Mitsubishi UFJ Financial Group Inc (MUFG) 2025 Q2 法說會逐字稿

Thank you for waiting. We will now begin the online conference call on financial highlights for the first half of the fiscal year ending March 31, 2025 of Mitsubishi UFJ Financial Group.

謝謝您的等待。我們現在將開始召開線上電話會議，介紹三菱日聯金融集團截至 2025 年 3 月 31 日的上半財年的財務要點。

I am Nakao from Investor Relations Office, Financial Planning Division and will serve as the moderator today. Jun Togawa, Senior Managing Corporate Executive and Group CFO, will give a 15 to 20 minute presentation on the financial highlights for the first half of FY24 followed by a Q&A session.

我是財務規劃部投資者關係辦公室的中尾，擔任今天的主持人。高階管理公司執行長兼集團財務長 Jun Tokawa 將就 2024 財年上半年的財務亮點進行 15 至 20 分鐘的演示，隨後進行問答環節。

The entire session is scheduled to be about 50 minutes. Before we begin, let me read the disclaimer. In this presentation, we may state forward-looking statements based on current expectations, all of which are subject to risks and uncertainties. Please be aware that actual results may differ materially from those forecasts.

整個會議預計時間約50分鐘。在我們開始之前，讓我先閱讀免責聲明。在本簡報中，我們可能會根據當前預期做出前瞻性陳述，所有這些都受到風險和不確定性的影響。請注意，實際結果可能與這些預測有重大差異。

We will now begin the financial results briefing. Mr. Togawa, please begin.

我們現在將開始財務業績簡報。戶川先生，請開始。

Good evening. I am Togawa, Group CFO of MUFG. May I thank all the investors, shareholders, and rating agencies for joining MUFG's online conference call today despite the late hour and on a day when many companies are announcing their results.

晚安.我是三菱日聯金融集團集團財務長戶川。感謝所有投資者、股東和評級機構今天在許多公司公佈業績的日子裡，參加了三菱日聯金融集團的線上電話會議，時間已經很晚了。

Please look at the material titled financial highlights under JGAAP for the first half of the fiscal year ending March 31, 2025. First, let me explain our Q2 financial results followed by revised FY24 performance targets, shareholder return measures and progress on the medium term business plan or MTBP.

請查看標題為《JGAAP 財務摘要》的資料，截至 2025 年 3 月 31 日的上半財年。首先，讓我解釋一下我們第二季度的財務業績，然後是修訂後的 2024 財年業績目標、股東回報衡量標準以及中期業務計劃或 MTBP 的進展。

Please turn to page 1. These are the highlights of our first half financial results. For the first half of FY24, net operating profits was JPY1,305.3 billion, up by JPY219.5 billion year-on-year, marking the third consecutive year of record high first half profits.

請翻到第 1 頁。這些是我們上半年財務表現的亮點。24財年上半年，淨利為13,053億日元，年增2,195億日元，連續第三年創下上半年利潤新高。

Net income reached JPY1,258.1 billion, also the highest profit since MUFG was established, and the first time profit exceeded JPY1 trillion in the first half. Excluding the impact of the change in the financial results closing date of Morgan Stanley and Krungsri profits increased by JPY391.5 billion.

淨利達12,581億日圓，也是三菱日聯金融集團成立以來的最高利潤，上半年利潤首度突破1兆日圓。剔除財務績效截止日期變動的影響，摩根士丹利和Krungsri的獲利增加了3,915億日圓。

Furthermore, progress towards the JPY1.5 trillion target set at the beginning of the year is 83%. As explained on the bottom right chart, there are two main drivers of the profit increase. First, the strong performance of customer segments, resulting in a significant increase in profits, even excluding the impact of the change in the closing period of Bank of Ayudhya or Krungsri.

此外，實現年初設定的 1.5 兆日圓目標的進度為 83%。如右下圖所示，利潤成長有兩個主要驅動因素。首先，客戶群的強勁表現，導致利潤大幅增長，即使排除大城銀行或Krungsri銀行關閉期間變化的影響。

Second driver is the recognition of large gains on sale of equity holdings following the trend to accelerate cross shareholding reduction. We believe these factors led to the record high profits. Now, let me start by explaining the profit and loss summary on page 9.

第二個驅動因素是隨著交叉持股加速減持的趨勢，出售股權所帶來的巨額收益得到認可。我們相信這些因素導致了創紀錄的高利潤。現在，讓我開始解釋第 9 頁的損益摘要。

For the first half of FY24, we included nine months' worth of profits for Krungsri in Thailand instead of six months due to the change in the equity method accounting date. The impact of this change for Krungsri is summarized on page 14, so please take a look at it later.

對於 2024 財年上半年，由於權益法會計日期的變化，我們將泰國 Krungsri 的 9 個月利潤納入其中，而不是 6 個月。第 14 頁總結了這項變更對 Krungsri 的影響，因此請稍後查看。

In addition, the FX impact is stronger Yen against the Dollar and weaker Yen against the Thai Baht, vis-a-vis FY23. So the weak yen has a major impact on gross profits and expenses where Krungsri accounts for a large portion and strong yen has impact on net profit where Morgan Stanley accounts for a large part. The amount of impact is shown in the chart on page 1.

此外，與 2023 財年相比，外匯影響包括日圓兌美元走強以及日圓兌泰銖走弱。因此，日圓疲軟對Krungsri佔很大一部分的毛利和費用有重大影響，而日圓升值則對摩根士丹利佔很大一部分的淨利潤產生重大影響。影響程度如第 1 頁的圖表所示。

Now on page 9, line 1 of the table on the left, gross profits increased significantly by JPY424.4 billion year-on-year. line 2 and below shows the breakdown of gross profits.

現在在第9頁左表第1行，毛利較去年同期大幅成長4,24​​4億日圓。第 2 行及以下顯示毛利的細目。

Both net interest income and fee income grew steadily, thanks to capturing the impact of yen interest rate hike, increase in net interest income due to the improved margins and favorable performance in the fee business both domestically and globally such as solutions, wealth management and AM/IS business, as well as impact of change in the accounting period of Krungsri and the impact of acquisitions mainly in Asia.

得益於日圓升息的影響，淨利息收入和手續費收入均穩步增長，淨利息收入因利潤率改善以及解決方案、財富管理和資產管理等國內外手續費業務的良好表現而增加/IS業務，以及Krungsri 會計期間變更的影響以及主要在亞洲進行的收購的影響。

Next, line 6, G&A expenses increased by JPY204.8 billion year-on-year due to the Krungsri impact and the effect of overseas acquisitions, as well as the allocation of resources for growth and increase of overseas compensation costs due to inflation.

