Mitsubishi UFJ Financial Group Inc (MUFG) 2025 Q4 法說會逐字稿

I am Kamezawa. Thank you for taking time out of your busy schedule today to attend our MUFG IR presentation. CFO, Togawa explained the financial results at the online conference call the other day. So today, I would like to talk mainly about the review of the medium-term business plans, targets and progress.

我是龜澤。感謝您今天在百忙之中抽出時間來參加我們的 MUFG IR 演示。財務長 Togawa 前幾天在線上電話會議上解釋了財務表現。所以今天我主要想談談中期經營計畫、目標和進度的回顧。

Please turn to Page 6 of the material. In FY24, net profits reached JPY1,862.9 billion, a new record high for two consecutive years, and ROE was 9.9%, achieving the MTBP target of 9% in the first year of the plan.

請翻到材料第6頁。24財年淨利達1.8629兆日元，連續兩年創歷史新高，ROE為9.9%，實現了計畫第一年9%的MTBP目標。

Please look at the chart on the right. For the purpose of balance sheet management, we recorded loss on sale mainly on foreign bonds, utilizing one-off gains such as gain on sale of equity holdings and reversal of large overseas loan loss provisions. But the profit increase was driven by strong growth in customer segments NOP and increase in equity earnings, mainly from Morgan Stanley.

請看右邊的圖表。出於資產負債表管理的目的，我們主要記錄了境外債券的出售損失，利用出售股權所得收益和衝回大額境外貸款損失準備等一次性收益。但利潤的成長是由客戶部門 NOP 的強勁成長和股權收益的增加（主要來自摩根士丹利）推動的。

Please turn to Page 7. The step chart on the right shows factors behind the changes in NOP. NOP declined year-on-year due to the impact of the recording of loss on sale in Global Markets business group from the bond portfolio rebalance to improve future profitability.

請翻到第 7 頁。右側的步驟圖顯示了 NOP 變化背後的因素。由於全球市場業務集團為提高未來獲利能力而進行債券投資組合重新平衡，導致銷售損失記錄，NOP 年減。

NOP in customer segments increased by around JPY150 billion and is showing strong continued growth, even excluding the impacts of the changes in the consolidated closing period for Krungsri's and the Yen interest rate hike.

即使排除 Krungsri 合併結算期變化和日元加息的影響，客戶部門的 NOP 也增加了約 1500 億日元，並顯示出強勁的持續增長。

Please turn to Page 8, which shows our FY25 performance target. Despite the current uncertainty in the external environment, we plan to aim for JPY2 trillion in net profits for the first time since MUFG was established and 10% ROE on JPX basis.

請翻到第 8 頁，其中顯示了我們的 FY25 績效目標。儘管目前外部環境存在不確定性，但我們仍計劃實現三菱日聯金融集團成立以來首次淨利潤2萬億日元，並實現基於JPX基準的10%的ROE。

As shown in the right chart, despite rebounds or reactionary falls from one-off events in FY24, profit increase will be driven mainly by the growth in NOP, which reflects the true capabilities of our core business. This plan, along with the financial indicators listed on the right, is based on the assumption that trade policy negotiations among major countries will progress to a certain extent and that significant damage to the global supply chain will be avoided.

如右圖所示，儘管 24 財年出現一次性事件導致的反彈或反應性下跌，但利潤成長將主要由 NOP 的成長推動，這反映了我們核心業務的真正能力。該計劃以及右側列出的財務指標都基於這樣的假設：主要國家之間的貿易政策談判將取得一定進展，並且全球供應鏈將避免受到重大損害。

Please turn to Page 9. Regarding shareholder return, we will continue to aim for a dividend payout ratio of around 40% and a sustainable increase in DPS based on profit growth, while considering the optimal balance between capital soundness and growth investment. Based on this, DPS for FY25 is projected at JPY70, up by JPY6 from FY24. In addition, share repurchase up to JPY250 billion was resolved for the first half.

