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

This is Kamezawa. Thank you for taking time out of your busy schedule today to attend your MUFG, IR presentation.

這是龜澤。感謝您今天在百忙之中抽空參加 MUFG、IR 的演講。

Since CFO, Togawa explained the details of the financial results at the recent net conference. I would like to explain just the main points of the results and focus on the progress of the medium term business plan.

自CFO以來，戶川在最近的網路會議上解釋了財務表現的細節。我想簡單說明一下結果的要點，重點介紹一下中期經營計畫的進度。

Please proceed to Page 6, of the presentation material in the first half of FY 2024 net profit was JPY1,258.1 billion. Up 46% year on year record high since MUFG establishment and exceeding JPY1 trillion for the first time in the first half. This represents 83% progress towards the performance target of JPY1.5 trillion.

請參閱演示資料第6頁，2024財年上半年淨利為12,581億日圓。年增46%，創三菱日聯金融集團成立以來新高，上半年首度突破1兆日圓。這意味著 1.5 兆日圓的績效目標已取得 83% 的進展。

Please refer to the chart on the right. There are two main drivers for the profit increase. First, a significant increase in profit due to strong performance in the customer segments and second recording of a large net gains on sales of equity holdings with progress in reduction of holdings.

請參考右圖。利潤成長有兩個主要驅動力。首先，由於客戶細分市場的強勁表現，利潤大幅成長；其次，隨著減持進展，出售股權取得了大幅淨收益。

Please turn to page 7. The step chart to the right shows the factors contributing to the changes in annual [Bi] while the global markets reported a lower profit due to deterioration in net interest income from the bond portfolio as a reverse yield environment continued in the US. The customer segments enhanced its earnings power.

請翻到第7頁。右側的步驟圖顯示了導致年度[Bi]變化的因素，而全球市場報告利潤較低，原因是美國的反向收益率環境持續，債券投資組合的淨利息收入惡化。客戶群增強了其獲利能力。

And all business groups reported an increase in income due to higher deposit loan income and fee income resulting in a steady increase in NLP. Page 8, shows the upward revision of FY24 target reflecting on the changes in the economic environment and the progress rate reaching 83%. The net profit target was raised by JPY250 billion to JPY1.75 trillion. This is up more than 20% compared to the previous fiscal year. FY23 which recorded highest net profit in the fiscal year.

所有業務集團的收入均有所增加，原因是存款貸款收入和手續費收入增加，導致 NLP 穩定成長。第8頁顯示了24財年目標的上調，反映了經濟環境的變化，進展率達到83%。淨利目標調高2,500億日圓至1.75兆日圓。與上一財年相比，這一數字成長了 20% 以上。FY23錄得本財年最高淨利。

Using the chart on the right, I will explain the two factors for the upward revision. The first is that we expect the customer segments to maintain its strong trend shown throughout the first half and achieve strong growth for the full year. And the second is that we expect net gains on sales of equity holdings to be much higher than we expected at the beginning of the fiscal year due to strong progress in the sales of equity securities.

我將使用右側的圖表來解釋上修正的兩個因素。首先，我們預期客戶群將保持上半年的強勁趨勢，並在全年實現強勁成長。其次，由於股權證券銷售取得強勁進展，我們預期股權銷售淨收益將遠高於我們在財年年初的預期。

Since the upswing in net gains on sales of equity securities is a realization of unrealized gains on securities. We are planning to utilize some of the gains to reconfigure the bond portfolio in order to improve the overall valuation gains, losses on securities. There will be gains and losses related to bonds as well as stock.

由於出售股本證券淨收益的上升是證券未實現收益的實現。我們計劃利用部分收益重新配置債券投資組合，以改善整體估值收益和證券損失。債券和股票都會產生收益和損失。

Because of this technical issue, the NOP target remains unchanged by achieving the revised target. The ROE target of around 9% in the MTBP will be achieved ahead of schedule in the current fiscal year. Therefore, we expect ROE to exceed 9%. ROE as defined by the Tokyo Stock Exchange will also be within our sites at around 9%.

