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Hironori Kamezawa - President, Group CEO, Representative Corporate Executive & Director
Hironori Kamezawa - President, Group CEO, Representative Corporate Executive & Director
This is Kamezawa. Thank you for taking time out of your busy schedule today to attend this MUFG IR presentation. Since CFO, Togawa, explained the contents of the FY '23 financial results at the recent web conference already, I would like to just touch on the financial results very briefly today and focus on the review of the previous medium-term business plan and the new 3-year medium-term business plan starting this current fiscal year.
這是龜澤。感謝您今天在百忙之中抽出時間來參加這次 MUFG IR 演示。由於財務長戶川先生已經在最近的網路會議上解釋了 23 財年財務業績的內容，因此我今天想簡單地談談財務業績，並重點回顧之前的中期經營計劃和從本財年開始的新的三年中期業務計劃。
Please proceed to Page 6 of the material. In FY '23, net profits or profits attributable to owners of parent Line 6 was JPY 1,490.7 billion, a historical high since the establishment of MUFG. The impact of the sale of Union Bank was reversed in a single year, resulting in an increase of approximately JPY 370 billion year-on-year. The main reason for this was a significant increase in NOP due to enhanced earnings power, especially in the customer segments.
請繼續閱讀資料的第 6 頁。 23財年，淨利或歸屬於母公司6號線所有者的利潤為14,907億日元，創三菱日聯金融集團成立以來的歷史新高。出售聯合銀行的影響僅一年就扭轉，年增約3700億日圓。主要原因是由於獲利能力增強，尤其是在客戶群中，NOP 大幅增加。
Please turn to Page 7, performance target for FY '24. We have set a target of JPY 1.5 trillion for profits attributable to owners of parent. The negative impact of appreciation in FY '24 will be offset mainly by increasing NOP. Please turn to Page 9, a review of the financial results of the previous medium-term business plan. Over the 3-year period, our operation had focused on the ROE with profits, expenses and risk-weighted assets as the 3 drivers in order to secure achievement of our ROE target of 7.5%.
請參閱第 7 頁，24 財年的績效目標。我們設定了母公司所有者應占利潤1.5兆日圓的目標。 24 財年升值的負面影響將主要透過增加 NOP 來抵銷。請翻至第9頁，回顧先前的中期經營計畫的財務表現。三年來，我們的營運重點關注ROE，以利潤、費用和風險加權資產為三大驅動因素，以確保實現7.5%的ROE目標。
Profits bottom left, that is profits attributable to owners of parent exceeded JPY 1 trillion, 3 years in a row, reaching JPY 1,490.7 billion in FY '23, far exceeding the target as a result of steady completion of our growth strategy and growth in NOP in the customer segment. Considering that the profit for FY '20 was JPY 777 billion. This means that we have achieved profit growth above JPY 700 billion in 3 years. Expenses bottom center, excluding the impact of foreign exchange, was controlled below the FY '20 level as originally targeted. Resources generated through structural reforms, including the sale of Union Bank and control of base expense were redirected to growth areas, both in Japan and overseas, leading to expansion of businesses.
利潤左下，即歸屬於母公司所有者的利潤連續三年超過1萬億日元，23財年達到14,907億日元，遠遠超過目標，這是由於我們的增長戰略的穩步完成和NOP的增長在客戶群中。考慮到 20 財年的利潤為 7,770 億日圓。這意味著我們在3年內實現了7,000億日圓以上的利潤成長。扣除外匯影響後，費用底部中心被控制在 20 財年原定目標水準以下。透過結構性改革（包括出售聯合銀行和控制基本費用）產生的資源被重新分配到日本和海外的成長領域，從而實現業務擴張。
Risk-weighted assets shown bottom right, were controlled to the equivalent level of that end of FY '20, excluding the impact of foreign exchange rates, considering the fact that we were able to significantly increase profits, we believe that we were able to thoroughly manage our operations with a focus on risk return. Page 10 shows the efforts and major achievements to increase shareholder value. Over the past 3 years, we have worked hard on our growth strategy, structural reforms and capital management, raising ROE resulting in a P/B ratio near 1x. In addition, we have taken steps for future growth. Please continue to the next page.