請翻到第 9 頁。在股東回報方面，我們將繼續以40%左右的股息支付率和基於利潤增長的每股股息可持續增長為目標，同時考慮資本穩健性和成長投資之間的最佳平衡。基於此，預計 25 財年的每股股利為 70 日圓，比 24 財年增加 6 日圓。此外，上半年也完成了高達2,500億日圓的股票回購。

Please turn to Page 10 on EPS growth performance. EPS growth rate from FY 2010 after the global financial crisis to FY24 was 10.4%, which is a very high level compared to global peers. The right side shows the breakdown of this EPS growth into profit growth and share repurchase. While net profits became 3.2x higher, the total number of issued common stock decreased by about 20% through share repurchase.

請翻到第 10 頁了解 EPS 成長表現。從全球金融危機後的2010財年到24財年的每股盈餘成長率為10.4%，與全球同業相比，這是一個非常高的水準。右側顯示了每股收益成長細分為利潤成長和股票回購。雖然淨利潤增加了3.2倍，但透過股票回購，發行的普通股總數減少了約20%。

Please turn to Page 11 on the impact of US trade policy. First, trade barriers arising from the US tariff policy could accelerate decoupling among countries and heightened geopolitical risks. There are concerns that supply chains could be disrupted and raw materials and product prices could soar, leading to drop in consumer sentiment and stagflation.

有關美國貿易政策的影響，請翻到第11頁。首先，美國關稅政策引發的貿易壁壘可能加速各國脫鉤，加劇地緣政治風險。人們擔心供應鏈可能中斷，原物料和產品價格可能飆升，導致消費者信心下降和滯脹。

There is a possibility that this could result in various impacts as described in the middle. So we established a cross-functional project team to follow up on these impacts. We expect financial indicators for FY26 to be at the levels shown in the lower part, but given the current heightened uncertainty, they may deteriorate significantly from this scenario.

這有可能會導致中間所述的各種影響。因此我們成立了一個跨職能專案團隊來跟進這些影響。我們預計 26 財年的財務指標將處於下半部所示的水平，但鑑於當前不確定性加劇，這些指標可能會比目前的情況大幅惡化。

Please turn to Page 12. Due to the high uncertainty in the business environment for FY26, the financial targets for the final year of the MTBP will be reviewed and announced after careful assessment of the environment. On the other hand, as described in the upper half, our resilient, diverse, and globally diversified business portfolio has grown steadily and increased its resilience by adapting flexibly to discontinuous changes in the past.

請翻到第12頁。由於26財年的商業環境存在很大的不確定性，中期預算最後一年的財務目標將在仔細評估環境後進行​​審查和公佈。另一方面，如上半部所述，我們具有韌性、多元化、全球多元化的業務組合在過去透過靈活適應不連續的變化而穩步成長，並提高了韌性。

Therefore, under the expected environment mentioned earlier, we expect steady growth in net profits of over JPY2 trillion and ROE of over 10% on JPX basis in FY26, both higher than FY25.

因此，在前述預期環境下，我們預期26財年的淨利將穩定成長超過2兆日圓，而基於JPX基準的ROE將超過10%，均高於25財年。

Please turn to Page 13 on the revision of mid to long term ROE target. Despite the current uncertain environmen, our direction to increase ROE in the mid to long term remains unchanged. Given that we have achieved our previous target, we set a new ROE target of approximately 12% on JPX basis in order to advance to the next stage.

有關中長期ROE目標的修訂請翻到第13頁。儘管目前環境不確定，但我們中長期提高 ROE 的方向仍然沒有改變。鑑於我們已經實現了先前的目標，我們設定了新的 ROE 目標，即在 JPX 基礎上達到約 12%，以進入下一階段。

To achieve this, we will work to create growth in Japan as Japan's largest financial institution and strengthen our unique and competitive business portfolio through growth investments and disciplined risk taking in growth areas to further enhance our profitability. Furthermore, we aim to realize corporate value that is on par with global top tier companies by implementing disciplined capital management and further enhancing shareholder returns.