接下來，第6行，由於Krungsri影響和海外收購的影響，以及成長資源配置和通貨膨脹導致的海外薪資成本增加，G＆A費用年增2048億日圓。

However, expense ratio improved by 1.1-percentage-points year-on-year to 55.1%. Thanks to successful expense controls coupled with gross profit increase. As a result, Line 8, NOP was JPY1,305.3 billion up by JPY219.5 billion, setting a new first half record for the third consecutive period and demonstrating our strong earning power.

不過，費用率較去年改善1.1個百分點至55.1%。得益於成功的費用控制和毛利的成長。結果，8號線NOP達到13,053億日元，增加2,195億日元，連續第三個時期創下上半年新紀錄，展現了我們強大的盈利能力。

Next, line 9, total credit costs, dropped by approximately JPY48 billion year-on-year in real terms, excluding the JPY43.5 billion increase in expenses due to Krungsri impact due to the reversals of loan loss provisions mainly at overseas branches. Line 10, net gains and losses on equity securities increased significantly due to the progress in the sale of equity holdings. In particular, gain on sales for the first half increased significantly due to the large sales in Q2.

接下來，第9行信貸總成本實際年減約480億日元，不包括主要在海外分行轉回貸款損失撥備而因Krungsri影響而增加的435億日元費用。第10行，由於股權出售的進展，權益類證券的淨損益大幅增加。特別是，由於第二季的銷售量較大，上半年的銷售增幅顯著增加。

As a result, line 16, profits attributable to owners of parent was JPY1,258.1 billion as we achieved a high progress rate of 83% against the initial earnings target, we revised our target for profits attributable to owners of parent upwards. I will explain this later.

結果，第16行，母公司所有者應占利潤為12,581億日元，因為我們相對於最初的盈利目標實現了83%的高進度，因此我們上調了母公司所有者應占利潤的目標。我稍後會解釋這一點。

Please turn to page 10. Performance by business group is shown on pages 10 through 13. I will not go into detail, but in customer segments, all business groups steadily increased their net operating profits, thanks to increases in net interest income from loans and deposits and fee income.

請翻到第10頁。依業務組別劃分的績效顯示在第 10 頁至第 13 頁。我就不詳細說了，但從客戶細分來看，各業務集團營業淨利穩定成長，得益於存貸款淨利息收入和手續費收入的成長。

Retail and digital business group's ROE has risen to 7% from 4% last year, partly due to the rise in yen interest rates. On the other hand, global markets business group's profits in the treasury business decreased due to the limited decline in US interest rates, but is trending in line with the outlook for the fiscal year.

零售和數位業務集團的 ROE 從去年的 4% 上升至 7%，部分原因是日圓利率上升。另一方面，由於美國利率下降有限，全球市場業務集團資金業務的利潤有所下降，但趨勢與本財年的前景一致。

Please turn to page 15 on balance sheet summary. Loans on the upper left increased by approximately JPY3.4 trillion from the end of FY23. Of this, overseas loans were significantly affected by FX, but the balance decreased thanks to credit management focusing on profitability and asset quality.

請參閱資產負債表摘要第 15 頁。左上角的貸款較 2023 財年末增加了約 3.4 兆日圓。其中，境外貸款受匯率影響較大，但信貸管理注重獲利能力和資產質量，餘額下降。

In addition, government loans increased by JPY5.4 trillion, but domestic bonds shown below decreased by JPY5.6 trillion. Please understand that there were transfers between these two for ALM purpose. On the liability side, domestic deposits increased on net, while overseas deposits fell by JPY2 trillion due to profit oriented management.

此外，政府貸款增加了5.4兆日元，但如下所示的國內債券減少了5.6兆日圓。請瞭解，出於 ALM 目的，兩者之間存在轉帳。負債方面，境內存款淨額增加，海外存款因利潤導向管理而減少2兆日圓。

Page 16, shows the status of domestic loans. The graph on the bottom right shows the trend in domestic corporate lending spreads, both the red line for large corporates and the orange line for SMEs have been gradually increasing. Thanks to the success of profitability improvement measures and our efforts in large M&A and LBO transactions.

第16頁顯示國內貸款狀況。右下圖顯示了國內企業貸款利差的變化趨勢，無論是大型企業的紅線還是中小企業的橙線都在逐漸增加。由於獲利能力改善措施的成功以及我們在大型併購和槓桿收購交易中所做的努力。

Next, page 17 shows the status of overseas loans. The bottom right graph shows the trend in overseas lending spreads. While the balance is decreasing, lending spreads continue to expand as profitability improvement efforts have been successful.

接下來，第17頁顯示了海外貸款的狀況。右下圖顯示了海外貸款利差的趨勢。雖然餘額在減少，但隨著盈利能力改善的努力取得成功，貸款利差繼續擴大。

Please turn to page 18 on asset quality. Non-performing loan balance, shown in the bar graph on the left was high in Europe and the US at the end of March, but decreased, and also decreased in Japan. As a result, NPL ratio, the line graph also declined.

請參閱第 18 頁有關資產品質的內容。左邊長條圖顯示的不良貸款餘額在3月底歐洲和美國較高，但有所下降，日本也有所下降。受此影響，不良貸款率、折線圖也有所下降。

The bottom right graph shows the breakdown of year-over-year changes in total credit costs. On the bank, non-consolidated basis, expenses decreased mainly due to the reversal of loan loss provisions at overseas branches.

右下圖顯示了總信貸成本同比變化的細目。在銀行非合併基礎上，費用減少主要是因為海外分行貸款損失撥備的轉回。

On the other hand, expenses increased at overseas subsidiaries due to the impact of business expansion of subsidiaries acquired in the Asian partner bank domain and the economic slowdown in Asia. However, these are within our expectations and our full year forecast remains unchanged from the JPY400 billion we set at the beginning of the year.

另一方面，由於亞洲合作夥伴銀行領域收購子公司的業務擴張以及亞洲經濟放緩的影響，海外子公司的費用增加。不過，這些都在我們的預期之內，我們的全年預測與年初設定的 4,000 億日圓保持不變。

Please turn to page 19 on securities such as equities and government bonds. I will explain the unrealized gains and losses in the upper left table. Line 3, unrealized gains on domestic equity securities decreased from the end of March '24 due to the decline in stock prices from the end of March as well as the impact of large gains on sales.

