“Fixed assets at period end” for each reporting segment in the above table represent those related to the Bank and Mitsubishi UFJ Trust and Banking Corporation. Those fixed assets and consolidation adjustments related to MUFG and its other consolidated subsidiaries, which are not allocated to reporting segments, were ¥1,732,489 million. With respect to such fixed assets not allocated to reporting segments, certain related expenses are allocated to each reporting segment on a reasonable basis.

2.	Reconciliation of the total operating profit in each of the above tables to the ordinary profit in the consolidated statement of income for the corresponding fiscal year period


Operating profit	For the fiscal year ended March 31,2025
Total operating profit of reporting segments		1,565,734
Operating profit of consolidated subsidiaries excluded from reporting segments		(1,288	)
Credit related expenses		(302,261	)
Gains on reversal of allowance for credit losses		76,843
Gains on reversal of reserve for contingent losses included in credit costs		4,480
Gains on loans written-off		112,203
Net gains on equity securities and other securities		592,560
Equity in earnings of equity method investees		596,956
Others		24,254

Ordinary profit in the consolidated statement of income		2,669,483

Mitsubishi UFJ Financial Group, Inc.

(Per Share Information)


	For the fiscal year ended March 31, 2025
Total equity per common share	¥	1,783.36
Basic earnings per common share	¥	160.01
Diluted earnings per common share	¥	159.47

(Notes)

The bases for the calculation of basic earnings per common share and diluted earnings per common share for the periods indicated were as follows:


		For the fiscal year ended March 31, 2025
Basic earnings per common share
Profits attributable to owners of parent	million yen	1,862,946
Profits not attributable to common shareholders	million yen	—
Profits attributable to common shareholders of parent	million yen	1,862,946
Average number of common shares during the period	thousand shares	11,642,149

Diluted earnings per common share
Adjustment to profits attributable to owners of parent	million yen	(6,288)
Adjustment related to dilutive shares of consolidated subsidiaries and others	million yen	(6,288)
Increase in common shares	thousand shares	—
Description of antidilutive securities which were not included in the calculation of diluted earnings per share		Share subscription rights issued by equity method affiliates: Morgan Stanley Stock options and others - 3 million units as of March 31, 2025

The bases for the calculation of total equity per common share for the period indicated were as follows:


		As of March 31, 2025
Total equity	million yen	21,728,132
Deductions from total equity:	million yen	1,207,758
Subscription rights to shares	million yen	11
Non-controlling interests	million yen	1,207,746
Total equity attributable to common shares	million yen	20,520,374
Number of common shares at period end used for the calculation of total equity per common share	thousand shares	11,506,517

(Subsequent Events)

None.

Selected Financial Information

under Japanese GAAP

For the Fiscal Year Ended March 31, 2025


Mitsubishi UFJ Financial Group, Inc.

Mitsubishi UFJ Financial Group, Inc.

[Contents]


1. Financial Results	[ MUFG Consolidated ]1[ BK and TB Combined ]234 [ BK Consolidated ][ BK Non-consolidated ] [ TB Consolidated ][ TB Non-consolidated ]	1

2. Average Interest Rate Spread	[ BK Non-consolidated ][ TB Non-consolidated ] [ BK and TB Combined ]	7

3. Notional Principal by the Remaining Life of the Interest Rate Swaps for Hedge-Accounting	[ MUFG Consolidated ][ BK Consolidated ][ TB Consolidated ]	8

4. Securities	[ MUFG Consolidated ] [ BK Non-consolidated ][ TB Non-consolidated ]	9

5. ROE	[ MUFG Consolidated ]	12

6. Risk-Adjusted Capital Ratio	[ MUFG Consolidated ][ BK Consolidated ][ TB Consolidated ] [ BK Non-consolidated ][ TB Non-consolidated ]	13

7. Loans to Be Disclosed under the Banking Act and the Financial Reconstruction Act (the “FRA”)	[ MUFG Consolidated ][ BK and TB Combined including Trust Account ] [ BK Non-consolidated ][ TB Non-consolidated ] [ TB Non-consolidated : Trust Account ]	14

8. Progress in Disposition of Problem Assets	[ BK Non-consolidated ] [ TB Non-consolidated including Trust Account ]	20

9. Loans Classified by Type of Industry	[ BK and TB Combined including Trust Accounts ] [ BK Non-consolidated ][ TB Non-consolidated ] [ TB Non-consolidated : Trust Accounts ]	22

10 Domestic Consumer Loans, Domestic Loans to Small/Medium-Sized Companies and Proprietors	[ BK and TB Combined including Trust Accounts ] [ BK Non-consolidated ][ TB Non-consolidated ] [ TB Non-consolidated : Trust Account ]	26

11. Overseas Loans	[ BK Consolidated excl. KS, BDI ]56	27

12. Loans and Deposits	[ BK and TB Combined ] [ BK Non-consolidated ][ TB Non-consolidated ]	28

13. Domestic Deposits	[ BK and TB Combined ] [ BK Non-consolidated ][ TB Non-consolidated ]	29

14. Status of Deferred Tax Assets	[ BK Non-consolidated ][ TB Non-consolidated ]	30

15. Retirement Benefits	[ MUFG Consolidated ] [ BK Non-consolidated ][ TB Non-consolidated ]	32

(Reference) 1. Financial Statements	[ BK Non-consolidated ][ TB Non-consolidated ]	35

(*1)	“MUFG” means Mitsubishi UFJ Financial Group, Inc.

(*2)	“BK” means MUFG Bank, Ltd.

(*3)	“TB” means Mitsubishi UFJ Trust and Banking Corporation.

(*4)	“BK and TB Combined” means simple sum of “BK” and “TB” without consolidation processes.

(*5)	“KS” means Bank of Ayudhya Public Company Limited.

(*6)	“BDI” means PT Bank Danamon Indonesia, Tbk.

Mitsubishi UFJ Financial Group, Inc.

1. Financial Results

MUFG Consolidated


	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2025 (A)			March 31, 2024 (B)			(Decrease) (A) - (B)
Gross profits		4,819,311			4,732,524			86,786
Gross profits before credit costs for trust accounts		4,819,305			4,732,519			86,785
Net interest income		2,876,551			2,457,882			418,669
Trust fees		144,395			139,363			5,032
Credit costs for trust accounts (1)		5			4			1
Net fees and commissions		1,945,821			1,681,291			264,529
Net trading profits		454,258			368,172			86,086
Net other operating profits		(601,716	)		85,813			(687,530	)
Net gains (losses) on debt securities		(991,466	)		(450,755	)		(540,711	)
General and administrative expenses		3,228,113			2,888,747			339,366
Amortization of goodwill		36,553			22,230			14,322
Net operating profits before credit costs for trust accounts, provision for general allowance for credit losses and amortization of goodwill		1,627,744			1,866,003			(238,258	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		1,591,191			1,843,772			(252,580	)
Provision for general allowance for credit losses (2)		—			(6,723	)		6,723
Net operating profits*		1,591,197			1,837,053			(245,855	)
Net non-recurring gains (losses)		1,078,285			290,905			787,379
Credit costs (3)		(302,261	)		(592,913	)		290,652
Losses on loan write-offs		(289,683	)		(193,119	)		(96,564	)
Provision for specific allowance for credit losses		—			(387,362	)		387,362
Other credit costs		(12,577	)		(12,432	)		(145	)
Reversal of allowance for credit losses (4)		76,843			—			76,843
Reversal of reserve for contingent losses included in credit costs (5)		4,480			—			4,480
Gains on loans written-off (6)		112,203			101,726			10,477
Net gains (losses) on equity securities		592,560			371,274			221,285
Gains on sales of equity securities		679,000			452,125			226,875
Losses on sales of equity securities		(35,457	)		(70,673	)		35,215
Losses on write-down of equity securities		(50,982	)		(10,177	)		(40,804	)
Equity in earnings of equity method investees		596,956			531,803			65,152
Other non-recurring gains (losses)		(2,496	)		(120,985	)		118,488

Ordinary profits		2,669,483			2,127,958			541,524

Net extraordinary gains (losses)		(118,848	)		(77,854	)		(40,994	)
Net gains (losses) on disposition of fixed assets		7,612			4,594			3,018
Losses on impairment of fixed assets		(141,542	)		(31,108	)		(110,433	)
Gains on sales of shares of affiliates		47,759			—			47,759
Losses on sales of shares of subsidiaries		(3,023	)		(93	)		(2,929	)
Losses on step acquisitions		(5,854	)		—			(5,854	)
Net gains (losses) on change in equity		(23,565	)		(50,847	)		27,281
Profits before income taxes		2,550,634			2,050,104			500,529
Income taxes-current		382,695			411,857			(29,162	)
Income taxes-deferred		226,461			66,485			159,976
Total taxes		609,156			478,342			130,813
Profits		1,941,477			1,571,761			369,716
Profits attributable to non-controlling interests		78,530			80,979			(2,448	)

Profits attributable to owners of parent		1,862,946			1,490,781			372,165


Note:
* Net operating profits = Banking subsidiaries’ net operating profits + Other consolidated entities’ gross profits - Other consolidated entities’ general and administrative expenses - Other consolidated entities’ provision for general allowance for credit losses - Amortization of goodwill - Inter-company transactions

(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		(108,728	)		(497,907	)		389,178
Number of consolidated subsidiaries		334			253			81
Number of affiliated companies accounted for under the equity method		54			51			3

Mitsubishi UFJ Financial Group, Inc.

BK and TB Combined


	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2025 (A)			March 31, 2024 (B)			(Decrease) (A) - (B)
Gross profits		2,152,855			2,565,957			(413,102	)
Gross profits before credit costs for trust accounts		2,152,849			2,565,953			(413,103	)
Domestic gross profits		1,414,555			1,179,786			234,768
Net interest income		950,962			772,653			178,309
Trust fees		126,186			120,757			5,428
Credit costs for trust accounts (1)		5			4			1
Net fees and commissions		408,001			375,410			32,590
Net trading profits		(11,232	)		(6,719	)		(4,513	)
Net other operating profits		(59,361	)		(82,315	)		22,953
Net gains (losses) on debt securities		(162,846	)		(104,859	)		(57,987	)
Non-domestic gross profits		738,299			1,386,170			(647,871	)
Net interest income		805,926			844,261			(38,335	)
Net fees and commissions		419,822			389,191			30,631
Net trading profits		60,855			102,432			(41,577	)
Net other operating profits		(548,304	)		50,285			(598,590	)
Net gains (losses) on debt securities		(825,508	)		(345,043	)		(480,465	)
General and administrative expenses		1,561,017			1,520,862			40,154
Personnel expenses		656,054			641,143			14,911
Non-personnel expenses		831,714			809,960			21,753
Taxes		73,248			69,759			3,489
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		591,832			1,045,090			(453,258	)
Provision for general allowance for credit losses (2)		—			5,767			(5,767	)
Net operating profits		591,837			1,050,862			(459,024	)
Net non-recurring gains (losses)		840,637			29,492			811,145
Credit costs (3)		(21,368	)		(283,016	)		261,647
Reversal of allowance for credit losses (4)		237,127			85			237,041
Reversal of reserve for contingent losses included in credit costs (5)		4,747			—			4,747
Gains on loans written-off (6)		17,129			26,723			(9,593	)
Net gains (losses) on equity securities		570,073			363,467			206,606
Gains on sales of equity securities		654,204			442,142			212,062
Losses on sales of equity securities		(33,038	)		(71,983	)		38,944
Losses on write-down of equity securities		(51,092	)		(6,691	)		(44,401	)
Other non-recurring gains (losses)		32,927			(77,768	)		110,696