右下所示的風險加權資產，控制在20財年末的同等水平，排除匯率的影響，考慮到我們能夠大幅增加利潤，我們相信我們能夠徹底管理我們的運營，重點關注風險回報。第10頁顯示了為增加股東價值所做的努力和主要成就。過去3年，我們在成長策略、結構改革和資本管理上下功夫，ROE不斷提升，市淨率接近1倍。此外，我們也為未來的成長採取了措施。請繼續閱讀下一頁。
Under our purpose, committed to empowering a brighter future and with the initiatives of corporate transformation, we are making significant progress in gaining a firmer grasp in each area. I will discuss the details later along with the future initiatives. As you can see on the right, we also use capital for future growth. While we completed the sale of Union Bank to U.S. Bancorp, over the past 3 years, we have made more than JPY 700 billion in strategic investments in our focus areas of Asia, digital and AM/IS to expand our business portfolio for future sustainable growth.
在「致力於創造更美好未來」的宗旨下，透過企業轉型舉措，我們在各個領域都取得了重大進展。我稍後將討論細節以及未來的舉措。正如您在右側看到的，我們也將資本用於未來的成長。在我們完成將聯合銀行出售給美國合眾銀行的同時，在過去的三年裡，我們在亞洲、數位和AM/IS 等重點領域進行了超過7000 億日元的戰略投資，以擴大我們的業務組合，實現未來的永續成長。
Next page, Page 12, shows a growth of profits attributable to owners of parent and trends of its components. You can see how we have improved our earning power by diversifying our business portfolio while flexibly responding to changes in the environment. While the yen denominated net interest income, the red line graph remained low due to the extremely low interest rate environment, foreign currency-denominated net interest income, the orange line graph and net fees and commissions, a yellow line graph grew substantially and profits attributable to owners of parent. The bar graph reached a record high.
下一頁，第 12 頁，顯示了歸屬於母公司所有者的利潤成長及其組成部分的趨勢。大家可以看到我們是如何透過業務組合多元化，同時靈活應對環境變化來提高獲利能力的。而以日圓計價的淨利息收入，紅線圖因極低利率環境而保持較低水平，外幣計價的淨利息收入，橙線圖和淨手續費及佣金，黃線圖大幅增長，歸屬於利潤給父母的所有者。長條圖創下歷史新高。
Page 13 shows trend of EPS and total number of issued common stock. In addition to steady profit growth, EPS grew significantly and reached the highest level since the establishment of MUFG as a result of continued efforts to buy back shares. The total number of issued common stock has recently returned to a level close to that before the capital increase in fiscal 2008. Please turn to Page 14.
第13頁顯示了每股盈餘和已發行普通股總數的趨勢。在獲利穩定成長的同時，由於持續回購股票，每股盈餘大幅成長，達到三菱日聯金融集團成立以來的最高水準。最近發行的普通股總數已恢復到接近2008財年增資前的水平。
To conclude my review of the previous MTBP, I'd like to take a bird's eye view of our business portfolio and talk about the strength of MUFG. In Japan, which accounts for just under 50% of our revenue, our largest customer base and balance sheet will be the source of our competitiveness and profitability going forward. As Japan gets out of deflation, welcoming the world of positive interest rate and achieve recovery in Asia, which accounts for more than 20% of our revenue,. Bottom left, MUFG's exposure in the APAC region is already the largest in the world. By leveraging our platform, which includes our franchise with partner banks at the core plus the digital financial players we have invested in so far, we are now able to connect with people's various economic activities. We believe we are positioned advantageously to capture Asia's high economic growth in a multidimensional manner.