有關股票和政府債券等證券的信息，請參閱第 19 頁。我將在左上表解釋未實現的損益。第3行，國內權益類證券的未實現收益較2024年3月底有所減少，原因是股價自3月底以來下跌以及銷售大幅收益的影響。

On the other hand, Line 8, unrealized losses on foreign bonds improved, thanks to the decline in overseas interest rates. Also, lower left, unrealized losses on foreign bonds, in real terms, reflecting unrealized gains from hedging positions, etcetera, were approximately JPY0.5 trillion, which is flat compared to the end of March.

另一方面，8號線海外債券未實現損失有所改善，得益於海外利率下降。此外，左下角的外國債券未實現實際損失（反映了對沖頭寸等的未實現收益）約為 0.5 兆日元，與 3 月底持平。

Right side shows the reduction of equity holdings. The reduction in the first half was JPY170 billion on an acquisition cost basis, a significant reduction compared with past results. The agreed amount to be sold also reached JPY436 billion, which is over 60% of the revised target.

右側顯示持股減少。上半年收購成本減少了 1,700 億日元，與過去的業績相比大幅減少。協議出售金額也達到4,360億日元，超過修訂目標的60%。

Please turn to page 21 on capital adequacy. The CET1 ratio excluding net unrealized gains on AFS securities calculated on the regulatory finalization basis was 11.2%, a high level due to the high progress rate in the first half profits with the preceding accumulation of profits and the impact of the change in the closing date of overseas subsidiaries translated at the FX rate.

請參閱第 21 頁有關資本充足率的內容。扣除AFS證券未實現淨收益後，按監管最終確定計算的CET1比率為11.2%，處於較高水平，原因是上半年利潤進度較高，加上前期利潤積累以及截止日期變化的影響海外子公司按外匯匯率折算。

Towards the end of the fiscal year, we expect to be within our target range as shareholder returns will exceed profit in the second half of the year with RWA spend to be biased towards the second half of the year and with FX rate assumptions considered.

到本財年末，我們預計將在我們的目標範圍內，因為下半年股東回報將超過利潤，RWA 支出將偏向下半年，並考慮到匯率假設。

Next, I will explain our financial targets and shareholder returns for FY24. Please turn back to page 3. In addition to changes in the economic environment since the plan was formulated, such as the rise in yen interest rates and the fact that the progress rate against the initial four financial target reached 83%. We have raised a target for net income by JPY250 billion to JPY1,750 billion.

接下來，我將解釋我們 2024 財年的財務目標和股東回報。請返回第 3 頁。再加上計劃制定以來經濟環境的變化，例如日圓利率上升以及最初的四個財務目標的進度達到83%。我們將淨利潤目標提高了 2,500 億日元，達到 17,500 億日元。

As shown bottom left, this is due to the growth in NOP resulting from strong growth in the customer segment, maintaining the trend seen in the first half of the year and the progress in the sales of equity holdings resulting in increased gains.

如圖左下所示，這是由於客戶群的強勁成長導致NOP的成長，維持了上半年的趨勢，以及股權出售的進展導致收益增加。

Furthermore, the gains on sales of equity holdings that exceeded the forecast is expected to be used in part to restructure the bond portfolio in order to improve future profitability and there will be differences between net income and NOP. NOP target remains unchanged.

此外，超過預期的股權出售收益預計將部分用於重組債券投資組合，以提高未來獲利能力，淨利潤與NOP之間將存在差異。NOP 目標維持不變。

On the other hand, the ordinary profit was revised upwards by JPY350 billion and the forecast for net income revised upwards by JPY250 billion compared to the initial target to come to JPY1,750 billion. We will achieve a financial target set out in the MTBP, which is an ROE of around 9% ahead of schedule this fiscal year and aim to exceed 9%. The level of 9% is also within sight in terms of ROE target of TSE.

另一方面，與最初目標17,500億日圓相比，普通利潤上調了3,500億日元，淨利預測上調了2,500億日圓。我們將提前實現中期計畫中提出的財務目標，即本財年ROE達到9%左右，目標是超過9%。就東京證交所的ROE目標而言，9%的水準也已在望。

Given that we are already approaching the mid to long-term target of 9% to 10% ROE, we will start initial discussions of revising mid to long-term targets in addition to the financial targets for the final year of the MTBP.

鑑於我們已經接近9%至10%ROE的中長期目標，除了MTBP最後一年的財務目標外，我們將開始初步討論修改中長期目標。

Next, shareholder returns on the right. In line with the increase in profit targets, we have raised our annual dividend forecast to JPY60, an increase of JPY10 against the initial forecast, and JPY19 compared to FY23. And we have also resolved to conduct additional share repurchase of up to JPY300 billion. This will amount to JPY400 billion for FY24.

接下來，右側是股東回報。為了配合利潤目標的提高，我們將年度股利預測上調至 60 日圓，較最初預測增加 10 日圓，較 2023 財年增加 19 日圓。我們也決定進行最多3000億日圓的額外股份回購。2024 財年這將達到 4,000 億日圓。

In addition, the ratio of treasury stock to the total number of shares issued will be around 5.2%, so 270 million shares will be canceled. We will continue to aim for a dividend payout ratio of around 40%. And based on profit growth, we will aim for sustainable increase in dividends per share taking into account the optimal balance between capital softness and investment into growth.

此外，庫存股佔已發行股票總數的比例將在5.2%左右，因此將註銷2.7億股。我們將繼續以40%左右的股息支付率為目標。以利潤成長為基礎，考慮資本軟性與成長投資之間的最佳平衡，實現每股股息的可持續成長。

Please turn to page 4, a response based on environmental changes since the beginning of FY24. On the left shows estimated impact of an interest rate hike. We assume the financial impact of interest rate hike in July will be approximately JPY35 billion in the first year. Of this we assume that the impact of FY24 business performance will be approximately JPY25 or 8 months worth.

請翻至第 4 頁，這是根據 2024 財年年初以來的環境變化做出的回應。左邊顯示了加息的估計影響。我們假設7月升息對第一年的財務影響約為350億日圓。其中，我們假設 2024 財年業務績效的影響約為 25 日圓或 8 個月。

Next regarding the equity holdings reduction target on the right based on the results so far and progress in negotiations, we will double the reduction target to JPY700 billion aiming to half the balance of the book value of shares hold over the three years of the current MTBP.