Ordinary profits		1,432,475			1,080,354			352,120

Net extraordinary gains (losses)		44,002			(10,463	)		54,465
Net gains (losses) on disposition of fixed assets		5,699			657			5,042
Losses on impairment of fixed assets		(27,179	)		(20,405	)		(6,773	)
Gains on sales of shares of affiliates		67,142			—			67,142
Gains on extinguishment of tie-in shares		219			4,319			(4,100	)
Losses on sales of shares of subsidiaries		(1,879	)		—			(1,879	)
Gains on sales of shares of subsidiaries		—			4,863			(4,863	)
Income before income taxes		1,476,477			1,069,891			406,586
Income taxes-current		223,371			257,985			(34,613	)
Income taxes-deferred		139,691			(50,158	)		189,849
Total taxes		363,062			207,826			155,236

Net income		1,113,414			862,064			251,350


(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		237,642			(250,434	)		488,076
Credit costs for trust accounts		5			4			1
Provision for general allowance for credit losses		43,429			5,853			37,576
Provision for special allowance for credit losses		183,670			(237,335	)		421,006
Allowance for credit to specific foreign borrowers		10,026			10,752			(726	)
Losses on loans write-offs		(11,625	)		(30,782	)		19,156
Provision for contingent losses included in credit costs		4,747			(12,763	)		17,511
Gains on loans written-off		17,129			26,723			(9,593	)
Losses on sales of other loans, etc.		(9,742	)		(12,887	)		3,144
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities		1,580,186			1,494,992			85,194
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		1,491,177			1,396,187			94,990

Mitsubishi UFJ Financial Group, Inc.

BK Consolidated


	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2025 (A)			March 31, 2024 (B)			(Decrease) (A) - (B)
Gross profits		3,363,142			3,360,598			2,544
Net interest income		2,528,676			2,145,049			383,627
Net fees and commissions		1,038,161			914,290			123,870
Net trading profits		164,215			192,345			(28,130	)
Net other operating profits		(367,910	)		108,912			(476,823	)
Net gains (losses) on debt securities		(843,312	)		(375,997	)		(467,314	)
General and administrative expenses		2,132,909			1,895,166			237,743
Amortization of goodwill		15,487			8,479			7,008
Net operating profits before provision for general allowance for credit losses and amortization of goodwill		1,245,721			1,473,911			(228,190	)
Net operating profits before provision for general allowance for credit losses		1,230,233			1,465,432			(235,198	)
Provision for general allowance for credit losses (1)		—			1,284			(1,284	)
Net operating profits*		1,230,233			1,466,716			(236,483	)
Net non-recurring gains (losses)		526,278			(116,439	)		642,717
Credit costs (2)		(194,205	)		(478,742	)		284,536
Losses on loan write-offs		(181,624	)		(96,866	)		(84,757	)
Provision for specific allowance for credit losses		—			(369,443	)		369,443
Other credit costs		(12,580	)		(12,432	)		(148	)
Reversal of allowance for credit losses (3)		107,208			—			107,208
Reversal of reserve for contingent losses included in credit costs (4)		4,260			—			4,260
Gains on loans written-off (5)		85,399			75,872			9,527
Net gains (losses) on equity securities		440,199			285,362			154,837
Gains on sales of equity securities		521,536			363,056			158,480
Losses on sales of equity securities		(32,800	)		(70,881	)		38,080
Losses on write-down of equity securities		(48,536	)		(6,812	)		(41,723	)
Equity in earnings of equity method investees		50,465			39,203			11,262
Other non-recurring gains (losses)		32,949			(38,135	)		71,084

Ordinary profits		1,756,511			1,350,277			406,234

Net extraordinary gains (losses)		(11,142	)		(21,686	)		10,544
Net gains (losses) on disposition of fixed assets		5,991			2,373			3,617
Losses on impairment of fixed assets		(59,055	)		(24,059	)		(34,995	)
Gains on sales of shares of affiliates		47,759			—			47,759
Losses on step acquisitions		(5,854	)		—			(5,854	)
Profits before income taxes		1,745,369			1,328,591			416,778
Income taxes-current		270,983			328,101			(57,118	)
Income taxes-deferred		197,309			26,974			170,334
Total taxes		468,292			355,075			113,216
Profits		1,277,077			973,515			303,561
Profits attributable to non-controlling interests		45,197			28,787			16,409

Profits attributable to owners of parent		1,231,880			944,728			287,151


Note:
* Net operating profits = Net operating profits of BK + Other consolidated entities’ gross profits - Other consolidated entities’ general and administrative expenses - Other consolidated entities’ provision for general allowance for credit losses - Amortization of goodwill - Inter-company transactions

(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)		2,663			(401,585	)		404,248

Number of consolidated subsidiaries		117			113			4
Number of affiliated companies accounted for under the equity method		46			44			2

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated


	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2025 (A)			March 31, 2024 (B)			(Decrease) (A) - (B)
Gross profits		1,876,884			2,283,668			(406,784	)
Domestic gross profits		1,065,366			896,600			168,766
Net interest income		837,775			717,094			120,681
Net fees and commissions		289,903			268,500			21,402
Net trading profits		11,191			2,917			8,274
Net other operating profits		(73,503	)		(91,911	)		18,407
Net gains (losses) on debt securities		(127,658	)		(91,668	)		(35,990	)
Non-domestic gross profits		811,517			1,387,067			(575,550	)
Net interest income		742,515			778,723			(36,207	)
Net fees and commissions		418,593			387,188			31,404
Net trading profits		86,549			106,654			(20,104	)
Net other operating profits		(436,141	)		114,500			(550,642	)
Net gains (losses) on debt securities		(713,624	)		(284,229	)		(429,394	)
General and administrative expenses		1,355,137			1,309,067			46,070
Personnel expenses		591,664			571,241			20,422
Non-personnel expenses		698,337			676,244			22,092
Amortization of goodwill		3,510			3,830			(320	)
Taxes		65,134			61,580			3,554
Net operating profits before provision for general allowance for credit losses and amortization of goodwill		525,257			978,432			(453,174	)
Net operating profits before provision for general allowance for credit losses		521,746			974,601			(452,854	)
Provision for general allowance for credit losses (1)		—			5,767			(5,767	)
Net operating profits		521,746			980,368			(458,622	)
Net non-recurring gains (losses)		685,763			19,402			666,361
Credit costs (2)		(21,369	)		(282,760	)		261,390
Reversal of allowance for credit losses (3)		237,094			—			237,094
Reversal of reserve for contingent losses included in credit costs (4)		4,527			—			4,527
Gains on loans written-off (5)		17,112			26,722			(9,609	)
Net gains (losses) on equity securities		434,630			286,136			148,493
Gains on sales of equity securities		512,427			360,191			152,236
Losses on sales of equity securities		(30,314	)		(69,862	)		39,547
Losses on write-down of equity securities		(47,482	)		(4,191	)		(43,290	)
Other non-recurring gains (losses)		13,768			(10,696	)		24,465

Ordinary profits		1,207,510			999,771			207,739

Net extraordinary gains (losses)		69,114			(5,010	)		74,124
Net gains (losses) on disposition of fixed assets		4,365			303			4,061
Losses on impairment of fixed assets		(2,612	)		(14,496	)		11,884
Gains on sales of shares of affiliates		67,142			—			67,142
Gains on extinguishment of tie-in shares		219			4,319			(4,100	)
Gains on sales of shares of subsidiaries		—			4,863			(4,863	)
Income before income taxes		1,276,624			994,760			281,864
Income taxes-current		183,469			244,385			(60,916	)
Income taxes-deferred		133,977			(53,885	)		187,862
Total taxes		317,446			190,499			126,946

Net income		959,178			804,260			154,917


(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)		237,364			(250,270	)		487,635
Provision for general allowance for credit losses		43,401			5,767			37,633
Provision for special allowance for credit losses		183,666			(237,335	)		421,001
Allowance for credit to specific foreign borrowers		10,026			10,752			(726	)
Losses on loans write-off		(11,625	)		(30,782	)		19,156
Provision for contingent losses included in credit costs		4,527			(12,508	)		17,036
Gains on loans written-off		17,112			26,722			(9,609	)
Losses on sales of other loans, etc.		(9,744	)		(12,887	)		3,143
Net operating profits before provision for general allowance for credit losses, excluding net gains (losses) on debt securities		1,363,029			1,350,498			12,530
Net operating profits before provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		1,310,261			1,333,729			(23,467	)

Mitsubishi UFJ Financial Group, Inc.

TB Consolidated


	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2025 (A)			March 31, 2024 (B)			(Decrease) (A) - (B)
Gross profits		565,406			591,268			(25,861	)
Gross profits before credit costs for trust accounts		565,401			591,264			(25,863	)
Trust fees		144,723			139,740			4,983
Trust fees before credit costs for trust accounts		144,717			139,736			4,981
Money trusts fees (Jointly operated designated money trusts before credit costs for trust account)		11,368			16,537			(5,168	)
Other trust fees		133,349			123,198			10,150
Credit costs for trust accounts (1)		5			4			1
Net interest income		146,287			130,455			15,832
Net fees and commissions		403,725			367,843			35,881
Net trading profits		(45,805	)		(11,307	)		(34,498	)
Net other operating profits		(83,524	)		(35,463	)		(48,061	)
Net gains (losses) on debt securities		(147,072	)		(74,029	)		(73,043	)
General and administrative expenses		507,788			459,133			48,655
Amortization of goodwill		21,169			13,747			7,422
Net operating profits before credit costs for trust accounts, provision for general allowance for credit losses and amortization of goodwill		78,781			145,877			(67,095	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		57,612			132,130			(74,518	)
Provision for general allowance for credit losses (2)		—			—			—
Net operating profits*		57,618			132,134			(74,516	)
Net non-recurring gains (losses)		162,013			8,362			153,650
Credit costs (3)		(1	)		(10	)		8
Losses on loan write-offs		(5	)		(10	)		5
Provision for specific allowance for credit losses		—			—			—
Other credit costs		3			—			3
Reversal of allowance for credit losses (4)		169			75			94
Reversal of reserve for contingent losses included in credit costs (5)		219			—			219
Gains on loans written-off (6)		87			6			80
Net gains (losses) on equity securities		135,539			77,666			57,872
Gains on sales of equity securities		141,883			81,967			59,916
Losses on sales of equity securities		(2,723	)		(2,120	)		(603	)
Losses on write-down of equity securities		(3,620	)		(2,180	)		(1,440	)
Equity in earnings of equity method investees		1,297			2,676			(1,379	)
Other non-recurring gains (losses)		24,701			(72,051	)		96,753

Ordinary profits		219,631			140,496			79,134

Net extraordinary gains (losses)		(49,112	)		(3,796	)		(45,316	)
Net gains (losses) on disposition of fixed assets		3,135			2,214			920
Losses on impairment of fixed assets		(49,327	)		(6,033	)		(43,293	)
Losses on sales of shares of subsidiaries		(3,023	)		(93	)		(2,929	)
Profits before income taxes		170,518			136,700			33,817
Income taxes-current		59,425			37,459			21,965
Income taxes-deferred		1,855			1,712			142
Total taxes		61,281			39,172			22,108
Profits		109,237			97,527			11,709
Profits attributable to non-controlling interests		(3,870	)		571			(4,441	)