由於此技術問題，NOP 目標保持不變，但實現了修訂後的目標。本財年中期BP 9%左右的ROE目標將提前達成。因此，我們預計 ROE 將超過 9%。東京證券交易所定義的 ROE 也將在我們網站內的 9% 左右。

Page 9, shows the result of shareholder return in line with the increase in our profit target. We are raising our annual dividend forecast to JPY60 per share. An increase of JPY90 over FY23 in order to secure a dividend payout ratio of 40%. This is an increase of JPY10 from our initial forecast, we will continue to pay a progressive dividend through profit growth.

第 9 頁顯示了股東回報與我們利潤目標成長一致的結果。我們將年度股利預測上調至每股 60 日圓。為了確保 40% 的股息支付率，比 2023 財年增加 90 日圓。這比我們最初的預測增加了 10 日元，我們將繼續透過利潤成長支付漸進式股息。

In addition, taking into account the impact of capital expenditures and exchange rate fluctuations expected in the second half of the year, we have resolved to repurchase up to JPY300 billion of own shares. Bringing the total amount to JPY400 billion for fiscal year 2024 which together with dividends is expected to exceed JPY1 trillion and the total payout ratio of over 60%. Please turn to page 10, increase target for reduction of equity holdings. As of the end of September sold amount came to JPY170 billion on acquisition cost basis. And if we add the agreed to sell balance, it comes to JPY436 billion.

此外，考慮到下半年預計的資本支出和匯率波動的影響，我們決定回購最多3,000億日圓的自有股份。2024財年總金額將達到4,000億日元，加上股利預計將超過1兆日元，總派息率將超過60%。請翻第10頁，增加減持目標。截至 9 月底，以收購成本計算，銷售額達 1,700 億日圓。如果加上同意出售餘額，則達到 4,360 億日圓。

At the beginning of the fiscal year, we set a target of JPY350 billion as a minimum level of reduction during the MTBP period. But taking into account the progress in negotiations brought about with changes in the current environment, we have decided to double the target to JPY700 billion. With this, we will aim to half the balance at the end of the three year period.

在本財年之初，我們設定了 3,500 億日圓的目標，作為 MTBP 期間的最低削減水準。但考慮到當前環境變化帶來的談判進展，我們決定將目標翻倍至7,000億日圓。這樣，我們的目標是在三年期結束時將餘額減半。

We have also put forward the timing of reducing the ratio of market value including dean shareholdings to less than 20% of consolidated net assets achievement expected during the current MTBP period. Please turn to page 11, as I have explained so far, we have begun a review of the financial targets for the current MTBP as achieving the targets of the current plan during FY24 is in sight. There are three key areas for review.

我們也提出了將包括院長持股在內的市值比例降低至目前MTBP期間預期合併淨資產實現率20%以下的時機。請翻到第 11 頁，正如我到目前為止所解釋的，我們已經開始審查當前 MTBP 的財務目標，因為在 2024 財年實現當前計劃的目標指日可待。需要審查三個關鍵領域。

The first is to address changes in the business environment such as the impact from JPY interest rate rise. The second is to further increase NOP against a backdrop of improved earnings power in the customer segments. And the third is related to raise target of the sales of equity holdings. We are considering setting ROE target in accordance with TSE standards as have been suggested by investors for some time.

一是因應日圓升息等經營環境變化的影響。二是在細分客戶獲利能力增強的背景下，進一步提高NOP。三是與提高所持股權出售目標有關。我們正在考慮以投資人一段時間以來建議的東京證交所標準來設定淨資產收益率目標。

Please turn to page 12, consideration of mid to long term ROE target. We have been upgrading our business portfolio with a set ROE target of between 9% to 10%. But since we are close to reaching that level, we will review a mid to long term ROE target. In conjunction with the revision of the ROE target for the current MTBP. The key point to consider is how we MUFG can leverage our strengths to create corporate value that ranks among the global top tier.