作為對先前 MTBP 的回顧的總結，我想鳥瞰一下我們的業務組合併談談 MUFG 的實力。日本占我們收入的近 50%，我們最大的客戶群和資產負債表將成為我們未來競爭力和獲利能力的來源。隨著日本走出通貨緊縮，迎接正利率的世界，占我們收入20%以上的亞洲實現復甦。左下角，三菱日聯金融集團在亞太地區的業務已經是全球最大的。透過利用我們的平台，包括我們以合作銀行為核心的特許經營權以及我們迄今為止投資的數位金融參與者，我們現在能夠與人們的各種經濟活動建立聯繫。我們相信，我們處於有利位置，能夠以多維度的方式捕捉亞洲經濟的高速成長。
Top right, the U.S., the world's largest economic zone accounts for about 30% of our revenue. In addition to concentrating our resources in the wholesale business and continuing steady profit growth through Morgan Stanley, we are also able to capture stable growth of the U.S. economy as a whole. We also have the functional strength to support these activities. In addition to the world's #1 product strength in project finance and other areas and the integrated management structure of GCIB in Europe and in the U.S., we have complementary functions and market presence deriving from our alliance with Morgan Stanley. The only partnership forged between global financial institutions in the world. In the AM area, (inaudible) has surpassed JPY 9 trillion in total asset series and has a top share of publicly offered equity investment trust.
右上角是美國，世界上最大的經濟區，約占我們收入的 30%。除了將資源集中在批發業務上，透過摩根士丹利持續穩定的利潤成長之外，我們還能夠抓住美國經濟整體的穩定成長。我們也有能力支持這些活動。除了在專案融資等領域全球排名第一的產品實力以及GCIB在歐洲和美國的一體化管理結構之外，我們還與摩根士丹利結盟，實現了功能互補和市場佔有率。全球金融機構之間建立的唯一合作關係。在AM領域，（聽不清楚）總資產系列已超過9兆日圓，在公募股權投資信託中佔有第一的份額。
In the IS area, MUFG is a leader when it comes to asset-management balance in Japan. MUFG has a unique business portfolio that is among the best in the world. We will further evolve this portfolio over the next 3 years and grow in tandem with the global economy. From here, I'd like to talk in detail and outline our new medium-term business plan. Please go to Page 16. First, on environmental awareness. We are now in an era of unprecedented division with a title shift to green and digital technologies accelerating after the COVID-19 pandemic and with swing back of geopolitical risks and globalization.
在IS領域，三菱日聯金融集團在資產管理平衡方面處於日本領先地位。三菱日聯金融集團擁有世界上最好的獨特業務組合。我們將在未來三年內進一步發展這項投資組合，並與全球經濟同步成長。接下來，我想詳細談談並概述我們新的中期業務計劃。請看第16頁。我們現在正處於一個前所未有的分裂時代，在新冠肺炎 (COVID-19) 大流行之後，隨著地緣政治風險和全球化的回潮，標題加速轉向綠色和數位技術。
The networks and solutions we own have the ability to connect. In this era of growing divisions, we hope to help all of our stakeholders advance forward by becoming a force for connection in the midst of this division. Please go to Page 17. This is a basic policy of our new medium-term business plan. We will position these 3 years as 3 years to pursue and produce growth. Viewing the changes in the environment surrounding MUFG as an opportunity. We will aim to realize sustainable growth by taking on more sophisticated initiatives to solve societal issues and by stepping up the gear of our growth strategy in line with these efforts. We will change ourselves in order to remain the trusted and chosen financial group. We will accelerate our corporate transformation through speedy reforms and strengthening of our management foundation, including medium- and long-term growth investments. We will seize growth connect to the future and transform the company. These are the 3 pillars of our medium-term business plan to achieve our purpose.
我們擁有的網路和解決方案具有連接能力。在這個分裂日益嚴重的時代，我們希望成為分裂中的連結力量，幫助所有利害關係人前進。請參閱第17頁。我們將這三年定位為追求成長、創造成長的三年。將三菱日聯金融集團周圍環境的變化視為機會。我們將透過採取更複雜的措施來解決社會問題，並根據這些努力加強我們的成長策略，以實現永續成長。我們將改變自己，以繼續成為值得信賴和選擇的金融集團。我們將透過快速改革和加強管理基礎（包括中長期成長投資）來加速企業轉型。我們將抓住與未來相連的成長並改造公司。這是我們實現目標的中期業務計劃的三大支柱。
Please turn to Page 18, financial targets. Our management policy of focusing on ROE remains unchanged, and we have set our ROE target for FY '26 at approximately 9%. The assumption of the Japanese policy rate is 0.1%. The effect of the measures will raise ROE by about 1%. The target range for the CET1 ratio relative to this is 9.5% to 10.5%. The upper limit of the range has been increased in order to improve transparency in capital management. Profits, expenses and risk-weighted assets are drivers to achieve ROE target, and this also remains unchanged.