Profits attributable to owners of parent		113,107			96,956			16,151


Note:
* Net operating profits = Net operating profits of TB + Other consolidated entities’ gross profits - Other consolidated entities’ general and administrative expenses - Other consolidated entities’ provision for general allowance for credit losses - Amortization of goodwill - Inter-company transactions

(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		481			76			404

Number of consolidated subsidiaries		185			109			76
Number of affiliated companies accounted for under the equity method		6			5			1
TB Consolidated(combined operating results of TB and transferred entities to MUAH in the United States) TB transferred the interests in its subsidiaries in the United States to MUAH in United States which are owned by BK and MUFG. The combined operating results of TB and transferred entities are as follows(the operating results of transferred entities are prepared for managerial accounting purpose):

Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		60,198			134,546			(74,348	)
Profits attributable to owners of parent		111,075			98,679			12,395
Number of the entities transferred to MUAH		4			4			—

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated


	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2025 (A)			March 31, 2024 (B)			(Decrease) (A) - (B)
Gross profits		275,970			282,289			(6,318	)
Gross profits before credit costs for trust accounts		275,965			282,284			(6,319	)
Domestic gross profits		349,188			283,186			66,002
Trust fees		126,186			120,757			5,428
Trust fees before credit costs for trust accounts		126,180			120,753			5,427
Money trusts fees (Jointly operated designated money trusts before credit costs for trust account)		11,368			16,537			(5,168	)
Other trust fees		114,811			104,216			10,595
Credit costs for trust accounts (1)		5			4			1
Net interest income		113,186			55,558			57,627
Net fees and commissions		118,098			106,909			11,188
Net trading profits		(22,424	)		(9,637	)		(12,787	)
Net other operating profits		14,142			9,596			4,545
Net gains (losses) on debt securities		(35,188	)		(13,191	)		(21,997	)
Non-domestic gross profits		(73,217	)		(896	)		(72,320	)
Net interest income		63,410			65,538			(2,127	)
Net fees and commissions		1,229			2,002			(772	)
Net trading profits		(25,694	)		(4,222	)		(21,472	)
Net other operating profits		(112,162	)		(64,214	)		(47,948	)
Net gains (losses) on debt securities		(111,884	)		(60,813	)		(51,070	)
General and administrative expenses		205,879			211,795			(5,915	)
Personnel expenses		64,389			69,901			(5,511	)
Non-personnel expenses		133,376			133,715			(338	)
Taxes		8,113			8,178			(65	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		70,085			70,489			(403	)
Provision for general allowance for credit losses (2)		—			—			—
Net operating profits		70,091			70,493			(402	)
Net non-recurring gains (losses)		154,874			10,089			144,784
Credit costs (3)		1			(255	)		256
Reversal of allowance for credit losses (4)		33			85			(52	)
Reversal of reserve for contingent losses included in credit costs (5)		219			—			219
Gains on loans written-off (6)		16			1			15
Net gains (losses) on equity securities		135,443			77,330			58,112
Gains on sales of equity securities		141,777			81,950			59,826
Losses on sales of equity securities		(2,723	)		(2,120	)		(602	)
Losses on write-down of equity securities		(3,610	)		(2,499	)		(1,110	)
Other non-recurring gains (losses)		19,159			(67,071	)		86,231

Ordinary profits		224,965			80,583			144,381

Net extraordinary gains (losses)		(25,112	)		(5,453	)		(19,659	)
Net gains (losses) on disposition of fixed assets		1,334			354			980
Losses on impairment of fixed assets		(24,567	)		(5,908	)		(18,658	)
Losses on sales of shares of subsidiaries		(1,879	)		—			(1,879	)
Income before income taxes		199,852			75,130			124,722
Income taxes-current		39,902			13,599			26,302
Income taxes-deferred		5,713			3,727			1,986
Total taxes		45,616			17,326			28,289

Net income		154,236			57,803			96,432


(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		277			(164	)		441
Credit costs for trust accounts		5			4			1
Provision for general allowance for credit losses		28			85			(56	)
Provision for special allowance for credit losses		4			0			4
Allowance for credit to specific foreign borrowers		—			—			—
Losses on loans write-offs		—			(0	)		0
Provision for contingent losses included in credit costs		219			(255	)		475
Gains on loans written-off		16			1			15
Losses on sales of other loans, etc.		1			—			1
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities		217,157			144,493			72,664
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		180,915			62,458			118,457

Mitsubishi UFJ Financial Group, Inc.

2. Average Interest Rate Spread

BK Non-consolidated


	(percentage per annum)
(Domestic business segment)	For the fiscal year ended March 31, 2025 (A)		Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2024 (B)
Total average interest rate on interest-earning assets (a)		0.53		0.01			0.52
Average interest rate on loans and bills discounted (b)		0.86		0.05			0.81
Average interest rate on securities		0.61		0.08			0.52
Total average interest rate on interest-bearing liabilities (c)
<including general and administrative expenses>		0.40		0.08			0.32
Average interest rate on deposits and NCD (d)		0.05		0.05			0.00
Average interest rate on other liabilities		0.31		0.13			0.17
Overall interest rate spread (a)-(c)		0.12		(0.06	)		0.19
Interest rate spread (b)-(d)		0.81		0.00			0.81

(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted (e)		0.94		0.11			0.83
Interest rate spread (e)-(d)		0.88		0.05			0.83

TB Non-consolidated
	(percentage per annum)
(Domestic business segment)	For the fiscal year ended March 31, 2025 (A)		Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2024 (B)
Total average interest rate on interest-earning assets (a)		0.91		0.21			0.69
Average interest rate on loans and bills discounted (b)		0.77		0.20			0.56
Average interest rate on securities		3.64		0.97			2.66
Total average interest rate on interest-bearing liabilities (c)		0.30		0.10			0.20
Average interest rate on deposits and NCD (d)		0.13		0.10			0.02
Overall interest rate spread (a)-(c)		0.60		0.11			0.49
Interest rate spread (b)-(d)		0.63		0.09			0.54

(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted (e)		0.80		0.08			0.72
Interest rate spread (e)-(d)		0.67		(0.02	)		0.69

(Reference)
BK and TB Combined
	(percentage per annum)
(Domestic business segment)	For the fiscal year ended March 31, 2025 (A)		Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2024 (B)
Average interest rate on loans and bills discounted (a)		0.86		0.06			0.80
Average interest rate on deposits and NCD (b)		0.06		0.06			0.00
Interest rate spread (a)-(b)		0.80		0.00			0.80

(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted (c)		0.94		0.11			0.83
Interest rate spread (c)-(b)		0.87		0.04			0.82

Mitsubishi UFJ Financial Group, Inc.

3. Notional Principal by the Remaining Life of the Interest Rate Swaps for Hedge-Accounting

MUFG Consolidated


	(in billions of yen)
	As of March 31, 2025
	within 1 year		1 year to 5 years		over 5 years		Total
Receive-fix/pay-floater		4,256.2		6,960.5		7,013.2		18,230.0
Receive-floater/pay-fix		431.9		6,547.3		2,806.4		9,785.7
Receive-floater/pay-floater		—		—		—		—
Receive-fix/pay-fix		—		—		—		—

Total		4,688.1		13,507.8		9,819.7		28,015.7

BK Consolidated
	(in billions of yen)
	As of March 31, 2025
	within 1 year		1 year to 5 years		over 5 years		Total
Receive-fix/pay-floater		3,887.8		6,159.4		6,860.2		16,907.5
Receive-floater/pay-fix		115.3		4,354.5		1,622.1		6,091.9
Receive-floater/pay-floater		—		—		—		—
Receive-fix/pay-fix		—		—		—		—

Total		4,003.1		10,514.0		8,482.3		22,999.4

TB Consolidated
	(in billions of yen)
	As of March 31, 2025
	within 1 year		1 year to 5 years		over 5 years		Total
Receive-fix/pay-floater		244.4		716.8		118.1		1,079.3
Receive-floater/pay-fix		232.6		2,079.2		1,134.1		3,445.9
Receive-floater/pay-floater		—		—		—		—
Receive-fix/pay-fix		—		—		—		—

Total		477.0		2,796.0		1,252.2		4,525.3

Mitsubishi UFJ Financial Group, Inc.

4. Securities

MUFG Consolidated

The tables include negotiable certificates of deposit in “Cash and due from banks”, securitized products in “Monetary claims bought” and others in addition to “Securities”.

Fair Value Information on Securities


	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses
Debt securities being held to maturity		23,272,183		(625,190	)		15,276		640,467		24,843,961		(286,447	)		13,719		300,167
Domestic bonds		17,115,009		(491,977	)		3		491,980		17,310,411		(107,223	)		6,886		114,109
Government bonds		13,300,923		(369,059	)		—		369,059		14,643,055		(90,759	)		4,592		95,351
Municipal bonds		2,545,626		(93,140	)		—		93,140		1,999,181		(14,279	)		2,047		16,327
Corporate bonds		1,268,459		(29,777	)		3		29,781		668,174		(2,184	)		245		2,430
Other		6,157,174		(133,213	)		15,272		148,486		7,533,549		(179,224	)		6,832		186,057
Foreign bonds		4,690,276		(137,239	)		10,825		148,065		4,952,083		(176,384	)		3,151		179,536
Other		1,466,897		4,026			4,446		420		2,581,465		(2,839	)		3,681		6,520

	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses
Available-for-sale securities		61,321,796		2,203,663			2,898,215		694,551		61,736,341		2,725,841			4,178,443		1,452,602
Domestic equity securities		3,540,457		2,458,566			2,468,724		10,158		5,101,691		3,758,884			3,765,175		6,291
Domestic bonds		23,123,161		(249,533	)		4,371		253,905		25,074,644		(129,949	)		9,488		139,438
Government bonds		21,181,296		(155,513	)		2,327		157,840		21,365,241		(70,791	)		3,631		74,423
Municipal bonds		309,997		(9,776	)		2		9,779		1,045,990		(9,573	)		226		9,799
Corporate bonds		1,631,867		(84,243	)		2,041		86,285		2,663,412		(49,584	)		5,630		55,215
Other		34,658,178		(5,368	)		425,118		430,487		31,560,005		(903,093	)		403,779		1,306,872
Foreign equity securities		662,949		36,272			54,295		18,022		709,565		12,752			47,829		35,076
Foreign bonds		24,182,709		(113,323	)		152,561		265,884		20,990,483		(997,307	)		69,045		1,066,353
Other		9,812,519		71,682			218,262		146,580		9,859,956		81,461			286,904		205,442

Redemption schedule of Available-for-sale securities with maturities and debt securities being held to maturity


	(in millions of yen)
	As of March 31, 2025								As of March 31, 2024
	within 1 year		1 year to 5 years		5 years to 10 years		over 10 years		within 1 year		1 year to 5 years		5 years to 10 years		over 10 years
Domestic bonds		18,500,074		9,875,244		8,772,124		3,090,727		23,237,264		11,328,117		6,018,587		1,801,087
Government bonds		18,007,133		7,559,511		6,953,734		1,961,839		22,398,893		8,721,368		4,279,478		608,555
Municipal bonds		215,259		1,165,338		1,475,025		—		343,811		1,317,183		1,384,177		—
Corporate bonds		277,680		1,150,393		343,363		1,128,887		494,559		1,289,564		354,931		1,192,532
Other		5,613,333		11,742,041		5,692,392		13,611,167		4,976,257		11,792,107		5,810,612		12,124,762
Foreign equity securities		1,366		20,285		—		—		12,113		20,079		—		—
Foreign bonds		4,547,585		8,729,761		4,854,426		10,913,751		3,741,605		8,640,847		3,955,393		9,604,622
Other		1,064,380		2,991,994		837,966		2,697,415		1,222,537		3,131,181		1,855,218		2,520,139
Total		24,113,407		21,617,285		14,464,517		16,701,894		28,213,521		23,120,225		11,829,199		13,925,850

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

The tables include negotiable certificates of deposit in “Cash and due from banks”, securitized products in “Monetary claims bought” and others in addition to “Securities”.