接下來，關於右側的股權減持目標，根據迄今為止的結果和談判進展，我們將減持目標翻倍至7000億日元，目標是在當前MTBP的三年內所持股份賬面價值餘額減半。

At the same time we will continue to vigorously reduce our holdings with the aim of achieving ratio of less than 20% of consolidated net assets during the current MTBP period ahead of plan.

同時，我們將繼續大力減持，力爭提前實現目前MTBP期間合併淨資產比例低於20%的目標。

Please turn to page 5 for the progress on our financial targets. By focusing on managing the three drivers namely profits, expenses and RWA for improving ROE, we are on track to achieve the ROE target of around 9% in the current MTBP ahead of schedule.

請翻至第 5 頁了解我們財務目標的進展。透過集中管理利潤、費用和RWA這三個驅動因素來提高ROE，我們預計在當前MTBP內提前實現9%左右的ROE目標。

First, the profession on the lower left is as we have just seen. As for the expenses shown in the lower middle, as I explained earlier, the expense ratio is below the MTBP target of around 60%, showing improvement year-on-year.

首先，左下角的職業就是我們剛才看到的。至於中下部分的費用，如我之前解釋的，費用率低於MTBP目標60%左右，比去年同期有所改善。

As for the RWA shown lower right, we are continuing to operate our business mindful of risk and return. From page 6 onwards, the progress of the three pillars of the current MTBP is shown. On page 6 is the growth strategies. The seven strategies for capturing growth have performed steadily. On the left, we are off to a good start with 40% of the MTBP targets already achieved in the first six months of the fiscal year.

至於右下角所示的 RWA，我們將繼續在考慮風險和回報的情況下經營我們的業務。從第 6 頁開始，顯示了目前 MTBP 三大支柱的進展。第 6 頁是成長策略。七大成長策略運作穩定。在左邊，我們有了一個良好的開端，在本財年的前六個月已經實現了 40% 的 MTBP 目標。

We will continue to leverage the comprehensive strength of the group and promote high value added sales activities. Please turn to page 7. On the left is a second pillar aiming to solving social issues. As a responsible financial institution, we are responding solidly to the demand for sustainable finance both in Japan and overseas in relation to climate change and the realization of carbon neutral society.

我們將持續發揮集團綜合實力，推動高附加價值的銷售活動。請翻到第7頁。左邊是第二個旨在解決社會問題的支柱。作為一個負責任的金融機構，我們積極回應國內外有關氣候變遷和實現碳中和社會的永續金融需求。

On the right is a third pillar, accelerating corporate transformation. In order to awaken the full potential of MUFG, we are promoting a group based transformation of our corporate culture, which will form the foundation for growth and strengthen your management base, including human resources, systems, and AI. And we have implemented agile operations on a trial basis.

右邊是第三個支柱，加速企業轉型。為了充分發揮三菱日聯金融集團的潛力，我們正在推動以集團為基礎的企業文化轉型，這將構成成長的基礎並加強您的管理基礎，包括人力資源、系統和人工智慧。我們也試行了敏捷營運。

In addition, we are stepping up our efforts to realize corporate reform using AI, including expanding the utilization of generative AI. Please turn to page 8. I would like to report on the status of our response to the administrative actions taken in June of this year.

此外，我們正在加緊努力利用人工智慧實現企業改革，包括擴大生成式人工智慧的使用。請翻到第8頁。我想報告一下我們對今年六月採取的行政行動的回應。

I would like to take this opportunity once again to apologize for the troubling concern that this matter has caused to our customers and other related parties. Since the incident, we have been working to implement various improvement measures to prevent recurrence.

藉此機會，對於此事對我們的客戶和其他相關方造成的困擾，我再次表示歉意。自事件發生以來，我們一直致力於實施各種改進措施，以防止再次發生。

From the second half of the year onwards, we will continue to work to restore the trust of our customers and stakeholders by steadily implementing initiatives to ensure correct understanding and awareness through training and study sessions. We have also reported the details of measures to the Financial Services Agency on October 15.

下半年起，我們將繼續透過培訓和學習，穩步實施確保正確理解和認識的舉措，並努力恢復客戶和利害關係人的信任。我們也於10月15日向金融廳報告了具體措施。

That concludes my explanation. Thank you very much for your attention.

我的解釋到此結束。非常感謝您的關注。

Takamiya San.

高宮桑.

I am Takamiya of Nomura Securities. I have one question. Please share with us your assessment on the current financial performance trends and your capital base. More specifically, I want to know the message from the company, contained in the figures of the following six announcements, in other words, your assessment of financial performance and capital.

我是野村證券的高宮。我有一個問題。請與我們分享您對當前財務績效趨勢和資本基礎的評估。更具體地說，我想了解公司傳達的訊息，包含在以下六份公告的數字中，即您對財務表現和資本的評估。

The six announcements are the upward revision of the financial forecast this year, the increase in the target for sales of equity holdings, the review of MTBP targets, increment of the dividend increase, the announcement of a relatively large amount JPY300 billion of share buyback and the CET1 ratio of 11.2% as of the end of September.

六項公告分別是上調今年財務預測、提高所持股權出售目標、檢討MTBP目標、增量增加股息、宣布較大金額的3000億日元回購股份以及截至9月底，CET1比率為11.2%。

I would like to know your assessment of capital based on these six points. The purpose of my question is to get a qualitative reference for your medium term financial outlook and capital measures.

我想知道您根據這六點對資本的評估。我的問題的目的是為您的中期財務前景和資本措施獲得定性參考。

Thank you for the question. First, regarding our financial performance, we announced our MTBP in May. At that time, we took a conservative view on rising yen interest rates and FX, and started with a plan to increase net operating profits by JPY500 billion based on how much we could earn through our own measures.

謝謝你的提問。首先，關於我們的財務業績，我們在 5 月公佈了 MTBP。當時，我們對日圓利率和外匯上漲持保守態度，並根據我們自己的措施可以賺取的收入，制定了將淨利潤增加5000億日元的計劃。

After that, we announced a plan to incorporate the impact of rising yen interest rates as a megabank with the largest balance sheet and to set a target for the sale of equity holdings of JPY350 billion as the minimum amount to be achieved through bottom up approach.

此後，我們宣布了一項計劃，作為資產負債表規模最大的大型銀行，考慮日元利率上升的影響，並通過自下而上的方式設定出售所持股權的最低目標為3500億日元。

After that, we raised this target in response to the recent trend of accelerating the sale of equity holdings. We took the positive external environment into account in this upward revision. But the profit increase from the implementation of the measures that we originally planned in MTBP also increased our net operating profits by about JPY100 billion even excluding the impact of rising yen interest rates.