請翻至第12頁，考慮中長期ROE目標。我們一直在升級我們的業務組合，並將 ROE 目標設定在 9% 至 10% 之間。但由於我們已接近達到這一水平，我們將審查中長期 ROE 目標。結合目前 MTBP 的 ROE 目標的修訂。重點考慮的是三菱日聯金融集團如何發揮自身優勢，創造出躋身全球前列的企業價值。

The portfolio in the previous MTBP had NOP of JPY1.2 trillion and ROE of 5.6% in FY 2020. But in FY23 we achieved NOP of JPY1.6 trillion, an increase of more than 30% an ROE of 8.1% an improvement of 2.5% in FY26. The final year of the current MTBP, we have targeted NOP of over JPY2.1 trillion up twofold from 2020 and ROE of around 9% which as I mentioned earlier, we will consider raising to a higher level.

上一個 MTBP 中的投資組合在 2020 財年的 NOP 為 1.2 兆日元，ROE 為 5.6%。但在 2023 財年，我們實現了 1.6 兆日圓的 NOP，成長了 30% 以上，ROE 為 8.1%，比 2026 財年提高了 2.5%。在目前 MTBP 的最後一年，我們的目標是 NOP 超過 2.1 兆日元，比 2020 年增長兩倍，ROE 約為 9%，正如我之前提到的，我們將考慮提高到更高的水平。

We now have a very unique and competitive business portfolio on a global basis in Japan, which accounts for 40% of our revenues. We have the largest customer base and balance sheet in size. And in addition, during the period of very low interest rates, we have significantly improved the profitability of our assets by completing cost structure reforms, including consolidation of branches, improving margins and strengthening risk taking capabilities. In Asia which accounts for more than 20% of our revenues. We have established the most dominant global positioning, expanding its platform from a commercial bank to a non-bank and digital financial player, building the MUFG economic sphere and capturing the high growth of ASEAN and India as a region.

現在，我們在日本擁有非常獨特且具競爭力的全球業務組合，占我們收入的 40%。我們擁有最大的客戶群和資產負債表規模。此外，在極低利率時期，我們透過完成成本結構改革，包括分公司整合、提高利潤率和增強風險承擔能力，顯著提高了資產獲利能力。在亞洲，占我們收入的 20% 以上。我們已經確立了最具主導性的全球定位，將其平台從商業銀行擴展到非銀行和數位金融機構，建構了三菱日聯金融集團經濟圈，並抓住了東協和印度地區的高成長。

Finally, the Americas which accounts for 30% of our revenue with the divestiture of Union Bank and the concentration of management resources on wholesale banking. We continue to see both improvement in profitability as well as profit growth. Add to this with the profit capture of our partner Morgan Stanley and the expansion of our business through alliances. We are confident of owning the most sophisticated profit structure of any non US financial institution in the region.

最後，由於聯合銀行的剝離以及管理資源集中在批發銀行業務，因此占我們收入30%的美洲地區。我們繼續看到獲利能力和利潤成長的改善。除此之外，我們的合作夥伴摩根士丹利也獲取了利潤，並透過聯盟擴大了我們的業務。我們有信心擁有該地區所有非美國金融機構中最複雜的利潤結構。

Based on this distinctive business portfolio. We will grow as a company with sensitivity and flexibility, capturing the growing global economy, which is a source of enhanced corporate value of MUFG. We will consider revising our mid to long term hourly targets with the aim of realizing corporate value comparable to the global top tier.

基於這種獨特的業務組合。我們將發展成為一家具有敏感性和靈活性的公司，抓住不斷增長的全球經濟的機遇，這是三菱日聯金融集團提高企業價值的來源。我們將考慮修改中長期每小時目標，以實現與全球頂級企業價值相當的企業價值。

Now please turn to page 14, for the progress of our MTBP. First, the progress of our financials re and set one ratio were high at 13.3% and 11.2% respectively. At the end of the first half, partly due to the preceding profit in the first half of the fiscal year, profit lower left shows that efforts centered on the growth strategy are steadily showing up in the figures.