Fair Value Information on Securities


	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Debt securities being held to maturity		21,295,315		(607,764	)		10,777		618,541		22,209,137		(260,977	)		10,038		271,015
Stocks of subsidiaries and affiliates		684,864		464,454			471,540		7,086		685,292		563,814			572,794		8,979

	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Available-for-sale securities		45,173,480		2,005,377			2,300,444		295,066		45,454,390		2,491,997			3,340,687		848,693
Domestic equity securities		3,012,332		2,044,936			2,053,034		8,097		4,310,320		3,134,194			3,138,838		4,643
Domestic bonds		20,849,312		(138,304	)		3,926		142,230		23,310,014		(71,482	)		7,994		79,477
Other		21,311,835		98,744			243,483		144,738		17,834,055		(570,714	)		193,854		764,571
Foreign equity securities		605,665		17,076			30,177		13,101		669,182		1,235			36,309		35,076
Foreign bonds		13,651,795		88,819			110,304		21,485		10,234,364		(554,058	)		43,155		597,214
Other		7,054,373		(7,151	)		103,000		110,152		6,930,507		(17,891	)		114,390		132,281
Redemption schedule of Available-for-sale securities with maturities and debt securities being held to maturity
	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	within 1 year		1 year to 5 years			5 years to 10 years		over 10 years		within 1 year		1 year to 5 years			5 years to 10 years		over 10 years
Domestic bonds		18,407,253		9,375,181			7,204,520		2,741,856		23,194,822		10,452,409			5,689,499		1,283,696
Government bonds		17,915,211		7,060,351			5,390,211		1,715,335		22,382,849		8,019,918			4,045,541		207,081
Municipal bonds		215,259		1,165,328			1,475,025		—		342,305		1,218,778			1,291,205		—
Corporate bonds		276,781		1,149,501			339,283		1,026,521		469,666		1,213,712			352,752		1,076,614
Other		3,733,273		6,482,656			2,494,264		10,189,203		3,543,953		6,204,463			2,326,644		8,099,827
Foreign equity securities		1,366		20,285			—		—		12,113		20,079			—		—
Foreign bonds		3,186,009		3,714,661			2,261,660		8,799,263		2,695,045		3,350,904			1,869,018		6,839,540
Other		545,896		2,747,709			232,603		1,389,940		836,793		2,833,480			457,625		1,260,286
Total		22,140,526		15,857,837			9,698,784		12,931,060		26,738,775		16,656,873			8,016,143		9,383,523

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

The tables include securitized products in “Monetary claims bought” in addition to “Securities”.

Fair Value Information on Securities


	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Debt securities being held to maturity		1,976,868		(17,426	)		4,499		21,925		2,634,823		(25,470	)		3,681		29,151
Stocks of subsidiaries and affiliates		19,189		(1,368	)		—		1,368		15,136		(1,477	)		—		1,477

	(in millions of yen)
	As of March 31, 2025									As of March 31, 2024
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Available-for-sale securities		11,541,216		251,081			552,833		301,751		12,453,511		348,078			806,876		458,797
Domestic equity securities		588,732		413,329			415,255		1,925		858,572		619,081			619,850		769
Domestic bonds		2,181,927		(111,341	)		444		111,785		1,746,579		(58,581	)		1,493		60,074
Other		8,770,556		(50,907	)		137,133		188,040		9,848,360		(212,421	)		185,532		397,953
Foreign equity securities		130		81			81		—		126		77			77		—
Foreign bonds		7,018,941		(123,179	)		28,749		151,929		7,819,817		(306,146	)		20,037		326,183
Other		1,751,484		72,191			108,302		36,110		2,028,416		93,647			165,417		71,769

Redemption schedule of Available-for-sale securities with maturities and debt securities being held to maturity


	(in millions of yen)
	As of March 31, 2025								As of March 31, 2024
	within 1 year		1 year to 5 years		5 years to 10 years		over 10 years		within 1 year		1 year to 5 years		5 years to 10 years		over 10 years
Domestic bonds		899		500,062		1,567,603		348,870		26,386		873,712		329,088		517,391
Government bonds		—		499,160		1,563,523		246,504		—		699,455		233,937		401,473
Municipal bonds		—		10		—		—		1,505		98,405		92,972		—
Corporate bonds		899		892		4,080		102,366		24,880		75,851		2,179		115,917
Other		386,183		3,080,461		2,327,090		3,400,230		248,926		3,702,030		2,851,138		4,019,724
Foreign equity securities		—		—		—		—		—		—		—		—
Foreign bonds		297,586		2,854,717		2,268,804		3,339,190		242,784		3,445,064		2,767,252		3,999,539
Other		88,596		225,744		58,286		61,039		6,142		256,966		83,886		20,184
Total		387,082		3,580,524		3,894,694		3,749,101		275,312		4,575,742		3,180,227		4,537,116

Mitsubishi UFJ Financial Group, Inc.

5. ROE

MUFG Consolidated


	(%)
	For the fiscal year ended March 31, 2025 (A)		Increase (Decrease) (A) - (B)		For the fiscal year ended March 31, 2024 (B)
ROE (MUFG basis) *1		9.90		1.31		8.59
ROE (JPX basis) *2		9.29		1.19		8.10

Note:

ROE (MUFG basis) is computed as follows:



Profits attributable to owners of parent	×	100
{(Total shareholders’ equity at the beginning of the period + Foreign currency translation adjustments at the beginning of the period) + (Total shareholders’ equity at the end of the period + Foreign currency translation adjustments at the end of the period)} / 2

Japan Exchange Group

Mitsubishi UFJ Financial Group, Inc.

6. Risk-Adjusted Capital Ratio

MUFG Consolidated


										(in billions of yen)
	As of March 31, 2025 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)			As of September 30, 2024
(1) Total capital ratio (4)/(7)		18.83	%		1.01	%		17.82	%		18.94	%
(2) Tier 1 capital ratio (5)/(7)		16.65	%		0.92	%		15.72	%		16.74	%
(3) Common Equity Tier 1 capital ratio (6)/(7)		14.18	%		0.65	%		13.53	%		14.35	%
(4) Total capital		20,145.0			327.2			19,817.8			20,643.5
(5) Tier 1 capital		17,804.8			325.1			17,479.7			18,240.7
(6) Common Equity Tier 1 capital		15,169.2			127.9			15,041.3			15,635.9
(7) Risk weighted assets		106,930.4			(4,229.6	)		111,160.1			108,956.8
(8) Required Capital (7)×8%		8,554.4			(338.3	)		8,892.8			8,716.5

BK Consolidated
										(in billions of yen)
	As of March 31, 2025 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)			As of September 30, 2024
(1) Total capital ratio (4)/(7)		19.63	%		1.51	%		18.11	%		19.69	%
(2) Tier 1 capital ratio (5)/(7)		17.68	%		1.57	%		16.11	%		17.68	%
(3) Common Equity Tier 1 capital ratio (6)/(7)		15.10	%		1.29	%		13.80	%		15.15	%
(4) Total capital		16,477.6			562.5			15,915.0			16,828.2
(5) Tier 1 capital		14,843.2			689.5			14,153.6			15,106.7
(6) Common Equity Tier 1 capital		12,675.1			548.7			12,126.4			12,950.1
(7) Risk weighted assets		83,929.4			(3,903.6	)		87,833.0			85,444.5
(8) Required Capital (7)×8%		6,714.3			(312.2	)		7,026.6			6,835.5

TB Consolidated
										(in billions of yen)
	As of March 31, 2025 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)			As of September 30, 2024
(1) Total capital ratio (4)/(7)		19.96	%		(0.45	)%		20.42	%		21.02	%
(2) Tier 1 capital ratio (5)/(7)		16.41	%		(1.41	)%		17.83	%		17.68	%
(3) Common Equity Tier 1 capital ratio (6)/(7)		13.56	%		(2.00	)%		15.56	%		14.84	%
(4) Total capital		1,941.6			(180.0	)		2,121.6			1,991.4
(5) Tier 1 capital		1,596.3			(255.7	)		1,852.1			1,675.4
(6) Common Equity Tier 1 capital		1,318.7			(297.7	)		1,616.4			1,406.0
(7) Risk weighted assets		9,724.4			(662.9	)		10,387.4			9,472.3
(8) Required Capital (7)×8%		777.9			(53.0	)		830.9			757.7

BK Non-consolidated
										(in billions of yen)
	As of March 31, 2025 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)			As of September 30, 2024
(1) Total capital ratio (4)/(7)		17.07	%		0.77	%		16.29	%		17.33	%
(2) Tier 1 capital ratio (5)/(7)		15.24	%		0.86	%		14.38	%		15.42	%
(3) Common Equity Tier 1 capital ratio (6)/(7)		12.30	%		0.53	%		11.77	%		12.52	%
(4) Total capital		12,248.9			(30.2	)		12,279.1			12,539.5
(5) Tier 1 capital		10,940.2			101.2			10,839.0			11,156.4
(6) Common Equity Tier 1 capital		8,830.9			(41.4	)		8,872.4			9,059.2
(7) Risk weighted assets		71,747.3			(3,615.9	)		75,363.3			72,347.0
(8) Required Capital (7)×8%		5,739.7			(289.2	)		6,029.0			5,787.7

TB Non-consolidated
										(in billions of yen)
	As of March 31, 2025 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)			As of September 30, 2024
(1) Total capital ratio (4)/(7)		20.06	%		1.02	%		19.03	%		21.68	%
(2) Tier 1 capital ratio (5)/(7)		16.89	%		0.16	%		16.72	%		18.66	%
(3) Common Equity Tier 1 capital ratio (6)/(7)		14.35	%		(0.35	)%		14.71	%		16.09	%
(4) Total capital		2,176.0			(33.6	)		2,209.6			2,259.9
(5) Tier 1 capital		1,832.1			(108.9	)		1,941.1			1,945.2
(6) Common Equity Tier 1 capital		1,556.6			(150.9	)		1,707.6			1,677.7
(7) Risk weighted assets		10,844.5			(761.4	)		11,605.9			10,423.8
(8) Required Capital (7)×8%		867.5			(60.9	)		928.4			833.9

Note:

Risk-adjusted capital ratio of MUFG is computed in accordance with the Notification of the Financial Services Agency No.20, 2006.

Risk-adjusted capital ratio of BK and TB are computed in accordance with the Notification of the Financial Services Agency No.19, 2006.

Mitsubishi UFJ Financial Group, Inc.