此後，我們提高這一目標是為了因應近期加速出售股權的趨勢。我們在此次上調中考慮了積極的外部環境。但即使排除日圓利率上升的影響，我們原計劃在MTBP中實施的措施所帶來的利潤增長也使我們的淨利潤增加了約1000億日元。

So we feel a sense of accomplishment. Gain on sale of equity holdings will peak during the current MTBP period, and then gradually decrease, while yen interest rates will rise. We want to increase our earning power through the efforts of our measures over three years, while dealing with both positive and negative factors.

所以我們會有一種成就感。出售股權的收益將在當前中期BP期間達到峰值，然後逐漸下降，而日元利率將上升。我們希望透過三年的努力，在應對正面和負面因素的同時，提高我們的獲利能力。

Therefore, we think it is important to deliver intrinsic profit growth, while facing both positive and negative factors, and feel that we are making progress in this regard. Regarding the capital adequacy ratio and capital level, we will operate within the target range of 9.5% to 10.5% from the current MTBP. But as other participants may ask later, the level in the first half exceeded the target range as profits are heavily weighted towards the first half of the year.

因此，我們認為在面對正面和負面因素的同時，實現內在利潤成長很重要，並認為我們在這方面正在取得進展。關於資本充足率和資本水平，我們將在目前MTBP 9.5%至10.5%的目標範圍內運作。但正如其他參與者稍後可能會問的那樣，上半年的水平超出了目標範圍，因為利潤對上半年的影響很大。

And of course, the use of risk weighted assets to pursue measures under MTBP tends to be concentrated in the latter half of the fiscal year and due to temporary FX impact. That said, I think we can stay within the target range towards the year end by implementing this shareholder return policy.

當然，由於暫時的外匯影響，使用風險加權資產來採取 MTBP 措施往往集中在本財年的後半段。也就是說，我認為透過實施這項股東回報政策，我們可以在年底前保持在目標範圍內。

There is no change to our overall policy of operating between 9.5% 10.5%. We want to decide on shareholder returns by looking at the trends in the capital level for a single fiscal year or over the medium term within the MTBP rather than set one ratio at each time point. So our basic stance remains unchanged.

我們的整體經營政策在 9.5% 至 10.5% 之間沒有變化。我們希望透過觀察單一財政年度或中期BP內的中期資本水準趨勢來決定股東回報，而不是在每個時間點設定一個比率。所以我們的基本立場沒有改變。

Understood. Thank you very much.

明白了。非常感謝。

Mr. Nakamura.

中村先生。

Thank you very much. This is Nakamura from BofA Securities. My first question is on the CET1 ratio on page 21. I understand the factors that led to the increase in the first half of the year. But can you give me more details on what kind of increases or decreases in the second half of the year would bring it down to 10.5%. I think the JPY300 billion in share buybacks is fantastic, but some say that with such a large profit, you could have done a little more.

非常感謝。我是美國銀行證券公司的中村。我的第一個問題是關於第 21 頁的 CET1 比率。我了解導致上半年上漲的因素。但你能否告訴我更多細節，下半年怎樣的增加或減少才能使其降至10.5%？我認為 3000 億日圓的股票回購非常棒，但有人說，有了這麼大的利潤，你可以做得更多。

The total payout ratio comes to 63%, so we may be asking too much. But since profits have risen so much, some people say more could have been done. The second question concerns the NOP in the first and second halves. I would appreciate it if you could tell me, even roughly, what you see as a slowdown in NOP in the second half of the year when you have such excellent results in the first half of the year. Why only about JPY650 billion target in the second half of the year? That is what I'd like to know.

總支付率達到63%，所以我們的要求可能過高。但由於利潤成長如此之多，有些人表示本可以採取更多措施。第二個問題涉及上半場和下半場的NOP。如果您能告訴我，即使是粗略地告訴我，當您在上半年取得如此出色的業績時，您認為下半年 NOP 放緩的情況如何，我將不勝感激。為什麼下半年的目標只有6500億日圓左右？這就是我想知道的。

Thank you very much for your question. I'd like to explain the CET1 ratio first. In the first half of the fiscal year, from the end of March to the end of September, accumulation of profits proceeded. And as for shareholder returns, we only purchased JPY100 billion of our own shares that resulted in accumulation of profits for which we have received a lot of harsh criticism from our shareholders.

非常感謝您的提問。我想先解釋一下CET1比率。上半年，從3月底到9月底，利潤累積持續進行。而在股東回報方面，我們只買了1,000億日圓的自有股票，就累積了利潤，因此遭到了股東的嚴厲批評。

The impact of the change of US subsidiaries translated at the FX rate saw an instantaneous upward swing as the yen depreciated to JPY161 against the dollar at the end of June. Had a large impact on the rise in CET1 ratio at the end of September.

美國子公司的變化以匯率換算的影響瞬間上升，日圓兌美元匯率在 6 月底貶值至 161 日圓。對9月底CET1比例的上漲影響較大。

This had an effect of more than 30 basis points. And we have not changed our assumptions for the dollar yen at the end of the fiscal year, which we put at around JPY140 from the beginning of the year. Since move to a stronger yen will have an impact of about 40 odd basis points, as we are considering higher RWA in the second half of the year combined with shareholder returns including share buybacks and dividends.

這產生了超過30個基點的影響。我們並沒有改變本財年末美元兌日圓的假設，從年初開始我們將美元兌日圓定在140日圓左右。由於日圓走強將產生約 40 個基點的影響，因為我們正在考慮下半年提高 RWA 以及包括股票回購和股息在內的股東回報。

I would say that, we are within our target range. And depending on the trend of the exchange rate towards the end of the fiscal year, we may consider additional shareholder returns. As I mentioned earlier, the global markets accumulated capital gain in the first half of the year. We had originally planned to improve the book value of the business group's earnings in the second half of the year.

我想說的是，我們在我們的目標範圍內。根據財年末的匯率走勢，我們可能會考慮額外的股東回報。正如我之前提到的，全球市場上半年累積了資本利得。我們原本計劃下半年提高事業群獲利的帳面價值。

The difference between the first half and the second half is large at around JPY300 billion. And then in the second quarter there was a large gain on the sale of equity holdings, but it will not be as large in the second half. So I think it will shrink by about JPY100 billion.

上半年與下半年的差距較大，約3000億日圓。然後第二季出售股權有很大收益，但下半年不會那麼大。所以我認為會縮水約1000億日元。

On top of that, part of the portion of the gain on sales that is above the original plan or within the scope of the portion that is above the same period last year will be put to elimination of unrealized losses on foreign bonds.