請參閱第 18 頁，財務目標。我們關注 ROE 的管理政策保持不變，我們將 26 財年的 ROE 目標設定為約 9%。日本政策利率假設為0.1%。這些措施的效果將使ROE提高約1%。相對於此，CET1 比率的目標範圍是 9.5% 至 10.5%。提高範圍上限是為了提高資本管理的透明度。利潤、費用和風險加權資產是實現ROE目標的驅動力，這一點也沒有改變。
The first profit, we aim to achieve net operating profit of at least JPY 2.1 trillion in FY '26, an increase of 30% over FY '23 and profits attributable to owners of parent of at least JPY 1.6 trillion. The second expenses target is to continue disciplined management of expenses with an expense ratio of approximately 60% for the same year. And the third target is to replace risk-weighted assets with more profitable assets. We hope to realize our ROE target for FY '26 and to shoot for ROE of 9% to 10%, which we have set as a mid- to long-term goal. Page 19 shows profit growth and the growth potential associated with the changes in the environment. Over the past 3 years, we have increased net operating profit by JPY 400 billion. And over the next 3 years, we aim to further increase the growth of NOP by over JPY 500 billion to more than JPY 2.1 trillion.
第一個利潤，我們的目標是在 26 財年實現至少 2.1 兆日圓的淨利潤，比 23 財年增長 30%，歸屬於母公司所有者的利潤至少 1.6 兆日圓。第二個費用目標是繼續嚴格費用管理，當年費用率約60%。第三個目標是用利潤較高的資產取代風險加權資產。我們希望實現 26 財年的 ROE 目標，並爭取達到 9% 至 10% 的 ROE，這是我們設定的中長期目標。第19頁顯示了與環境變化相關的利潤成長和成長潛力。過去3年，我們的淨利增加了4,000億日圓。未來 3 年，我們的目標是將 NOP 的成長進一步提高 5,000 億日圓以上，達到 2.1 兆日圓以上。
As I mentioned on the previous slide, these figures are not based on the assumption that yen interest rates will rise in the future. We estimate the impact of future rise in the interest rates on our business performance to be of an increase of JPY 85 billion to JPY 150 billion if yen interest rates rise at 15 bps (inaudible) as shown on the right. Page 20, about the evolution of our growth strategies. We have developed our business into 4 quadrants of products and channels, existing and new products and extracted areas of focus for growth over the next 3 years. And after thorough discussion in house, 7 growth strategies were formulated.
正如我在上一張投影片中提到的，這些數字並不是基於日圓利率未來將會上升的假設。我們預計，如果日圓利率上升 15 個基點（聽不清楚），未來利率上升對我們經營業績的影響將增加 850 億日圓至 1,500 億日元，如右圖所示。第 20 頁，關於我們成長策略的演變。我們將業務發展為產品和通路、現有產品和新產品的 4 個象限，並提取了未來 3 年成長的重點領域。經過內部充分討論，制定了7項成長策略。
As shown on the right side, from 1 to 3, we will establish a competitive advantage by refining the solution capabilities and strengthening our risk-taking capabilities in the following 3 areas: strengthening of our domestic retail customer base, strengthening our corporate wealth management business, enhancing our GCIB global market integrated business model. For domestic retail, we will expand lifetime value through the evolution of the customer experience and for corporate and wealth management, we will accelerate the efforts to meet people's succession needs. And for GCIB and global market integration, we will expand into adjacent areas where we can leverage the strength of our core businesses.
如右圖1至3所示，我們將在以下3個領域透過細化解決方案能力和增強風險承擔能力來建立競爭優勢：加強我們的國內零售客戶基礎、加強我們的企業財富管理業務，增強我們的GCIB全球市場一體化業務模式。對於國內零售，我們將透過客戶體驗的演變來擴大終身價值；對於企業和財富管理，我們將加快努力滿足人們的繼任需求。為了 GCIB 和全球市場一體化，我們將擴展到可以利用核心業務優勢的鄰近領域。
Fourth is strengthening the APAC business and platform resilience in Asia. In addition to the organic growth of our partner banks, we will expand our business areas, mainly in the digital domain and expand MUFG's economic sphere. This contributing to realizing Japan as an asset management center, we will strengthen our asset management capabilities in Japan and overseas to meet the asset management needs of the next generation. Sixth to support the value chain from the GX perspective, we will provide solutions to management issues that go beyond financing to support and promote GX investment by our customers.