7. Loans to Be Disclosed under the Banking Act and the Financial Reconstruction Act (the “FRA”)

MUFG Consolidated

(1) Loans to Be Disclosed under the Banking Act and the FRA (after write-offs)


								(in millions of yen)
								As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Bankrupt or De facto Bankrupt									300,776			239,004			61,772
Doubtful									693,225			1,134,503			(441,277	)
Special Attention									536,469			634,023			(97,554	)
Accruing loans contractually past due 3 months or more									17,863			26,869			(9,005	)
Restructured loans									518,605			607,154			(88,549	)
Subtotal (A)									1,530,471			2,007,531			(477,060	)

Normal(B)									135,805,816			130,602,373			5,203,442
Total loans (C=A+B)									137,336,287			132,609,905			4,726,382

Non-performing loans ratio (A)/(C)									1.11	%		1.51	%		(0.39	)%

Write-offs									199,367			217,701			(18,333	)

(2) Allowance for Credit Losses

	(in millions of yen)
	As of March 31, 2025		Coverage ratio (D)/(A)			As of March 31, 2024		Coverage ratio (D)/(A)			Increase (Decrease)			Coverage ratio (D)/(A)
Allowance for credit losses (D)		1,214,870		79.37	%		1,535,253		76.47	%		(320,383	)		2.90	%
General allowance for credit losses		761,228					848,536					(87,308	)
Specific allowance for credit losses		442,257					665,305					(223,047	)
Allowance for credit to specific foreign borrowers		11,385					21,412					(10,026	)

(3) Classification of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

								(in millions of yen)
Classified by Geographic Area								As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Domestic									786,751			813,702			(26,950	)
Overseas									743,720			1,193,829			(450,109	)
Asia									491,835			420,715			71,119
Indonesia									51,106			50,117			989
Singapore									629			12,752			(12,122	)
Thailand									382,780			280,757			102,023
Other									57,318			77,088			(19,769	)
Americas									124,006			601,518			(477,511	)
Europe, Middle East and Other									127,878			171,595			(43,717	)
Total									1,530,471			2,007,531			(477,060	)

								(in millions of yen)
Classified by Industry								As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Domestic									786,751			813,702			(26,950	)
Manufacturing									297,746			283,777			13,969
Construction									6,258			8,226			(1,968	)
Wholesale and retail									84,280			87,732			(3,451	)
Finance and insurance									16,709			14,109			2,600
Real estate, goods rental and leasing									27,402			37,388			(9,986	)
Services									65,970			80,749			(14,779	)
Other industries									38,996			48,708			(9,712	)
Consumer									249,386			253,008			(3,621	)
Overseas									743,720			1,193,829			(450,109	)
Financial institutions									14,902			3,104			11,797
Commercial and industrial									492,167			1,021,074			(528,906	)
Other									236,650			169,650			66,999
Total									1,530,471			2,007,531			(477,060	)

Mitsubishi UFJ Financial Group, Inc.

BK and TB Combined including Trust Account

“Trust account” represents trust account with contracts indemnifying the principal amounts.

(1) Loans to Be Disclosed under the Banking Act and the FRA (after write-offs)


									(in millions of yen)
									As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Bankrupt or De facto Bankrupt										50,052			77,265			(27,213	)
Doubtful										448,449			904,052			(455,603	)
Special Attention										365,391			478,331			(112,940	)
Accruing loans contractually past due 3 months or more										9,236			19,163			(9,926	)
Restructured loans										356,154			459,167			(103,013	)
Subtotal (A)										863,892			1,459,649			(595,756	)

Normal(B)										121,231,909			116,726,530			4,505,379
Total loans (C=A+B)										122,095,802			118,186,179			3,909,622

Non-performing loans ratio (A)/(C)										0.70	%		1.23	%		(0.52	)%

Write-offs										163,085			181,926			(18,841	)

(2) Status of Coverage of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

	(in millions of yen)
	As of March 31, 2025		Coverage ratio [(D)+(E)]/(A)			As of March 31, 2024			Coverage ratio [(D)+(E)]/(A)			Increase (Decrease)			Coverage ratio [(D)+(E)]/(A)
Covered amount		656,627		76.00	%		1,042,471			71.41	%		(385,844	)		4.58	%
Allowance for credit losses(D)		325,637					609,945						(284,307	)
Collateral, guarantees, etc.(E)		330,989					432,525						(101,536	)

(3) Coverage Ratio

			(in millions of yen)
Category			Loan amount (A)			Allowance for credit losses (D)			Covered by collateral and/ or guarantees (E)			Allowance coverage ratio for unsecured portion (D) / [(A) - (E)]			Coverage ratio [(D)+(E)]/(A)
Bankrupt or De facto Bankrupt				50,052			995			49,057						100.00	%
				[77,265	]		[ 5,358	]		[71,907	]					[100.00	%]
Doubtful				448,449			189,859			133,301						72.06	%
				[904,052	]		[441,031	]		[161,324	]					[66.62	%]
Special Attention				365,391			134,782			148,630						77.56	%
				[478,331	]		[163,555	]		[199,294	]					[75.85	%]
Total				863,892			325,637			330,989						76.00	%
				[1,459,649	]		[609,945	]		[432,525	]					[71.41	%]

Note: The upper figures are as of March 31, 2025. The lower figures with brackets are as of March 31, 2024.

(4) Classification of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

									(in millions of yen)
Classified by Geographic Area									As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Domestic										583,270			621,995			(38,724	)
Overseas										280,622			837,654			(557,031	)
Asia										58,101			89,421			(31,320	)
Indonesia										507			—			507
Singapore										629			12,752			(12,122	)
Thailand										—			—			—
Other										56,964			76,669			(19,705	)
Americas										124,006			601,518			(477,511	)
Europe, Middle East and Other										98,514			146,713			(48,199	)
Total										863,892			1,459,649			(595,756	)

									(in millions of yen)
Classified by Industry									As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Domestic										583,270			621,995			(38,724	)
Manufacturing										295,833			282,469			13,363
Construction										6,164			8,050			(1,886	)
Wholesale and retail										81,876			85,689			(3,812	)
Finance and insurance										16,687			14,088			2,599
Real estate										17,748			22,960			(5,212	)
Goods rental and leasing										9,636			14,393			(4,756	)
Services										65,734			80,619			(14,885	)
Other industries										37,889			47,998			(10,109	)
Consumer										51,699			65,724			(14,024	)
Overseas										280,622			837,654			(557,031	)
Financial institutions										13,131			2,611			10,519
Commercial and industrial										267,402			834,942			(567,540	)
Other										88			99			(10	)
Total										863,892			1,459,649			(595,756	)

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

(1) Loans to Be Disclosed under the Banking Act and the FRA (after write-offs)


									(in millions of yen)
									As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Bankrupt or De facto Bankrupt										50,002			77,210			(27,208	)
Doubtful										447,324			902,706			(455,382	)
Special Attention										365,391			478,331			(112,940	)
Accruing loans contractually past due 3 months or more										9,236			19,163			(9,926	)
Restructured loans										356,154			459,167			(103,013	)
Subtotal (A)										862,718			1,458,248			(595,530	)

Normal (B)										118,665,863			114,178,105			4,487,758
Total loans (C=A+B)										119,528,581			115,636,353			3,892,228

Non-performing loans ratio (A)/(C)										0.72	%		1.26	%		(0.53	)%

Write-offs										163,077			181,894			(18,817	)

(2) Status of Coverage of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

	(in millions of yen)
	As of March 31, 2025		Coverage ratio [(D)+(E)]/(A)			As of March 31, 2024			Coverage ratio [(D)+(E)]/(A)			Increase (Decrease)			Coverage ratio [(D)+(E)]/(A)
Covered amount		655,452		75.97	%		1,041,070			71.39	%		(385,617	)		4.58	%
Allowance for credit losses (D)		325,637					609,945						(284,307	)
Collateral, guarantees, etc. (E)		329,815					431,124						(101,309	)

(3) Coverage Ratio

			(in millions of yen)
Category			Loan amount (A)			Allowance for credit losses (D)			Covered by collateral and/ or guarantees (E)			Allowance coverage ratio for unsecured portion (D) / [(A) - (E)]			Coverage ratio [(D)+(E)]/(A)
Bankrupt or De facto Bankrupt				50,002			995			49,007			100.00	%		100.00	%
				[ 77,210	]		[ 5,358	]		[ 71,852	]		[ 100.00	%]		[ 100.00	%]
Doubtful				447,324			189,859			132,177			60.24	%		71.99	%
				[ 902,706	]		[ 441,031	]		[ 159,978	]		[ 59.37	%]		[ 66.57	%]
Special Attention				365,391			134,782			148,630			62.18	%		77.56	%
				[ 478,331	]		[ 163,555	]		[ 199,294	]		[ 58.61	%]		[ 75.85	%]
Total				862,718			325,637			329,815			61.10	%		75.97	%
				[ 1,458,248	]		[ 609,945	]		[ 431,124	]		[ 59.38	%]		[ 71.39	%]

Note: The upper figures are as of March 31, 2025. The lower figures with brackets are as of March 31, 2024. (4) Classification of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

									(in millions of yen)
Classified by Geographic Area									As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Domestic										582,096			620,594			(38,498	)
Overseas										280,622			837,654			(557,031	)
Asia										58,101			89,421			(31,320	)
Indonesia										507			—			507
Singapore										629			12,752			(12,122	)
Thailand										—			—			—
Other										56,964			76,669			(19,705	)
Americas										124,006			601,518			(477,511	)
Europe, Middle East and Other										98,514			146,713			(48,199	)

Total										862,718			1,458,248			(595,530	)


									(in millions of yen)
Classified by Industry									As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Domestic										582,096			620,594			(38,498	)
Manufacturing										295,833			282,469			13,363
Construction										6,164			8,050			(1,886	)
Wholesale and retail										81,876			85,689			(3,812	)
Finance and insurance										16,687			14,088			2,599
Real estate										17,748			22,960			(5,212	)
Goods rental and leasing										9,636			14,393			(4,756	)
Services										65,734			80,619			(14,885	)
Other industries										37,889			47,998			(10,109	)
Consumer										50,525			64,323			(13,798	)
Overseas										280,622			837,654			(557,031	)
Financial institutions										13,131			2,611			10,519
Commercial and industrial										267,402			834,942			(567,540	)
Other										88			99			(10	)

Total										862,718			1,458,248			(595,530	)

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(1) Loans to Be Disclosed under the Banking Act and the FRA (after write-offs)


								(in millions of yen)
								As of March 31, 2025			As of March 31, 2024			Increase (Decrease)
Bankrupt or De facto Bankrupt									49			54			(5	)
Doubtful									1,124			1,346			(221	)
Special Attention									—			—			—
Accruing loans contractually past due 3 months or more									—			—			—
Restructured loans									—			—			—
Subtotal (A)									1,174			1,401			(226	)

Normal (B)									2,563,577			2,545,305			18,272
Total loans (C=A+B)									2,564,752			2,546,706			18,045

Non-performing loans ratio (A)/(C)									0.04	%		0.05	%		(0.01	)%

Write-offs									7			31			(24	)

(2) Status of Coverage of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

	(in millions of yen)
	As of March 31, 2025		Coverage ratio [(D)+(E)]/(A)			As of March 31, 2024		Coverage ratio [(D)+(E)]/(A)			Increase (Decrease)			Coverage ratio [(D)+(E)]/(A)
Covered amount		1,174		100.00	%		1,401		100.00	%		(226	)		—
Allowance for credit losses (D)		—					—					—
Collateral, guarantees, etc. (E)		1,174					1,401					(226	)

(3) Coverage Ratio

(in millions of yen)

Category

Loan amount
(A)

Allowance for
credit losses
(D)

Covered by
collateral and/or
guarantees (E)

Allowance coverage
ratio for unsecured
portion
(D) / [(A) - (E)]

Coverage ratio
[(D)+(E)]/(A)

Bankrupt or De facto Bankrupt

—

[ — ]

Doubtful

—

[ — ]

Special Attention

—

[ — ]

Total

—

[ — ]

Note: The upper figures are as of March 31, 2025. The lower figures with brackets are as of March 31, 2024.