此外，銷售收益中超出原計劃或超出上年同期範圍的部分，將部分抵銷境外債券未實現損失。

So if we also include such financial measures, the difference in NOP will be JPY660billion from the first half to the second half.

因此，如果我們也包括此類財務措施，上半年到下半年的 NOP 差異將達到 6,600 億日圓。

Thank you. But I am still not clear on the NOP level. So I guess you are leaving the specifics for later. I understood up to the global markets having a difference of JPY300 billion but couldn't follow after that. I couldn't imagine how it will go down to JPY650 billion. But you are saying there are miscellaneous factors to be considered, and also the KS impact, and I guess the rest is explained in the presentation material.

謝謝。但對於NOP層面我還是不太清楚。所以我猜你會把具體細節留到以後再說。我了解到全球市場有3000億日圓的差異，但之後就無法追蹤了。我無法想像如何會降至 6500 億日圓。但你說還有其他因素要考慮，還有 KS 的影響，我想其餘的在簡報資料中都有解釋。

Yes. That is right. By the way, I forgot to mention the KS impact will be around JPY80 billion to the NOP as well.

是的。沒錯。順便說一句，我忘了提及 KS 對 NOP 的影響也約為 800 億日圓。

Thank you very much.

非常感謝。

Matsuno-san, please.

松野先生，請。

I am Matsuno from Mizuho Securities. Thank you very much. I have two questions. First question is on capital on page 21. My impression is that foreign currency translation reserve increased more than expected this time. Is this due to the change in the equity method accounting date as you explained earlier?

我是瑞穗證券的松野。非常感謝。我有兩個問題。第一個問題是第 21 頁的資本。我的印像是，這次外幣折算準備金的增加超出了預期。這是因為您之前解釋過的權益法會計日期有變更嗎？

In addition, could you please, to the extent that you can, touch on the status of your future investment pipeline as you are currently exceeding your capital target? My second question is about the equity holdings on Page 19. The target has been raised to JPY700 billion this time. But what is your view on the pace of sales on a fiscal year basis? Do you anticipate any impacts from the drop in unrealized gains, including raising capital targets in the future?

此外，您能否在可能的範圍內談談您未來的投資管道的狀況，因為您目前已經超出了您的資本目標？我的第二個問題是關於第19頁的持股。此次目標提高至7000億日圓。但您對本財年的銷售速度有何看法？您預期未實現收益下降會產生什麼影響，包括提高未來的資本目標？

Thank you. So your question is on factors that led to foreign currency translation reserve increase as of the end of September?

謝謝。那麼您的問題是截至9月底導致外幣折算準備金增加的因素？

Yes.

是的。

FX was JPY151 or JPY152 at the end of March, JPY161 at the end of June, and JPY142 at the end of September. The change in the accounting date at Krungsri and Morgan Stanley is complete, so it's almost linear now. The other big factor is the FX impact of the US subsidiary, MUAH, which I mentioned earlier.

3月底外匯為151或152日元，6月底為161日元，9月底為142日元。Krungsri 和摩根士丹利的會計日期變更已經完成，因此現在幾乎是線性的。另一個重要因素是我之前提到的美國子公司 MUAH 的外匯影響。

Moreover, the FX fluctuated dramatically between the end of March, June and September and caused the foreign currency translation reserve to inflate unexpectedly. Regarding the pace of the sales of equity holdings the agreed amount to be sold is JPY266 billion shown in light pink on page 19.

此外，3月底、6月及9月間匯率波動較大，導致外幣折算存量意外膨脹。關於股權出售的速度，協議出售金額為 2,660 億日元，如第 19 頁淺粉色所示。

In terms of the actual reduction in the book value balance, I think FY24 will be the largest among the three years. The rest will be roughly 50-50. But it depends on how we can reach an agreement with our customers. This time it is not a minimum target and we have not reached this figure through the accumulation so far. This is a declaration of our determination to do this much, so I cannot say specifically how far or at what pace. Some have pointed out since July as to what we think about the decline in unrealized gains.

就帳面價值餘額的實際減少而言，我認為FY24將是三年中最大的。其餘的大約是50-50。但這取決於我們如何與客戶達成協議。這次不是最低目標，目前透過累積還沒有達到這個數字。這是我們決心做這麼多事情的宣言，所以我不能具體說多少或以什麼速度。自7月以來，有些人已經指出了我們對未實現收益下降的看法。

What level should CET1 ratio be? And how far can ROE rise based on that? Please give us a little more time on this. I would like to consider this as part of the review of the financial targets for the final year of the MTBP and our medium to long-term targets.

CET1比例應該是多少？在此基礎上，ROE 還能提升多少？請再給我們一點時間。我想將此視為中期BP最後一年財務目標和我們中長期目標審查的一部分。

However, one thing I can say is that if you look at the capital on financial accounting basis, the unrealized gains and losses on securities have become significantly smaller. We think the gap with the ROE target based on the TSE standards have narrowed considerably.

然而，我可以說的一件事是，如果你從財務會計的角度來看資本，你會發現證券的未實現損益已經明顯變小了。我們認為與基於 TSE 標準的 ROE 目標的差距已大大縮小。

So we are considering setting a target under TSE definition as well. The share price volatility, which was a risk factor for CET1 ratio in our stress tests, is shrinking, so we will consider a target range with multiple positives and negatives.

因此，我們也在考慮在 TSE 定義下設定一個目標。壓力測試中CET1比率的風險因素－股價波動性正在縮小，因此我們將考慮一個具有多重正負的目標區間。

Thank you very much.

非常感謝。

Mr. Yano, please.

有請矢野先生。

Thank you very much for taking my question. This is Yano from J.P. Morgan. My first question is on overseas reversals of loan loss provision. Could you put some more colors to it as much as possible? For example, what business sectors are involved, what were the triggers, etcetera?

非常感謝您回答我的問題。我是摩根大通的矢野。我的第一個問題是關於海外貸款損失準備金轉回的問題。你能盡可能多地添加一些顏色嗎？例如涉及哪些業務領域、觸發因素是什麼等等？

And my next question is on domestic lending. I have a feeling that funding demand is strong. Are you seeing demands related to, for example, manufacturing companies' production bases returning to Japan that comes with enormous price tags?

我的下一個問題是關於國內貸款。我覺得資金需求很強。例如，您是否看到與製造公司的生產基地返回日本相關的、昂貴的需求？

If a substantive, buyout deal comes your way, how much is acceptable on your end? With many such deals, how much risk asset can be put? Or how capable are you of responding to changing landscape? That is what I would like to have your comments on.