為了實現這一目標，我們將努力成為日本最大的金融機構，在日本創造成長，並透過成長投資和在成長領域承擔有紀律的風險來加強我們獨特且具有競爭力的業務組合，以進一步提高我們的獲利能力。此外，我們旨在透過實施嚴格的資本管理和進一步提高股東回報，實現與全球頂級公司相媲美的企業價值。

Please turn to Page 15. I will explain the progress of our MTBP. This slide shows the trends in net profits and components of gross profits. As BOJ policy rate remained at low levels, we continued to diversify our revenue structure through investments in Asian partner banks, AM/IS, and digital areas, which led to a continued improvement in non-Japanese Yen NII and fee income.

請翻到第15頁。我將解釋我們的中期計劃的進展。這張投影片展示了淨利潤和毛利組成部分的趨勢。由於日本央行政策利率維持在低水平，我們繼續透過投資亞洲合作銀行、AM/IS 和數位領域來實現收入結構多元化，從而導致非日圓 NII 和手續費收入持續改善。

Fee income shown in the yellow line graph is growing significantly. Yen net interest income in red is also improving significantly, thanks to the improvement in margin under the negative interest rate policy coupled with the policy rate hike since last year. However, it is still below the 2006 level and further improvement is expected.

黃線圖顯示的費用收入正在大幅成長。日圓淨利息收入呈現赤字，也因負利率政策下利潤率的改善以及去年以來政策利率的上調而大幅改善。但仍低於2006年的水平，預計還會進一步改善。

Page 16 is on fee income, one of our strengths. Over the past few years, we have diversified our business portfolio and strengthened our earning power while responding flexibly to environmental changes such as monetary policies in Japan and abroad. Left side fee income continues to grow compared to FY 2020 stock type trust business fee, which can expect stable income increased by 1.5x and flow type loan related fee increased by 1.7x.

第 16 頁介紹的是費用收入，這是我們的優勢之一。過去幾年來，我們在靈活應對國內外貨幣政策等環境變化的同時，實現了業務組合多元化，增強了盈利能力。左側費用收入與2020財年股票型信託業務費用相比持續成長，預期穩定收入增加1.5倍，流動型貸款相關費用增加1.7倍。

In project finance on the right, we have maintained the number 1 market share in the US for 15 consecutive years and globally for 3 consecutive years with our extensive O&D know-how driving the expansion of loan related fee income. Furthermore, in AM/IS, we are steadily increasing fee income by accumulating AUM and AUA in Japan and overseas.

在右側的專案融資中，我們憑藉豐富的O&D專業知識推動了貸款相關費用收入的擴大，連續15年在美國保持第一的市場份額，連續3年在全球保持第一的市場份額。此外，在AM/IS方面，我們透過在日本和海外累積AUM和AUA，穩步增加費用收入。

Please turn to Page 17. From here, I will explain the progress of the three pillars of the MTBP. First is expand and refine growth strategies. Excluding the impact of bond portfolio rebalance, NOP increased by approximately JPY450 billion compared to FY23. In addition to the significant growth in Japan business, we saw progress in our GCIB and global markets integrated business model centered on project finance and O&D.

請翻到第17頁。從這裡開始，我將闡述中期策略計畫三大支柱的進展。一是拓展和細化成長策略。不計債券投資組合重新平衡的影響，NOP較23財年增加約4,500億日圓。除了日本業務的顯著成長之外，我們還看到以專案融資和O&D為中心的GCIB和全球市場一體化業務模式取得了進展。

From the next page, I will elaborate on the domestic retail business, which is currently undergoing major changes and on Asia, where economic growth is slowing. Page 18 shows the evolution of our retail business strategy. Upper left, in FY24, we implemented multiple strategic measures to reverse a long-term down trend in the number of account openings, number of credit card members, and volume of home loans.