(4) Classification of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)

(in millions of yen)

Classified by Industry

As of
March 31, 2025

As of
March 31, 2024

Increase
(Decrease)

Domestic

—

Manufacturing

—

Construction

—

Wholesale and retail

—

Finance and insurance

—

Real estate

—

Goods rental and leasing

—

Services

—

Other industries

—

Consumer

—

Total

—

Mitsubishi UFJ Financial Group, Inc.

Overview of Self-Assessment, Status of Coverage, and Loans to Be Disclosed under the Banking Act and the FRA

BK and TB Combined

LOGO

(*) “Customers’ liabilities for acceptances and guarantees” in Classification IV are fully reserved.

Mitsubishi UFJ Financial Group, Inc.

8. Progress in Disposition of Problem Assets

BK Non-consolidated

(1) Bankrupt or De facto Bankrupt and Doubtful Assets Based on the “FRA”


	(in millions of yen)
	As of March 31, 2022		As of March 31, 2023		As of March 31, 2024 (A)		As of March 31, 2025 (B)		(B) - (A)
Assets newly categorized during fiscal 2021		321,978		110,451		68,032		56,415		(11,616	)
Assets newly categorized during fiscal 2022				240,324		114,818		71,431		(43,387	)
Assets newly categorized during fiscal 2023						642,712		79,951		(562,760	)
Assets newly categorized during fiscal 2024								175,417

(2) Progress in Disposition of Problem Assets


	(in millions of yen)
	For the Fiscal Year Ended March 31, 2025
			Bankrupt or De facto Bankrupt		Doubtful
Liquidation		5,298
Reconstructive treatment		29,063
Upgrade due to reconstructive treatment		—
Loan sold to secondary market		310,259
Write-offs		6,956
Others		306,428
Collection / Repayment		82,494
Upgrade		223,933

Total		658,007		47,646		610,360

Amount in process for disposition		32,930

Note:

The process for disposition consists of legal liquidation, quasi-legal liquidation, company splits to good companies and bad companies, partial direct write-offs of retail exposure to individuals and small/medium-sized companies, and trusts to The Resolution and Collection Corporation mainly for the purpose of revitalization of companies, which are scheduled to be off-balanced before their maturities.

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated including Trust Account

“Trust account” represents trust account with contracts indemnifying the principal amounts.

(1) Bankrupt or De facto Bankrupt and Doubtful Assets Based on the “FRA”


	(in millions of yen)
	As of March 31, 2022		As of March 31, 2023		As of March 31, 2024 (A)		As of March 31, 2025 (B)		(B) - (A)
Assets newly categorized during fiscal 2021		635		272		204		95		109
Assets newly categorized during fiscal 2022				986		262		91		170
Assets newly categorized during fiscal 2023						410		254		156
Assets newly categorized during fiscal 2024								477

(2) Progress in Disposition of Problem Assets


	(in millions of yen)
	For the Fiscal Year Ended March 31, 2025
			Bankrupt or De facto Bankrupt		Doubtful
Liquidation		—
Reconstructive treatment		—
Upgrade due to reconstructive treatment		—
Loan sold to secondary market		—
Write-offs		—
Others		800
Collection / Repayment		198
Upgrade		602

Total		800		47		752

Amount in process for disposition		47

Note:

Mitsubishi UFJ Financial Group, Inc.

9. Loans Classified by Type of Industry

BK and TB Combined including Trust Accounts

Loans Classified by Type of Industry


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Domestic offices (excluding loans booked at offshore markets)		76,433,399		5,090,597			71,342,802

Manufacturing		10,937,227		(663,343	)		11,600,570
Agriculture, forestry, fishery, mining, quarrying of stone and gravel		109,556		16,369			93,187
Construction		949,141		21,892			927,249
Utilities		2,703,238		48,334			2,654,904
Communication and information services		1,424,755		173,932			1,250,823
Transport and postal activities		2,162,208		(23,349	)		2,185,557
Wholesale and retail		6,165,683		(375,942	)		6,541,625
Finance and insurance		9,270,162		(284,917	)		9,555,080
Real estate		11,687,912		910,802			10,777,110
Goods rental and leasing		2,479,061		(117,804	)		2,596,865
Services		3,519,248		783,742			2,735,505
Municipal government		1,576,476		34,195			1,542,281
Other industries (including loans to the Japanese government)		23,448,729		4,566,685			18,882,044
Overseas offices and loans booked at offshore markets		35,156,819		(735,556	)		35,892,376
Governments		407,470		92,806			314,663
Financial Institutions		14,258,007		750,969			13,507,038
Other		20,491,341		(1,579,332	)		22,070,674

Total		111,590,219		4,355,040			107,235,179

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

Loans Classified by Type of Industry


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Domestic offices (excluding loans booked at offshore markets)		73,932,619		5,281,152			68,651,467

Manufacturing		10,935,827		(663,343	)		11,599,170
Agriculture, forestry, fishery, mining, quarrying of stone and gravel		109,556		16,369			93,187
Construction		949,141		21,892			927,249
Utilities		2,703,238		48,334			2,654,904
Communication and information services		1,412,963		171,174			1,241,789
Transport and postal activities		2,147,208		(23,349	)		2,170,557
Wholesale and retail		6,165,683		(375,942	)		6,541,625
Finance and insurance		7,829,716		(267,114	)		8,096,830
Real estate		11,651,886		904,140			10,747,746
Goods rental and leasing		2,479,061		(117,804	)		2,596,865
Services		3,518,734		783,754			2,734,980
Municipal government		1,576,245		34,225			1,542,020
Other industries (including loans to the Japanese government)		22,453,361		4,748,816			17,704,545
Overseas offices and loans booked at offshore markets		33,809,971		(983,545	)		34,793,516
Governments		407,470		92,806			314,663
Financial Institutions		12,911,195		502,983			12,408,212
Other		20,491,305		(1,579,335	)		22,070,640

Total		107,742,591		4,297,607			103,444,984

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

Loans Classified by Type of Industry


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Domestic offices (excluding loans booked at offshore markets)		992,824		(128,541	)		1,121,366

Manufacturing		—		—			—
Agriculture, forestry, fishery, mining, quarrying of stone and gravel		—		—			—
Construction		—		—			—
Utilities		—		—			—
Communication and information services		11,792		2,758			9,034
Transport and postal activities		—		—			—
Wholesale and retail		—		—			—
Finance and insurance		219,309		11,357			207,951
Real estate		10,432		6,902			3,529
Goods rental and leasing		—		—			—
Services		514		(11	)		525
Municipal government		—		—			—
Other industries (including loans to the Japanese government)		750,777		(149,549	)		900,326
Overseas offices and loans booked at offshore markets		1,346,848		247,988			1,098,859
Governments		—		—			—
Financial Institutions		1,346,812		247,986			1,098,826
Other		35		2			33

Total		2,339,672		119,446			2,220,225

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated: Trust Accounts

Loans Classified by Type of Industry


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Domestic offices (excluding loans booked at offshore markets)		1,507,955		(62,013	)		1,569,969

Manufacturing		1,400		—			1,400
Agriculture, forestry, fishery, mining, quarrying of stone and gravel		—		—			—
Construction		—		—			—
Utilities		—		—			—
Communication and information services		—		—			—
Transport and postal activities		15,000		—			15,000
Wholesale and retail		—		—			—
Finance and insurance		1,221,137		(29,161	)		1,250,299
Real estate		25,594		(240	)		25,835
Goods rental and leasing		—		—			—
Services		—		—			—
Municipal government		231		(29	)		261
Other industries (including loans to the Japanese government)		244,591		(32,581	)		277,173
Overseas offices and loans booked at offshore markets		—		—			—
Governments		—		—			—
Financial Institutions		—		—			—
Other		—		—			—

Total		1,507,955		(62,013	)		1,569,969

Mitsubishi UFJ Financial Group, Inc.

10 Domestic Consumer Loans, Domestic Loans to Small/Medium-Sized Companies and Proprietors

BK and TB Combined including Trust Accounts

(1) Domestic Consumer Loans


	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Total domestic consumer loans		15,030,803			76,071			14,954,731
Housing loans		14,275,020			38,769			14,236,251
Residential purpose		12,667,550			108,145			12,559,404
Other		755,782			37,302			718,480

(2) Domestic Loans to Small/Medium-Sized Companies and Proprietors

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Outstanding amount		42,272,543			1,252,435			41,020,108
% to total domestic loans		55.30	%		(2.19	)%		57.49	%

BK Non-consolidated

(1) Domestic Consumer Loans

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Total domestic consumer loans		14,466,887			151,625			14,315,262
Housing loans		13,711,432			114,069			13,597,362
Residential purpose		12,104,268			183,406			11,920,862
Other		755,455			37,555			717,899

(2) Domestic Loans to Small/Medium-Sized Companies and Proprietors

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Outstanding amount		41,355,190			1,373,737			39,981,453
% to total domestic loans		55.93	%		(2.30	)%		58.23	%

TB Non-consolidated

(1) Domestic Consumer Loans

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Total domestic consumer loans		561,773			(75,132	)		636,906
Housing loans		561,446			(74,878	)		636,325
Residential purpose		561,143			(74,841	)		635,984
Other		326			(253	)		580

(2) Domestic Loans to Small/Medium-Sized Companies and Proprietors

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Outstanding amount		688,376			(97,447	)		785,824
% to total domestic loans		69.33	%		(0.74	)%		70.07	%

TB Non-consolidated: Trust Accounts

(1) Domestic Consumer Loans

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Total domestic consumer loans		2,141			(421	)		2,563
Housing loans		2,141			(421	)		2,563
Residential purpose		2,138			(419	)		2,557
Other		—			—			—

(2) Domestic Loans to Small/Medium-Sized Companies and Proprietors

	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Outstanding amount		228,977			(23,853	)		252,831
% to total domestic loans		15.18	%		(0.91	)%		16.10	%

Mitsubishi UFJ Financial Group, Inc.