如果您達成實質收購交易，您可以接受多少金額？對於很多這樣的交易，可以投入多少風險資產？或者你有多大能力應付不斷變化的環境？這就是我想聽聽你們的評論的原因。

Thank you very much for your questions. As for the overseas non-performing loans, it became quite big in the Americas in March because maybe we have explained this before, but as we conducted O&D expansion, there were multiple big accounts that saw downgrading, impacting credit costs. And as a result, the balance of NPL increased.

非常感謝您的提問。至於海外不良貸款，3月份美洲的不良貸款規模相當大，因為也許我們之前已經解釋過這一點，但當我們進行O&D擴張時，有多個大帳戶評級被下調，影響了信貸成本。不良貸款餘額因此增加。

This had decreased since and resulting in lower NPL. And as for domestic lending demand, this is where I wanted to focus more on. But in fact, domestic lending is almost flat if we exclude government loans. The balance at the end of the period will not be increasing that much due to spot repayment of working capital.

此後這一數字有所下降，並導致不良貸款下降。至於國內貸款需求，這是我想多關注的地方。但事實上，如果我們排除政府貸款，國內貸款幾乎持平。由於流動資金即期償還，期末餘額不會增加太多。

But compared to the end of March, it had grown by about 3-percentage-points on average, which supports the fact that there is demand for funds. There are large LBOs and MBOs that you mentioned where we want to grow and improve the yield.

但與3月底相比，平均成長約3個百分點，支撐了資金需求的事實。您提到了大型槓桿收購和管理層收購，我們希望在其中發展並提高產量。

As for the acceptable amount on our part, of course, there is a credit regulation on large funds that we need to consider, and we are managing within around 80%, and that would give us a maximum theoretical value. At the end of March, we had some issues related to O&D deals, so we had to make some changes, but I cannot give you any specific numbers as to the maximum amount per deal. I hope that answers your question.

至於我們能接受的金額，當然，我們需要考慮大額資金的信用監管，我們控制在80%左右，這是一個最大的理論值。3月底，我們遇到了一些與O&D交易相關的問題，因此我們必須做出一些改變，但我無法向您提供每筆交易最高金額的具體數字。我希望這能回答你的問題。

Thank you very much. As a set ratio is heightened. I don't think there is room for any concerns, but if such offer comes your way, you will basically be responding positively. Is that the correct interpretation?

非常感謝。隨著設定比率的提高。我不認為有任何擔憂的餘地，但如果這樣的提議出現在你面前，你基本上會做出積極的回應。這是正確的解釋嗎？

Yeah. In the current MTBP, the plan is a net increase of JPY7 trillion for RWA. So we will do our utmost to accumulate highly profitable projects.

是的。在目前MTBP中，計劃為RWA淨增加7兆日圓。所以我們會盡力去累積高利潤的項目。

Understood very well. Thank you very much.

很好理解。非常感謝。

Matsuda-san. If you have questions, we are still accepting more questions. Thank you, Matsuda-san.

松田桑。如果您有疑問，我們仍在接受更多問題。謝謝你，松田先生。

I am Matsuda from Daiwa Securities. I have two questions. First is about gain on sales of equity holdings and second is about your thinking behind this year's earnings. Regarding the first question, gain on sales, on page 3 on FY24 plans, looking at net operating profits and ordinary profits vis-a-vis initial targets, there seems to be positive JPY350 billion below net operating profits.

我是大和證券的松田。我有兩個問題。首先是關於出售股權的收益，其次是關於您對今年盈利背後的想法。關於第一個問題，即 24 財年計畫第 3 頁的銷售收益，從淨利潤和普通利潤與初始目標的比較來看，淨利潤似乎比淨利潤低了 3,500 億日圓。

Is this mostly gain on sales of equity holdings? In addition, if we look at the bar chart for this year, we can see that gain on sales of equity holdings are greater than the impact of the portfolio restructuring. But if larger gains on sale of equity holdings are included in the plan for this year, how should we think of the baseline for a gain on sales of equity holdings from next year onwards?

這主要是出售股權的收益嗎？此外，如果我們看今年的長條圖，我們可以看到，出售股權所帶來的收益大於投資組合重組的影響。但如果今年的計畫中包含了較大的出售股權收益，那麼明年以後的出售股權收益基準又該如何考慮呢？

My second question is on this year's profits. I think the macroeconomic environment is favorable due to the weak yen, and the FX assumption for the second half is JPY140. If profits are likely to be higher, thanks to the macro environment, are there any items that you can cut losses on? For example, I apologize for talking about other banks, but some banks have a recorded a lump sum provision for loss on interest repayment.

我的第二個問題是關於今年的利潤。我認為由於日圓疲軟，宏觀經濟環境有利，下半年的外匯假設為140日圓。如果受宏觀環境的影響，利潤可能會更高，有什麼可以停損的項目嗎？例如，我很抱歉談論其他銀行，但有些銀行記錄了一次性利息償還損失準備金。

Your group also has a subsidiary, ACOM. And I would like to know if you are considering similar costs for interest repayment or items where you can cut losses?

您的集團還有一家子公司 ACOM。我想知道您是否正在考慮類似的利息償還成本或可以減少損失的項目？

Thank you for the question. Our ordinary profit target is JPY350 billion, most of which is accumulated through higher target for gain on sales of equity holdings. As I mentioned earlier, we are considering using part of the gain on sales of equity holdings to rebalance our bond portfolio.

謝謝你的提問。我們的普通利潤目標是3500億日元，其中大部分是透過更高的出售股權收益目標累積的。正如我之前提到的，我們正在考慮使用出售股權的部分收益來重新平衡我們的債券投資組合。

And for now, we want to use JPY100 billion to JPY200 billion to reduce unrealized losses. On the other hand, cutting unrealized losses on bonds negatively affect net operating profits, so we kept the guidance unchanged. Ordinary profit is set at JPY350 billion including that and additional portfolio restructuring.

目前，我們希望用1000億日元到2000億日元來減少未實現的損失。另一方面，削減債券未實現損失會對淨利潤產生負面影響，因此我們維持指導不變。包括該利潤和額外的投資組合重組在內，普通利潤設定為 3,500 億日圓。

There are not many other items for cutting losses and we want to first optimize our portfolio. As for interest repayment, ACOM is a listed company, so we cannot say much. But we understand that ACOM sets three years' worth of provision for loss on interest repayment at the time of the medium term plan review.