第四是加強亞洲的亞太地區業務和平台彈性。除了合作銀行的有機成長外，我們還將擴大我們的業務領域，主要是數位領域，並擴大三菱日聯金融集團的經濟領域。為實現日本成為資產管理中心做出貢獻，我們將加強日本和海外的資產管理能力，以滿足下一代的資產管理需求。第六，從GX的角度支援價值鏈，我們將提供超越融資的管理問題的解決方案，以支持和促進客戶對GX的投資。
Finally, the seven is our strategy is the challenge to build a new business portfolio. We will take on the challenge of developing new businesses in areas other than existing channels and services in light of social and customer challenges and new technological developments. Page 21 shows the contribution of growth strategies to NOP growth. We will increase net operating profit by JPY 500 billion in 3 years by completing our growth strategy while further raising the profitability of BS in view of changes in the interest rate environment.
最後，七是我們的策略是建構新業務組合的挑戰。我們將根據社會和客戶挑戰以及新技術發展，迎接在現有管道和服務以外的領域開發新業務的挑戰。第 21 頁顯示了成長策略對 NOP 成長的貢獻。我們將根據利率環境的變化，進一步提高BS的獲利能力，同時完成成長策略，3年內將營業利潤增加5,000億日圓。
Please see Page 22. We have rushed up our priorities to realize sustainable environment and society. We will accelerate our efforts by integrating our contribution to solving societal issues into a management strategy. On Page 23, this is our past initiatives and newly established KPIs related to our priorities. In addressing climate change, we are directly participating in initiatives such as the NZBA, and the World Bank's private sector investment lab, contributing to the creation of our international framework for transition finance. This is one of the initiatives in which MUFG has demonstrated its unique international leadership. By further accelerating our efforts to date and challenging ambitious KPIs shown on the right, we will link our efforts to solving social issues to the expansion of business opportunities and enhance the social and economic value of MUFG.
請參閱第 22 頁。我們將加快努力，將解決社會問題的貢獻納入經營策略。在第 23 頁，這是我們過去的措施和新制定的與我們的優先事項相關的 KPI。在應對氣候變遷方面，我們直接參與了 NZBA 和世界銀行私營部門投資實驗室等舉措，為建立我們的國際轉型融資框架做出了貢獻。這是三菱日聯金融集團展現其獨特的國際領導力的舉措之一。透過進一步加快迄今為止的努力並挑戰右側所示的雄心勃勃的關鍵績效指標，我們將把解決社會問題的努力與擴大商業機會聯繫起來，並提高三菱日聯金融集團的社會和經濟價值。
Page 24 is about corporate transformation. Through the various initiatives we have undertaken thus far, I feel that the mindset of employees to take on challenges on their own has become much more widespread within the company. We have also reformed our HR system to support this mindset. Moving forward, we will accelerate our corporate transformation by continuing our past efforts while also working to increase speed and strengthen our management foundation and create a corporate culture in which each and every employee thinks independently makes decisions independently in an agile manner. Please proceed to the next page.
第24頁是關於企業轉型的。透過我們迄今為止採取的各種舉措，我感覺到員工自己迎接挑戰的心態在公司內部變得更加普遍。我們也改革了人力資源系統來支持這種心態。下一步，我們將繼往開來，加速企業轉型，加快速度，夯實管理基礎，營造每位員工獨立思考、獨立敏捷的企業文化。請繼續閱讀下一頁。
As shown on the left, we will accelerate transformation through 4 initiatives, namely accelerate agility transformation, expand human capital investment, increase system development capacity and enhance AI and data infrastructure. Specifically, we have added agility to the new value of MUFG way, and we have established an organization dedicated to consolidating and developing AI intelligence across the company. We also need to strengthen our management foundation to support the 3 pillars of our medium-term business plan that I have discussed so far. On the right, we will raise overall system investment to JPY 800 billion, an increase of weight of strategic investments and projects to strengthen the foundation. Page 26 is the cost control. On the left, over the past 3 years, the expense ratio has improved from about 69% to 61% due to a decrease in total expenses and an increase in gross profit. In the next 3 years, we will invest resources in business enhancement, infrastructure reinforcement and system-related expenses.