現在請翻到第14頁，了解我們的MTBP的進展。首先，我們的財務重組進度和設定比率分別高達13.3%和11.2%。上半年末，部分由於上半財年的獲利，左下的獲利顯示以成長策略為中心的努力正在穩步顯現數字中。

NOP in the customer segments increased by more than JPY280 billion. And net profits also increased steadily. The status of expenses and RWA will be explained later but both are well under control in line with the plan. Please proceed to page 15, looking back at MUFG's EPS growth, EPS growth rate after the Lehman shock global financial crisis in FY 2010, up to last fiscal year was 9.2%.

客戶群的 NOP 成長超過 2,800 億日圓。而淨利也穩定成長。費用和 RWA 的狀況將在稍後解釋，但兩者都按照計劃得到很好的控制。請繼續看第15頁，回顧MUFG的EPS成長情況，2010財年雷曼衝擊全球金融危機後的EPS成長率，截至上一財年為9.2%。

This is a very high level in comparison to global peers on the right is a breakdown of this EPS growth rate into profit growth and share buybacks. You will see that we were able to achieve a 2.6x fold increase in net profits while reducing the number of shares outstanding by approximately 20% through share buybacks by combining steady profit growth with disciplined capital management. We have achieved a high EPS growth rate starting from next page onward, we will look at profit growth which has been a major contributor to EPS growth.

與全球同業相比，這是一個非常高的水平。您將看到，透過將穩定的利潤成長與嚴格的資本管理相結合，透過股票回購，我們實現了淨利潤增長 2.6 倍，同時將流通股數量減少了約 20%。從下一頁開始，我們已經實現了較高的每股盈餘成長率，我們將專注於利潤成長，這是每股盈餘成長的主要貢獻者。

Page 16, shows historical trends in net profit and components of gross profits, Non-Japanese JPY net interest income and NII Orange line and trust fees and net fees and commissions shown in purple has continued to trend upward in addition, JPY, NII shown in red has been rising moderately over the past few years due to an improved spread despite the continuation of a negative interest rate policy, but has now recovered its earnings per significantly due to the recent JPY interest rate hike.

第16 頁，顯示淨利潤和毛利潤組成部分的歷史趨勢，非日本日元淨利息收入和NII 橙色線以及紫色線所示的信託費用和淨費用和佣金繼續呈上升趨勢，此外，日元、 NII 所示為儘管負利率政策持續存在，但由於利差改善，Red在過去幾年中一直溫和上漲，但由於最近日圓升息，其每股收益已大幅恢復。

Such diversification of the earning structure has already resulted in the growth net profits. The budget to more than double the level prior to the introduction of negative interest rates. Please turn to page 17, the improvement of our earnings power. Our growth strategy is progressing well and customer segments NOP exceeding JPY1 trillion. A significant increase of 2.5 times compared to the first half of fiscal year 2020.

這種獲利結構的多元化已經帶來了淨利潤的成長。預算增加至負利率實施前水準的兩倍以上。請翻到第17頁，我們獲利能力的提升。我們的成長策略進展順利，客戶群 NOP 超過 1 兆日圓。與2020財年上半年相比大幅成長2.5倍。

Even excluding the impact of a [Uai Bank] of Quixi and FX. This is a significant increase of over JPY200 billion over the same period last year and the improvement in earnings power is continuing strong. Please turn to page 18, for the impact of rises in JPY Interest rates and finance demand. This year, the Bank of Japan raised interest rates for the first time in 17 years.