11. Overseas Loans

BK Consolidated excl. KS, BDI


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)		As of March 31, 2024 (B)
Americas		14,467,618		1,099,907		15,567,526
United States		12,449,634		1,024,434		13,474,068
Canada		778,602		29,253		749,349
Brazil		415,455		38,447		453,903
Mexico		313,232		18,700		331,932
Others		510,693		47,579		558,272
Asia/Oceania		11,551,107		550,892		12,101,999
Australia		1,913,147		188,194		1,724,953
Hong Kong		1,742,655		329,348		2,072,004
India		1,600,144		241,874		1,358,270
Singapore		1,408,325		48,851		1,457,176
China		1,132,705		391,123		1,523,829
Indonesia		1,001,535		107,001		1,108,536
Malaysia		720,942		20,837		741,780
Korea		488,211		113,881		602,093
Taiwan		461,892		46,719		415,172
New Zealand		398,982		25,753		424,736
Philippines		345,731		69,877		275,854
Others		336,832		60,759		397,591
EMEA		9,074,311		472,537		9,546,849
United Kingdom		2,234,521		225,262		2,009,259
Netherlands		1,212,711		78,820		1,133,891
Germany		775,460		18,998		794,459
France		562,286		169,143		731,430
Luxembourg		561,431		30,771		592,202
Ireland		475,917		33,588		442,328
Italy		270,791		41,733		229,058
Switzerland		229,513		5,134		234,648
Turkey		203,390		509		203,900
Saudi Arabia		199,684		21,690		221,374
Spain		183,043		19,289		202,333
Belgium		178,732		33,525		145,207
Qatar		167,535		87,026		254,562
United Arab Emirates		141,775		11,336		153,111
Guernsey, C.I.		74,195		12,113		62,082
Sweden		63,256		44,206		107,463
Oman		60,096		31,461		91,557
Others		1,479,964		458,011		1,937,975

Total		35,093,037		2,123,337		37,216,375

KS and BDI have the following loan balances in the consolidated financial statements.


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)		As of March 31, 2024 (B)
KS		6,430,302		94,041		6,336,261
BDI		1,614,099		197,431		1,416,667

Mitsubishi UFJ Financial Group, Inc.

12. Loans and Deposits

BK and TB Combined


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Deposits (ending balance)		215,970,679		3,156,748			212,813,930
Deposits (average balance)		215,144,567		4,711,765			210,432,802
Loans (ending balance)		110,082,264		4,417,053			105,665,210
Loans (average balance)		110,710,718		4,468,777			106,241,940

BK Non-consolidated

	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Deposits (ending balance)		202,712,799		2,648,210			200,064,588
Deposits (average balance)		201,300,396		3,063,952			198,236,443
Loans (ending balance)		107,742,591		4,297,607			103,444,984
Loans (average balance)		108,514,370		4,576,483			103,937,886

TB Non-consolidated

	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Deposits (ending balance)		13,257,880		508,538			12,749,342
Deposits (average balance)		13,844,171		1,647,812			12,196,358
Loans (ending balance)		2,339,672		119,446			2,220,225
Loans (average balance)		2,196,348		(107,706	)		2,304,054

Mitsubishi UFJ Financial Group, Inc.

13. Domestic Deposits

BK and TB Combined


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)		As of March 31, 2024 (B)
Individuals		93,618,823		892,260		92,726,562
Corporations and others		86,235,520		2,684,369		83,551,151
Domestic deposits		179,854,343		3,576,629		176,277,713

Note: Amounts do not include negotiable certificates of deposit and JOM accounts.

BK Non-consolidated

	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)		As of March 31, 2024 (B)
Individuals		87,578,130		815,460		86,762,670
Corporations and others		81,672,372		2,589,120		79,083,251
Domestic deposits		169,250,502		3,404,580		165,845,921

Note: Amounts do not include negotiable certificates of deposit and JOM accounts.

TB Non-consolidated

	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)		As of March 31, 2024 (B)
Individuals		6,040,693		76,800		5,963,892
Corporations and others		4,563,148		95,248		4,467,899
Domestic deposits		10,603,841		172,048		10,431,792

Note: Amounts do not include negotiable certificates of deposit and JOM accounts.

Mitsubishi UFJ Financial Group, Inc.

14. Status of Deferred Tax Assets

BK Non-consolidated

(1) Tax Effects of the Items Comprising Net Deferred Tax Assets


	(in billions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Deferred tax assets		1,041.9			(179.7	)		1,221.6
Allowance for credit losses		210.9			(89.9	)		300.8
Write-down on investment securities		373.0			15.9			357.0
Unrealized losses on Available-for-sale securities		1.2			(132.5	)		133.7
Reserve for retirement benefits		68.0			(7.1	)		75.1
Reserve for contingent losses		19.3			(2.9	)		22.3
Depreciation and Impairment losses		76.7			(8.2	)		85.0
Devaluation on land upon merger		20.2			0.0			20.2
Net deferred losses on hedging instruments		437.4			76.6			360.7
Other		229.7			(20.5	)		250.3
Valuation allowance		(394.8	)		(10.8	)		(384.0	)
Deferred tax liabilities		767.4			(188.1	)		955.6
Unrealized gains on Available-for-sale securities		546.7			(201.1	)		747.9
Revaluation gains on securities upon merger		37.7			(6.7	)		44.4
Gains on securities contributed to employees’ retirement benefits trust		41.8			(0.8	)		42.6
Gains on management of employees’ retirement benefits trust		62.4			8.5			53.9
Other		78.7			12.0			66.7
Net deferred tax assets		274.4			8.4			265.9

(2) Net operating profits before provision for general allowance for credit losses and Taxable Income


	(in billions of yen)
	FY2019			FY2020			FY2021			FY2022			FY2023			FY2024
Net operating profits before provision for general allowance for credit losses		395.2			388.0			374.4			690.4			974.6			521.7
Total credit costs		11.8			(223.3	)		(234.0	)		(98.5	)		(250.2	)		237.3
Income before income taxes		(535.9	)		205.5			286.1			1,239.5			994.7			1,276.6
Reconciliation to taxable income		844.6			98.5			343.3			(453.8	)		(50.5	)		(466.9	)
Taxable income		308.7			304.1			629.5			785.7			944.2			809.7

(3) Classification Based on Prior Year Operating Results as Provided in the ASBJ Guidance No.26

We are classified as “2” because we are considered to be a company showing stable financial performance.

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(1) Tax Effects of the Items Comprising Net Deferred Tax Assets


	(in billions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Deferred tax assets		87.6			14.2			73.4
Gains on securities related to employees’ retirement benefits trust		62.0			9.8			52.2
Depreciation and Impairment losses		15.0			4.8			10.1
Write-down on investment securities		8.6			0.9			7.7
Group tax sharing transactions		7.5			1.2			6.3
Reserve for contingent losses		1.5			(0.5	)		2.1
Other		20.0			1.7			18.2
Valuation allowance		(27.3	)		(3.9	)		(23.4	)
Deferred tax liabilities		243.7			(19.4	)		263.1
Reserve for retirement benefits		137.1			22.7			114.4
Unrealized gains on Available-for-sale securities		72.3			(26.8	)		99.2
Net deferred gains on hedging instruments		22.4			(12.5	)		35.0
Other		11.6			(2.7	)		14.4
Net deferred tax assets		(156.0	)		33.6			(189.7	)

(2) Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses and Taxable Income


	(in billions of yen)
	FY2019			FY2020			FY2021			FY2022			FY2023			FY2024
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		142.3			132.3			176.4			109.1			70.4			70.0
Total credit costs		0.8			0.0			0.1			(0.2	)		(0.1	)		0.2
Income before income taxes		148.6			129.4			210.6			165.7			75.1			199.8
Reconciliation to taxable income		(39.3	)		(26.5	)		(37.4	)		(46.1	)		(17.1	)		(112.0	)
Taxable income		109.3			102.9			173.1			119.6			57.9			87.8

(3) Classification Based on Prior Year Operating Results as Provided in the ASBJ Guidance No.26

We are classified as “2” because we are considered to be a company showing stable financial performance.

Mitsubishi UFJ Financial Group, Inc.

15. Retirement Benefits

MUFG Consolidated

(1) Benefit obligation


	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Projected benefit obligation (reserve type) (A)		1,439,420			(140,074	)		1,579,494
Projected benefit obligation (non-reserve type) (B)		83,276			(17,014	)		100,291
Fair value of plan assets (C)		3,635,614			75,481			3,560,132
Net amount recorded on the Consolidated Balance Sheet (A) + (B) - (C)		(2,112,916	)		(232,570	)		(1,880,346	)
Net defined benefit liability		104,612			2,457			102,155
Net defined benefit asset		(2,217,529	)		(235,027	)		(1,982,502	)

(2) Net periodic cost of retirement benefits


	(in millions of yen)
	For the fiscal year ended March 31, 2025 (A)			Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2024 (B)
Net periodic cost of retirement benefits regarding defined benefit pension plans		(100,926	)		(69,561	)		(31,364	)
Service cost		47,922			(1,312	)		49,234
Interest cost		33,890			4,091			29,799
Expected return on plan assets		(108,485	)		(14,166	)		(94,319	)
Amortization of unrecognized prior service cost		(703	)		(802	)		99
Amortization of unrecognized net actuarial loss		(85,570	)		(44,858	)		(40,711	)
Other		12,019			(12,513	)		24,533

(3) Assumptions used in calculation of projected benefit obligation


	As of March 31, 2025
Discount rates		Domestic consolidated subsidiaries	0.70%~2.63%
		Overseas consolidated subsidiaries	1.99%~11.96%
Expected return		Domestic consolidated subsidiaries	1.80%~4.10%
		Overseas consolidated subsidiaries	3.30%~11.96%

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

(1) Benefit obligation


	(in millions of yen)
	As of March 31, 2025 (A)		Increase (Decrease) (A) - (B)		As of March 31, 2024 (B)
Projected benefit obligation (A)		1,083,285		(128,445)		1,211,731
Discount rates		(2.3% ~ 2.6%)				(1.4% ~ 1.8%)
Fair value of plan assets (B)		2,539,516		73,204		2,466,312
Prepaid pension cost (C)		831,781		100,847		730,933
Reserve for retirement benefits (D)		16,909		(3,512)		20,421
Total amount unrecognized (A) - (B) + (C) - (D)		(641,359)		(97,290)		(544,069)
Unrecognized net actuarial loss		(641,326)		(97,459)		(543,866)
Unrecognized prior service cost		(33)		169		(202)
(2) Net periodic cost
	(in millions of yen)
	For the fiscal year ended March 31, 2025 (A)		Increase (Decrease) (A) - (B)		For the fiscal year ended March 31, 2024 (B)
Net periodic cost of retirement benefits		(58,035)		(43,530)		(14,505)
Service cost		29,634		(2,709)		32,344
Interest cost		24,780		2,898		21,882
Expected return on plan assets		(65,804)		(2,811)		(62,992)
Amortization of unrecognized prior service cost		(168)		25		(194)
Amortization of unrecognized net actuarial loss		(66,708)		(28,244)		(38,463)
Other		20,228		(12,688)		32,917

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(1) Benefit obligation


	(in millions of yen)
	As of March 31, 2025 (A)			Increase (Decrease) (A) - (B)			As of March 31, 2024 (B)
Projected benefit obligation(A)		250,949			(28,160	)		279,110
Discount rates		(2.1% ~ 2.4%)						(1.3% ~ 1.7%)
Fair value of plan assets(B)		948,609			8,521			940,088
Prepaid pension cost(C)		555,465			62,697			492,768
Reserve for retirement benefits(D)		—			—			—
Total amount unrecognized(A) - (B) + (C) - (D)		(142,194	)		26,015			(168,209	)
Unrecognized net actuarial loss		(143,088	)		26,237			(169,325	)
Unrecognized prior service cost		893			(221	)		1,115
(2) Net periodic cost
	(in millions of yen)
	For the fiscal year ended March 31, 2025 (A)			Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2024 (B)
Net periodic cost of retirement benefits		(45,584	)		(26,931	)		(18,653	)
Service cost		4,368			(463	)		4,831
Interest cost		4,478			809			3,668
Expected return on plan assets		(38,856	)		(11,390	)		(27,465	)
Amortization of unrecognized prior service cost		221			—			221
Amortization of unrecognized net actuarial loss		(16,410	)		(16,016	)		(393	)
Other		613			129			484

Mitsubishi UFJ Financial Group, Inc.