如左圖所示，我們將透過四項措施加速轉型，即加速敏捷轉型、擴大人力資本投入、提升系統開發能力、強化人工智慧和資料基礎設施。具體來說，我們為MUFG方式的新價值增添了敏捷性，並且我們建立了一個致力於在整個公司範圍內鞏固和發展AI智慧的組織。我們還需要加強我們的管理基礎，以支持我迄今為止討論過的中期業務計劃的三大支柱。右邊，我們將把整體系統投資提高到8,000億日元，增加戰略投資和強化基礎項目的權重。第26頁是成本控制。左邊，過去3年，由於總費用減少和毛利增加，費用比率從約69%改善至61%。未來3年，我們將投入資源於業務提升、基礎設施強化及系統相關開支。
At the same time, we will use a combination of expense ratio control measures and actual expense control with thorough discipline and improved the expense ratio to around 60%. And Page 27 is risk-weighted asset control. We aim to raise the ROE of the entire company by reducing unprofitable assets and selling equity holdings, while promoting the replacement of assets with more profitable ones and slightly increasing the net ROE. Page 28 is about inorganic strategy. On the left, the profitability of our investments to date in partner banks and overseas AM/IS has, on average, grown to 10% in ROE after amortization of goodwill, driving up the company-wide ROE.
同時，嚴格執行費用率控制措施和實際費用控制相結合，將費用率提高到60%左右。第27頁是風險加權資產控制。我們的目標是透過減少不良資產和出售股權來提高整個公司的ROE，同時推動盈利能力較高的資產置換，並小幅提高淨ROE。第 28 頁是關於無機策略的。左邊，到目前為止，我們在合作銀行和海外 AM/IS 的投資盈利能力在商譽攤銷後平均 ROE 增長至 10%，從而推高了全公司的 ROE。
Furthermore, we are accelerating the investments in nonbanks in Asia, where economic growth is remarkable and in digital financial players that could become top players in the future, expecting to reach an ROE before amortization of around 20% in FY 2033. Going forward, we will focus on 4 key areas: digital, Asia, overseas, AM/IS plus new businesses. We aim to build a business portfolio that can achieve medium- to long-term growth while making disciplined utilization of capital.
此外，我們正在加快對經濟成長顯著的亞洲非銀行機構以及未來可能成為頂級參與者的數位金融企業的投資，預計在2033財年攤銷前淨資產收益率達到20%左右。將重點放在4個關鍵領域：數位、亞洲、海外、AM/IS以及新業務。我們的目標是建立一個能夠實現中長期成長、同時嚴格利用資本的業務組合。
Page 29 is about the enhancement of our strategic alliance with Morgan Stanley. In April of this year, the Global Steering Committee, the first meeting since Ted Pick became CEO was held in Tokyo to discuss further collaboration. Through close collaboration at various levels, including the heads of business divisions of both companies, we will deepen our existing collaboration and expand it into new areas shown in the upper right corner of this slide. In the domestic securities business, Mitsubishi UFJ, Morgan Stanley Securities, Morgan Stanley MUFG Securities and AU Kabucom Securities will work together to become the top securities company here in Japan.
第 29 頁是關於加強我們與摩根士丹利的策略聯盟。今年 4 月，全球指導委員會在東京召開，這是 Ted Pick 擔任執行長以來的首次會議，討論進一步的合作。透過包括兩家公司業務部門負責人在內的各個層面的密切合作，我們將深化現有合作並將其擴展到本投影片右上角所示的新領域。在國內證券業務方面，三菱日聯證券、摩根士丹利證券、摩根士丹利MUFG證券和AU Kabucom證券將共同努力成為日本頂級證券公司。
Please turn to Page 30. This is our basic policy for capital allocation. Disciplined capital management will remain unchanged. While maintaining financial soundness, we will also utilize capital for growth and strive to enhance shareholder returns. The following pages describe our specific capital management policies. Page 31 is capital allocation policy. The left side shows an image of capital allocation over the past 3 years. We have returned approximately JPY 2 trillion to shareholders, which is about half of the allocation source cumulatively over the 3 years, while also making strategic investments for growth.