甚至排除 Quixi 和 FX 的【Uai Bank】的影響。與去年同期相比大幅增加超過2,000億日元，獲利能力持續強勁改善。請參閱第18頁，以了解日圓利率上升和金融需求的影響。今年，日本央行17年來首次升息。

We estimate the impact of a further rise in JPY interest rates on our business performance to be a JPY180 billion increase in NRI if interest rates were to rise at the 25 basis point parallel shift as shown on the left coming out of a long lasting deflation. A world with interest rates has arrived and the Japanese economy is back on track and movements of money will begin in earnest as the Japanese economy is now at a major inflection point. We at MUFG strongly believe that we as a top bank have a responsibility to create growth in Japan.

我們估計，如果利率以 25 個基點平行移動的速度上升（如左圖所示，由於長期通貨緊縮），日元利率進一步上升對我們業務績效的影響將是 NRI 增加 1800 億日元。有利率的世界已經到來，日本經濟重回正軌，資金流動將認真開始，因為日本經濟現在正處於一個重大轉折點。三菱日聯金融集團堅信，作為一家頂級銀行，我們有責任在日本創造成長。

As you can see on the right, the current demand for funds is strong. We will continue to meet our customers' demand for funds while leveraging their balance sheet, the largest in Japan. Please proceed to the next page from here. I will explain the progress of each strategy. The three pillars of the MTBP.

如右圖所示，當前資金需求強勁。我們將繼續滿足客戶的資金需求，同時利用他們日本最大的資產負債表。請從這裡進入下一頁。我將解釋每個策略的進展。MTBP 的三大支柱。

First on expand and refine growth strategies. We are already 40% of the way to achieving our MTBP goal of JPY135 billion in NOP growth. We are off to a very good start. In particular, our domestic business is beginning to grow significantly in strengthening the domestic retail customer base. We are steadily increasing new account openings and the number of applications for the Mitsubishi UFJ card by launching various campaigns in an agile manner in order to realize our lifetime value strategy.

首先是擴大和完善成長策略。我們已經完成了 MTBP 目標（NOP 成長 1,350 億日圓）的 40%。我們有了一個非常好的開始。特別是，我們的國內業務在加強國內零售客戶群方面開始顯著成長。我們透過靈活地進行各種活動，穩步增加三菱UFJ卡的新開戶和申請數量，以實現我們的終身價值策略。

In the corporate and wealth management combined business by capturing customer needs, business, succession related loans and profits from asset management are growing overseas. In addition to the steady growth of the GCIV global market integrated business model, we worked on expansion of MUFG's economic sphere in Asia through new investments in ASEAN money in Thailand and Glow fintech innovations in the Philippines to strengthen A-Pac business and platform resilience.

公司與財富管理結合的業務，透過捕捉客戶需求，海外業務、繼承相關貸款和資產管理利潤不斷增長。除了GCIV全球市場整合業務模式的穩定成長外，我們還透過對泰國東協資金的新投資和菲律賓Glow金融科技創新，致力於擴大三菱日聯金融集團在亞洲的經濟領域，以增強亞太地區的業務和平台彈性。

We are also working to create new businesses for our customers and for ourselves by contributing to the realization of making Japan an asset management nation supporting the GX value chain and taking on the challenge to build new business portfolio.

我們也致力於為我們的客戶和我們自己創造新的業務，為實現日本成為支持GX價值鏈的資產管理國家做出貢獻，並接受建立新業務組合的挑戰。

Please turn to page 20 driving social and environmental progress. Top left the results of financial support for the realization of a sustainable society increased by JPY4 trillion in the first half, capturing the increase in demand for funds in Japan and abroad.

請翻至第 20 頁，推動社會與環境進步。左上圖顯示，上半年為實現永續發展社會提供的財政支持增加了 4 兆日圓，反映了日本國內外資金需求的成長。

Next industry development and innovation support. In the first half, the bank entered into a business alliance with layer X. A company that excels at improving operational efficiency. Through the use of cutting edge AI technology through layer X service, we will provide solutions to our customers back office operations while deepening collaboration in areas that are highly compatible with MUFG's business such as settlements, optimizing corporate value. As together we pursue solutions to social issues.