(Reference)

1. Financial Statements

BK Non-consolidated

(1) Non-consolidated Balance Sheets (selected items)


(in millions of yen)	As of March 31, 2024			As of March 31, 2025
Assets:
Cash and due from banks		89,284,902			89,553,911
Call loans		1,266,925			1,489,909
Receivables under resale agreements		1,241,358			3,031,388
Monetary claims bought		4,730,143			4,248,428
Trading assets		6,263,383			5,602,554
Money held in trust		37,178			32,798
Securities		69,957,384			69,147,025
Loans and bills discounted		103,444,984			107,742,591
Foreign exchanges		2,030,007			1,374,506
Other assets		10,604,231			10,785,183
Tangible fixed assets		688,751			676,397
Intangible fixed assets		493,516			509,097
Prepaid pension costs		730,933			831,781
Deferred tax assets		265,948			274,421
Customers’ liabilities for acceptances and guarantees		9,335,180			9,597,403
Allowance for credit losses		(841,518	)		(530,929	)

Total assets		299,533,310			304,366,471

Mitsubishi UFJ Financial Group, Inc.


(in millions of yen)	As of March 31, 2024			As of March 31, 2025
Liabilities:
Deposits		200,064,588			202,712,799
Negotiable certificates of deposit		10,912,738			11,625,450
Call money		683,360			730,676
Payables under repurchase agreements		14,790,983			21,795,415
Commercial papers		2,807,589			3,062,422
Trading liabilities		3,355,951			3,011,694
Borrowed money		34,810,924			29,946,265
Foreign exchanges		3,719,588			2,592,757
Bonds payable		1,250,571			1,109,130
Other liabilities		8,105,838			8,785,154
Reserve for bonuses		85,950			92,495
Reserve for bonuses to directors		148			267
Reserve for stocks payment		4,597			4,423
Reserve for retirement benefits		20,421			16,909
Reserve for contingent losses		73,000			62,378
Reserves under special laws		—			0
Deferred tax liabilities for land revaluation		82,942			81,148
Acceptances and guarantees		9,335,180			9,597,403

Total liabilities		290,104,373			295,226,792

Net assets:
Capital stock		1,711,958			1,711,958
Capital surplus		3,878,275			3,878,275
Capital reserve		1,711,958			1,711,958
Other capital surplus		2,166,317			2,166,317
Retained earnings		3,637,579			3,710,103
Revenue reserve		190,044			190,044
Other retained earnings		3,447,534			3,520,059
Funds for retirement benefits		2,432			2,432
Reserve for investment promotion taxation		260			852
Other reserve		718,196			718,196
Earned surplus brought forward		2,726,645			2,798,577
Treasury stock		(645,700	)		(645,700	)

Total shareholders’ equity		8,582,112			8,654,637

Net unrealized gains (losses) on available-for-sale securities		1,499,245			1,277,153
Net deferred gains (losses) on hedging instruments		(814,862	)		(948,300	)
Land revaluation excess		162,441			156,189

Total valuation and translation adjustments		846,824			485,042

Total net assets		9,428,937			9,139,679

Total liabilities and net assets		299,533,310			304,366,471

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

(2) Non-consolidated Statements of Income (selected items)


(in millions of yen)	For the fiscal year ended March 31, 2024			For the fiscal year ended March 31, 2025
Ordinary income		6,807,405			7,364,065
Interest income		4,942,626			5,179,269
Interest on loans and bills discounted		3,086,665			3,005,753
Interest and dividends on securities		887,669			1,175,747
Fees and commissions		807,090			870,242
Trading income		110,789			101,651
Other operating income		491,974			399,562
Other ordinary income		454,925			813,339
Ordinary expenses		5,807,634			6,156,555
Interest expenses		3,446,842			3,599,035
Interest on deposits		1,675,678			1,727,362
Fees and commissions		151,400			161,746
Trading expenses		1,217			3,910
Other operating expenses		469,385			909,207
General and administrative expenses		1,339,058			1,308,243
Other ordinary expenses		399,730			174,412

Ordinary profits		999,771			1,207,510

Extraordinary gains		20,745			80,403
Extraordinary losses		25,755			11,289

Income before income taxes		994,760			1,276,624

Income taxes - current		244,385			183,469
Income taxes - deferred		(53,885	)		133,977

Total taxes		190,499			317,446

Net income		804,260			959,178

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(1) Non-consolidated Balance Sheets (selected items)


(in millions of yen)	As of March 31, 2024			As of March 31, 2025
Assets:
Cash and due from banks		13,589,516			13,562,026
Call loans		320,000			730,000
Receivables under resale agreements		81,636			84,905
Receivables under securities borrowing transactions		151,538			130,708
Monetary claims bought		15			15
Trading assets		70,459			88,909
Money held in trust		14,824			13,864
Securities		16,050,790			14,518,485
Loans and bills discounted		2,220,225			2,339,672
Foreign exchanges		281,805			175,657
Other assets		2,124,530			1,344,091
Tangible fixed assets		125,067			112,161
Intangible fixed assets		91,078			88,450
Prepaid pension costs		492,768			555,465
Customers’ liabilities for acceptances and guarantees		39,201			44,005
Allowance for credit losses		(966	)		(932	)

Total assets		35,652,492			33,787,488

Mitsubishi UFJ Financial Group, Inc.


(in millions of yen)	As of March 31, 2024			As of March 31, 2025
Liabilities:
Deposits		12,749,342			13,257,880
Negotiable certificates of deposit		5,385,777			5,746,397
Call money		1,493,171			2,038,024
Payables under repurchase agreements		6,191,612			5,464,023
Commercial papers		234,941			133,307
Trading liabilities		218,314			278,494
Borrowed money		2,087,312			1,578,850
Foreign exchanges		367,658			543,047
Short-term bonds payable		230,987			199,766
Bonds payable		30,000			30,000
Due to trust accounts		3,199,300			1,565,953
Other liabilities		1,038,897			689,059
Reserve for bonuses		5,571			6,081
Reserve for bonuses to directors		102			176
Reserve for stocks payment		3,891			3,556
Reserve for contingent losses		7,100			5,092
Deferred tax liabilities		189,776			156,082
Deferred tax liabilities for land revaluation		3,689			3,755
Acceptances and guarantees		39,201			44,005

Total liabilities		33,476,650			31,743,556

Net assets:
Capital stock		324,279			324,279
Capital surplus		455,970			455,970
Capital reserve		250,619			250,619
Other capital surplus		205,351			205,351
Retained earnings		1,358,924			1,352,802
Revenue reserve		73,714			73,714
Other retained earnings		1,285,210			1,279,088
Funds for retirement benefits		710			710
Reserve for investment promotion taxation		281			281
Other reserve		138,495			138,495
Earned surplus brought forward		1,145,723			1,139,601
Treasury stock		(299,999	)		(299,999	)

Total shareholders’ equity		1,839,173			1,833,051

Net unrealized gains (losses) on available-for-sale securities		250,557			179,477
Net deferred gains (losses) on hedging instruments		85,588			31,040
Land revaluation excess		523			362

Total valuation and translation adjustments		336,668			210,879

Total net assets		2,175,842			2,043,931

Total liabilities and net assets		35,652,492			33,787,488

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(2) Non-consolidated Statements of Income (selected items)


(in millions of yen)	For the fiscal year ended March 31, 2024		For the fiscal year ended March 31, 2025
Ordinary income		1,436,971		1,542,316
Trust fees		120,757		126,186
Interest income		1,005,801		997,567
Interest on loans and bills discounted		74,186		91,803
Interest and dividends on securities		697,894		685,304
Fees and commissions		163,247		177,673
Trading income		24		30
Other operating income		58,754		92,267
Other ordinary income		88,386		148,590
Ordinary expenses		1,356,388		1,317,351
Interest expenses		884,979		821,011
Interest on deposits		107,503		124,346
Fees and commissions		54,335		58,346
Trading expenses		13,884		48,149
Other operating expenses		113,372		190,288
General and administrative expenses		212,235		190,497
Other ordinary expenses		77,581		9,057

Ordinary profits		80,583		224,965

Extraordinary gains		2,177		2,390
Extraordinary losses		7,630		27,503

Income before income taxes		75,130		199,852

Income taxes - current		13,599		39,902
Income taxes - deferred		3,727		5,713

Total taxes		17,326		45,616

Net income		57,803		154,236

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(3) Statements of Trust Assets and Liabilities

Including trust assets under service-shared co-trusteeship


(in millions of yen)	As of March 31, 2024		As of March 31, 2025
Assets:
Loans and bills discounted		1,569,969		1,507,955
Securities		80,134,164		82,297,398
Beneficiary rights to the trust		145,116,404		171,790,489
Securities held in custody accounts		3,886,180		3,182,746
Monetary claims		34,138,163		37,473,051
Tangible fixed assets		22,750,084		24,848,502
Intangible fixed assets		186,122		229,603
Other claims		3,312,930		4,279,871
Call loans		4,455,397		5,651,749
Due from banking account		6,170,680		4,244,900
Cash and due from banks		6,181,323		6,403,878

Total		307,901,420		341,910,148

Liabilities:
Money trusts		37,371,516		39,222,424
Pension trusts		12,760,480		13,366,896
Property formation benefit trusts		5,738		5,228
Investment trusts		145,025,458		170,479,519
Money entrusted other than money trusts		7,167,100		7,388,623
Securities trusts		6,145,365		5,392,692
Monetary claim trusts		29,767,810		32,124,384
Equipment trusts		226,799		412,714
Land and fixtures trusts		18,425		18,442
Composite trusts		69,412,725		73,499,220

Total		307,901,420		341,910,148


Note:	1.	The table shown above includes master trust assets under the service-shared co-trusteeship between TB and The Master Trust Bank of Japan, Ltd.
	2.	Trust assets and liabilities under a declaration of trust excluded from above table are 26,247 millions of yen as of March 31, 2024 and 32,651 millions of yen as of March 31, 2025.

Detailed information for “Money trust” with contracts indemnifying the principal amounts (including trusts for which beneficiary interests are re-entrusted)


(in millions of yen)	As of March 31, 2024		As of March 31, 2025
Assets:
Loans and bills discounted		3,119		2,468
Other		3,289,438		1,713,079

Total		3,292,557		1,715,548

Liabilities:
Principal		3,292,449		1,715,116
Allowance for bad debts		9		7
Other		99		424

Total		3,292,557		1,715,548

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

(4) Major Items


(in millions of yen)	As of March 31, 2024		As of March 31, 2025
Total funds		68,272,855		71,598,827

Deposits		12,749,342		13,257,880
Negotiable certificates of deposit		5,385,777		5,746,397
Money trusts		37,371,516		39,222,424
Pension trusts		12,760,480		13,366,896
Property formation benefit trusts		5,738		5,228

Loans and bills discounted		3,790,194		3,847,628

Banking account		2,220,225		2,339,672
Trust account		1,569,969		1,507,955

Investment securities		96,184,954		96,815,884


Note:		The table shown above includes master trust assets under the service-shared co-trusteeship between TB and The Master Trust Bank of Japan, Ltd.