沒有太多其他可以減少損失的項目，我們希望首先優化我們的投資組合。至於利息償還，ACOM是上市公司，所以不能多說。但據我們了解，ACOM在中期計劃審查時設定了三年的利息償還損失撥備。

So I think they will proceed with that policy. I am not familiar with SMFG's thinking behind the JPY100 billion provision for repayment, but ours will probably be smaller. If the gain on sales of equity holdings accumulates more than expected, we will do what we can to secure future profits. But there is not much we can do now other than improving the unrealized losses on bonds.

所以我認為他們會繼續執行這項政策。我不熟悉三井住友集團1000億日圓償還準備金背後的想法，但我們的規模可能會更小。如果出售股權的收益累積超過預期，我們將盡一切努力確保未來利潤。但除了改善債券未實現損失之外，我們現在無能為力。

I understand. Regarding your first point, if we assume that the bond portfolio has unrealized losses of maximum JPY200 billion against a profit of JPY350 billion, the base gain on sales of equity holdings is up by around JPY150 billion this time. Will this be the baseline from next fiscal year onwards?

我明白。關於你的第一點，如果我們假設債券投資組合的未實現損失最多為2000億日元，而利潤為3500億日元，那麼這次出售股權的基本收益將增加約1500億日元。這會是下一財年以後的基準嗎？

As I mentioned earlier, FY24 will be the highest. And for FY25 and '26, we have set the aspirational amount at JPY700 billion. As we will review the FY25 plans and the financial targets for the final year of the MTBP toward FY26 once again, these targets will be examined within this framework, so I cannot comment on the baseline at this point.

正如我之前提到的，2024 財年將是最高的。對於 25 財年和 26 財年，我們將理想金額設定為 7,000 億日圓。由於我們將再次審查 FY25 計劃和 MTBP 最後一年到 FY26 的財務目標，這些目標將在這個框架內進行審查，因此我目前無法對基線發表評論。

I understand well. Thank you very much.

我很明白。非常感謝。

Niwa.

丹羽。

This is Niwa from Citigroup Securities. Can you hear me?

我是花旗集團證券公司的丹羽。你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

So my question is not related to the financial results, but, this is regarding the equity holdings reduction on page 4. I understand that you are going to be mindful of the balance in the final year of the MTBP. But looking ahead, what will happen in the next MTBP?

所以我的問題與財務表現無關，而是關於第4頁的股權減持。我知道您會留意 MTBP 最後一年的平衡。但展望未來，下一個 MTBP 會發生什麼事？

If this pace is continued, we will be seeing the balance go down to zero. So as you work on revising the plan going forward, what is the future vision based your discussions on? That is what I'd like to know. Thank you.

如果繼續這樣的步伐，我們將看到餘額降至零。那麼，當您努力修改未來的計劃時，您討論的未來願景是什麼？這就是我想知道的。謝謝。

Actually, the same question was raised by an outside director today in the BOD meeting. On book value or acquired value basis, this JPY700 billion target will mean a reduction of almost half. It was JPY1.3 billion in March, and the balance will be around JPY0.6 trillion or JPY0.7, which suggests that the balance will be very small during the next MTBP period.

事實上，在今天的董事會會議上，一位外部董事也提出了同樣的問題。以帳面價值或收購價值為基礎，7,000億日圓的目標將意味著減少近一半。3月份為13億日元，餘額將在0.6兆日元或0.7日元左右，這表示在下一個MTBP期間餘額將非常小。

But having said that as Kamezawa always say this will be conducted upon a dialogue with our customers. But I myself believe that as for the existing equity holdings, it will approach zero, but we cannot make any definitive statements as to win.

但話雖如此，正如龜澤總是說的那樣，這將在與我們的客戶對話的基礎上進行。但我自己認為，就現有持股而言，會趨近於零，但我們不能對勝利做出任何明確的說法。

On the other hand, business investments or equity investments into new business developments will continue, so such balance will appear on the book going forward. In the meanwhile, we will aim for a JPY700 billion reduction and equity holdings to be reduced to less than 20% of net assets during the current MTBP period. We will continue negotiations so we can come to agreements with our customers. That will be our focus for now.

另一方面，對新業務開發的業務投資或股權投資將繼續，因此這種餘額將出現在未來的帳簿上。同時，我們的目標是在目前MTBP期間減少7,000億日元，並將股權減少至淨資產的20%以下。我們將繼續談判，以便與客戶達成協議。這將是我們現在的重點。

Thank you so much for being more specific. Thank you.

非常感謝您說得更具體。謝謝。

Thank you very much. With that, we'd like to end the Q&A session. Next Togawa will give you some closing remarks.

非常感謝。至此，我們的問答環節就結束了。接下來，十川將向大家致閉幕詞。

Thank you for your active participation in the Q&A session and your valuable opinions today. Today, I spoke mainly about the progress of the first half for FY24. At the Investor Briefing scheduled on 18, Kamezawa will explain in details the strategy and corporate transformation initiatives including his own thoughts.

感謝您今天積極參與問答環節並提出寶貴意見。今天我主要講的是2024財年上半年的進度。在18日舉行的投資人說明會上，龜澤將詳細說明策略和企業轉型舉措，包括他自己的想法。

We look forward to your participation in that event as well. As I mentioned at the July Investor Day, we believe that by showing steady profit growth and improvements in ROE as actual results, we can foster further expectations, which will lead to an improvement in PER and have a positive impact on the stock price.

我們也期待您參與活動。正如我在7月投資者日提到的，我們相信，透過以實際業績展示利潤的穩定成長和ROE的改善，我們可以激發進一步的預期，這將導致PER的改善，並對股價產生積極影響。

We will achieve improvements in EPS and ROE and link this to an increase in shareholder values going forward. We'll continue to focus on dialogue with our shareholders and investors and work to improve our financial and capital management with the aim of achieving sustainable growth in shareholder value. We ask for your continued understanding and support. Thank you very much.

我們將實現每股收益和股本回報率的改善，並將其與未來股東價值的增加聯繫起來。我們將繼續專注於與股東和投資者的對話，並努力改善我們的財務和資本管理，以實現股東價值的可持續成長。我們懇請您繼續理解與支持。非常感謝。

With that, we'd like to end the first half results presentation for the fiscal year '24 for MUFG. Thank you very much for your participation despite your busy schedule.

至此，我們就結束了三菱日聯金融集團 '24 財年上半年的業績報告。非常感謝您在百忙之中的參與。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。