下一步產業發展與創新支持。上半年，該銀行與Layer X達成業務聯盟。透過Layer X服務利用尖端的人工智慧技術，我們將為客戶後台營運提供解決方案，同時在結算等與MUFG業務高度契合的領域深化合作，優化企業價值。我們共同尋求社會問題的解決方案。

Next, as shown. Top right, we released our human rights report 2024 in June. In the report, we have newly compiled the results and specific examples of human rights due diligence. And in addition to strengthening our efforts to respect human rights, we are also proactively disclosing information. We have also published the MUFG sustainability report 2024 this month and I hope you will take a look at it for more details.

接下來，如圖所示。右上角，我們在 6 月發布了 2024 年人權報告。報告中，我們重新整理了人權盡職調查的結果和具體例子。除了加強尊重人權的努力外，我們還積極主動地揭露資訊。本月我們也發布了三菱日聯金融集團 2024 年永續發展報告，希望您能閱讀以了解更多詳細資訊。

To conclude, I would like to introduce our efforts to visualize the social impact of our business. In July the Trust Bank published the impact book which visualizes the path towards achieving social impact using a logic model. Next spring, we will disclose specific initiatives across the MUFG group to solve social issues and their impact on society and offer explanation to gain your understanding.

最後，我想介紹一下我們為可視化我們業務的社會影響所做的努力。7 月，信託銀行出版了影響力書籍，其中使用邏輯模型可視化實現社會影響力的路徑。明年春天，我們將公開三菱日聯集團為解決社會問題及其對社會的影響而採取的具體舉措，並提供解釋以供大家理解。

Please turn to page 21, this past September we published a new transition white paper 2024. In previous white papers, we summarize the differences in the path to carbon neutrality and policies in each country and region and have been engaging in dialogue with various stakeholders this time. However, through our discussions, we found that there are not only differences but also common challenge faced by countries that is the barrier to overcome the price passthrough of carbon neutral technology.

請翻到第21頁，去年9月我們發布了新的轉型白皮書2024。在先前的白皮書中，我們總結了各國和地區碳中和路徑和政策的差異，這次與各個利害關係人進行了對話。但透過討論，我們發現各國面臨的不僅有分歧，還有共同的挑戰，那就是克服碳中和技術價格傳遞的障礙。

In this white paper, we have summarized the discussion points necessary to overcome this barrier and social implementation of technologies necessary to achieve carbon neutrality, ensuring economic viability of business, gaining appropriate public understanding of such technologies and advocating the necessity of international cooperation. MUFG in cooperation with our customers will continue to play a role in laying the groundwork for inter industry, collaboration, industry, government cooperation, and domestic and international collaboration.

在本白皮書中，我們總結了克服這一障礙所需的討論要點以及實現碳中和所需技術的社會實施、確保企業的經濟可行性、獲得公眾對此類技術的適當理解並倡導國際合作的必要性。三菱日聯將繼續與客戶合作，為產業間、協作、產業、政府合作以及國內和國際協作奠定基礎。

Please turn to page 22, accelerating transformation and innovation. I believe MUFG needs to awaken its full potential to become a group that embodies its purpose of committed to empowering a brighter future. To achieve this. It is essential to cultivate a culture in which each and every employee maximizes his or her potential thinks independently takes ownership of own decisions and taking actions without delay.

請翻第22頁，加速轉型創新。我相信三菱日聯需要充分發揮其潛力，成為一個體現其致力於創造更光明未來的宗旨的集團。為了實現這一目標。必須培養一種文化，讓每位員工都能發揮自己的潛力，獨立思考，掌握自己的決策，並立即採取行動。

In addition to holding town hall meetings for more than 4,000 management personnel in Japan and overseas and using internal media to strengthen communication to employees. We are increasing opportunities for dialogue and sharing among employees especially in units that transcend the business segments to which they belong regarding their own ideas of the MUFG way through such interactive mechanisms.