請翻至第30頁。嚴格的資本管理將保持不變。在保持財務穩健的同時，我們也將利用資本促進成長，努力提高股東回報。以下幾頁描述了我們具體的資本管理政策。第31頁是資本配置政策。左側顯示了過去3年的資本配置。我們已向股東返還約 2 兆日圓，約佔過去 3 年累計分配來源的一半，同時也進行策略性投資以促進成長。
As shown on the right, we have set our dividend payout ratio at approximately 40% for the next 3 years based on the progressive dividends based on profit growth, we will continue disciplined capital management and strike a balance between investment for sustainable growth and shareholder returns. Page 32 is a capital management policy. In the past, they have been phases in which we have exceeded our target range as a result of prioritizing retained earnings when uncertainty of the business environment heightened. Going forward, the upper limit of the target range will be increased to 10.5% in order to improve the transparency of capital management while maintaining progressive dividend payments as a basis of our returns policy, we will consider additional shareholder returns and the use of capital for growth in light of the business environment.
如右圖所示，我們將未來3年的股息支付率設定在40%左右，並根據利潤增長進行累進分紅，我們將繼續嚴格的資本管理，在可持續增長投資與股東回報之間取得平衡。第32頁是資本管理政策。過去，當經營環境的不確定性加劇時，我們曾出現過因優先考慮留存收益而超出目標範圍的階段。展望未來，目標區間上限將提高至10.5%，以提高資本管理的透明度，同時維持漸進式股利支付作為我們回報政策的基礎，我們將考慮額外的股東回報和資本的使用營商環境的成長。
Page 33 is the actual results of the shareholder return. The total payout to shareholders in FY '23 was JPY 888 billion, total payout ratio of approximately 60%. For FY '24, we are forecasting an annual dividend of JPY 50 per share, an increase of JPY 9 per share for the second consecutive year. The payout ratio will be approximately 40%. In addition, we have resolved to repurchase up to JPY 100 billion of our own shares. We will continue to aim for stable and sustainable increase of dividend per share through profit growth.
第33頁是股東回報的實際結果。 23財年向股東支付的總派息為8,880億日元，總派息率約60%。對於 24 財年，我們預計年度股利為每股 50 日圓，連續第二年增加每股 9 日圓。支付率約40%。此外，我們也決定回購最多1000億日圓的自有股票。我們將繼續致力於透過利潤成長實現每股股息穩定、可持續的成長。
Page 34, reduction of equity holdings. The cumulative book value of shares sold over the past 3 years was JPY 539 billion, exceeding the upwardly revised target. Over the next 3 years, we will further reduce our holdings by setting a sales target of JPY 350 billion. During the next MTBP period, we aim to reduce the ratio of market value to consolidated net assets to less than 20%, including shares deemed to be held by the company.
第34頁，減持股權。過去3年累計出售股票的帳面價值為5,390億日元，超過了上調的目標。未來3年，我們將進一步減持，設定3,500億日圓的銷售目標。在下一個MTBP期間，我們的目標是將市值與合併淨資產的比率降至20%以下，其中包括被視為由公司持有的股份。
Please turn to Page 35. To summarize what I have said so far, I would like to talk about what we, MUFG, are aiming for in our new medium-term business plan. We aim to further increase shareholder value by achieving steady profit growth while at the same time, investing for future growth. With investors' understanding of these efforts, as shown on the right, we would like to start by raising the P/B ratio to a stable level above 1x.
請翻到第35頁。我們的目標是透過實現穩定的利潤成長來進一步增加股東價值，同時投資於未來的成長。隨著投資者對這些努力的理解，如右圖所示，我們希望先將本益比提高到1倍以上的穩定水準。
That concludes my explanation. I would like to ask our investors and rating agencies for their further understanding and cooperation. Thank you.
我的解釋到此結束。請廣大投資者和評級機構進一步理解和配合。謝謝。