此外，也為日本和海外的 4,000 多名管理人員舉行市政廳會議，並利用內部媒體加強與員工的溝通。我們正在增加員工之間的對話和分享機會，特別是在超越其所屬業務部門的單位中，透過這種互動機制，就他們自己對三菱日聯銀行方式的想法進行對話和分享。

We are working on cultural reform on a groupwide basis by promoting ownership of the purpose at the individual employee level to the right is the acceleration of agility transformation. More than 500 general managers declare their own agility transformation actions for implementation. And they are also working to review complex internal procedures and rules. Specifically, more than 2000 requests from employees were consolidated into 70 themes. And within six months of the start of the initiative, we have already formulated policies to deal with more than 70% of them.

我們正在全集團範圍內進行文化改革，透過提高員工個人的主人翁意識來加速敏捷轉型。超過 500 名總經理宣布了自己的敏捷轉型行動並予以實施。他們也正在努力審查複雜的內部程序和規則。具體來說，來自員工的 2000 多個請求被合併為 70 個主題。倡議啟動後六個月內，我們已經制定了政策來應對其中70%以上的問題。

In addition, we have begun a trial of agile operation that will enable us to respond quickly, COE or center of excellence teams try out agile operations in multiple areas and they are established with the aim of expanding them into different areas within the company. Page 23, is a strategy update on AI we believe that generative AI will be a game changer for businesses.

此外，我們已經開始嘗試敏捷運營，這將使我們能夠快速響應，COE或卓越中心團隊在多個領域嘗試敏捷運營，它們的建立是為了將其擴展到公司內部的不同領域。第 23 頁是人工智慧的策略更新，我們相信生成式人工智慧將改變企業的遊戲規則。

To this end, we are pursuing various initiatives to transform ourselves into an AI native company that not only utilizes AI to improve operational efficiency, but also thinks with AI at its core, specifically, we are examining and developing more advanced business use cases, conducting intelligence activities to grasp the latest technologies and trends and collaborating with advanced external partners with a focus on improving customer value proposition through data driven approaches and reforming business models and by changing the way employees work. In addition, we are also working in earnest to strengthen experts that support these strategies.

為此，我們正在採取各種舉措，將自己轉型為一家人工智慧原生公司，不僅利用人工智慧來提高營運效率，而且以人工智慧為核心進行思考，具體來說，我們正在研究和開發更先進的業務用例，進行情報活動以掌握最新技術和趨勢，並與先進的外部合作夥伴合作，重點透過數據驅動的方法、改革業務模式以及改變員工的工作方式來提高客戶價值主張。此外，我們也認真努力加強支持這些策略的專家。

Page 24, shows cost control. While investing resources to strengthen our business and infrastructure. We have managed to keep the expense ratio below 60%. The target of the MTBP by discipline control of the ratio and the amount.

第24頁，顯示成本控制。同時投入資源來加強我們的業務和基礎設施。我們成功地將費用率控制在60%以下。MTBP的目標是透過紀律控制比例和金額。

Page 25, shows RWA control risk return conscious business operations are spreading throughout the group as we make replacement with highly profitable assets. Currently, the reduction of RWAs is making headway of the MTBP target. Thanks to the reduction of low profitability assets and accelerated sale of equity holdings.

第 25 頁顯示，隨著我們以高利潤資產進行替換，RWA 控制風險回報意識的業務運作正在整個集團範圍內蔓延。目前，RWA 的減少正在朝著 MTBP 目標邁進。得益於低獲利資產的減持和股權出售的加速。

Page 26, shows the evolution of retail business strategy. Retail business strategy aims to maximize lifetime value and customer foundation working on various initiatives including opening new private branches. Furthermore to deepen group integrated operations, the decision was made to fully acquire AU CapCom Securities and rebranded this as Mitsubishi UFJ (inaudible) Securities Company Limited. It will be positioned as a core entity in online securities to accelerate group integrated operations by enhancing service coordination.

第 26 頁展示了零售業務策略的演變。零售業務策略旨在最大限度地提高終身價值和客戶基礎，致力於各種舉措，包括開設新的私人分行。此外，為了深化集團一體化經營，決定全面收購AU CapCom Securities，並將其更名為三菱UFJ（聽不清楚）證券有限公司。將定位為網路證券核心實體，透過加強服務協同，加速集團化一體化經營。

And before the end of the fiscal year, internet banking direct will be renewed to make possible seamless linkage of services of group companies to provide competitive services as a group. Page 27, is on further development of our business portfolio. With our approach for the co-creation of value, we aim to create future business opportunities for MUFG by capturing the expansion of new business domains, fostering industries and businesses together with our customers.

並於本財年結束前，續訂網路銀行直通服務，實現集團公司服務的無縫連動，提供具競爭力的集團服務。第 27 頁是關於我們業務組合的進一步發展。我們秉持著共同創造價值的理念，旨在透過拓展新業務領域、與客戶共同培養產業和業務，為三菱日聯金融集團創造未來的商機。

Our initiatives go beyond the scope of our traditional activities and include business co-creation investments, international advocacy activities and support for supply chain development overseas. We invested in the top players in the payment sector in Thailand and the Philippines in order to expand the MUFG economic sphere in Asia.

我們的措施超越了傳統活動的範圍，包括企業共同創造投資、國際宣傳活動以及對海外供應鏈發展的支持。我們投資了泰國和菲律賓支付領域的頂尖企業，以擴大三菱日聯金融集團在亞洲的經濟領域。

India has become an important region for MUFG in terms of both enhancing profitability and improving the efficiency of overseas operations. In the area of is we will further expand our business by pursuing synergies through the provision of asset management services to overseas pension funds, et cetera. By utilizing the customer base of [MP, MS] formally link which we acquired in May this year and by improving operational efficiency through the effective utilization of our back office centers in India.

印度已成為三菱日聯提高獲利能力和提高海外業務效率的重要地區。在金融領域，我們將透過向海外退休基金等提供資產管理服務，尋求綜效，進一步擴大業務。透過利用我們今年 5 月正式收購的 [MP、MS] 客戶群，並透過有效利用我們在印度的後台中心來提高營運效率。

Please turn to page 29, for the status of our response to the administrative actions. In July, we formulated and submitted to the Financial Services Agency. A set of improvement measures aimed at preventing a recurrence of the issue centered on the six pillars and have steadily implemented measures to strengthen our internal control system. To be more specific. We have completed all of the measures listed on the left by October.

請參閱第 29 頁，以了解我們對行政行為的回應狀態。7月，我們制定並提交給金融廳。圍繞著六大支柱，制定了一系列旨在防止問題再次發生的改進措施，並穩步實施加強內部控制體系的措施。更具體地說。到十月我們已經完成了左邊列出的所有措施。

The initiatives for penetration is listed on the right aimed at ensuring future penetration and establishment as a holding company. We will also continue to monitor the situation closely. Board of directors have been involved in the formulation of this improvement plan and will continue to verify the status of implementation. We reported the details to the financial services agency in October and we will continue to report on the implementation status on a regular basis and we will also keep you informed of progress as necessary.

右側列出了滲透舉措，旨在確保未來滲透並建立控股公司。我們也將繼續密切關注事態發展。董事會已參與此改進計畫的製定，並將繼續驗證實施。我們已於 10 月向金融服務機構報告了詳細信息，我們將繼續定期報告實施情況，並根據需要隨時向您通報進度。

That's all from me, we are now entering a new phase of growth under the purpose of committed to impairing a brighter future. We want to awaken the potential of the MUFG as an organization and realize enhance corporate value. We ask for your continued understanding and support.

這就是我的全部觀點，我們現在正在進入一個新的成長階段，致力於創造更光明的未來。我們希望喚醒三菱日聯金融集團作為組織的潛力，以實現企業價值的提升。我們請求您繼續理解和支持。

To our investors and rating agencies. Thank you very much for your attention.

致我們的投資者和評級機構。非常感謝您的關注。