從下一頁開始，我將詳細闡述目前正在發生重大變化的國內零售業以及經濟成長正在放緩的亞洲。第 18 頁展示了我們零售業務策略的演變。左上角，在24財年，我們實施了多項策略措施，扭轉了開戶數量、信用卡會員數和房屋貸款量的長期下降趨勢。

In FY25, we will further accelerate this trend by promoting the renovation and new release of apps such as our internet banking app. We also expanded our group network in FY24 by consolidating Mitsubishi UFJ eSmart Securities, WealthNavi, and Zenhoren as subsidiaries, and increasing our stake in JACCS.

在25財年，我們將透過推動網路銀行應用程式等應用程式的革新和新發布來進一步加速這一趨勢。我們還在 24 財年將三菱 UFJ eSmart Securities、WealthNavi 和 Zenhoren 合併為子公司，並增加了我們在 JACCS 的股份，從而擴大了我們的集團網絡。

Through these investments, we will further collaborate in the service area and strengthen our finance, settlement, credit cards, and asset management functions. Furthermore, we expect to generate synergy by referring customers among companies and responding to diverse needs through comprehensive approach.

透過這些投資，我們將進一步在服務領域合作，並加強我們的財務、結算、信用卡和資產管理功能。此外，我們希望透過在公司之間推薦客戶並透過綜合方法滿足多樣化需求來產生協同效應。

We will further strengthen our customer base, which is the largest in Japan, by increasing convenience by connecting all services and developing an agile strategy that leverages our group companies' network.

我們將透過連結所有服務來提高便利性，並制定利用集團公司網路的敏捷策略，進一步加強我們日本最大的客戶群。

Page 19 shows our outlook on Asia strategy. In 2013, CIB business accounted for the majority of our income in Asia. Since then, we invested in partner banks and in AsiaxDigital, creating our own unique economic sphere.

第19頁展示了我們對亞洲戰略的展望。2013年，CIB業務占我們在亞洲的大部分收入。從那時起，我們投資了合作銀行和 AsiaxDigital，創造了我們自己獨特的經濟領域。

During this period, our NOP in Asia expanded from JPY110 billion to JPY500 billion, with GCB profits driving that growth reaching around JPY300 billion. We have established a solid presence in Thailand and Indonesia, making the top five in terms of net profit.

在此期間，我們在亞洲的淨營業利潤從 1,100 億日圓擴大到 5,000 億日圓，其中 GCB 利潤推動這一增長達到約 3,000 億日元。我們在泰國和印尼已經建立了穩固的業務，在淨利潤方面排名前五。

In FY24, Krungsri's loan balance decreased due to stricter screening criteria stemming from Thailand's deteriorating macro environment. But in FY25, we are working to improve credit cost management and increase the loan balance in parallel.

24財年，由於泰國宏觀環境惡化導致篩選標準更加嚴格，Krungsri的貸款餘額下降。但在25財年，我們正在努力改善信貸成本管理，同時增加貸款餘額。

In addition, we will capture the high economic growth in India and ASEAN countries, and while increasing our profit in Asia as a whole, we will steadily expand the scale of profits from AsiaxDigital to diversify our profit sources across Asia. We aim to increase profits from this area to account for 20% of our total GCB by FY29.

此外，我們將抓住印度和東協國家的高經濟成長機會，在增加整個亞洲利潤的同時，穩步擴大AsiaxDigital的利潤規模，實現亞洲利潤來源多元化。我們的目標是到 29 財年將該領域的利潤提高到佔 GCB 總額的 20%。

Please turn to Page 20. To resolve social issues, we established logic models to visualize the path of each department to create the impact we aspire for. In the report published in April, we provided details of the model and indicators along with examples of problem solving initiatives that are already under way.

請翻到第20頁。為了解決社會問題，我們建立了邏輯模型，以可視化的方式展示每個部門實現我們所期望的影響的路徑。在四月發布的報告中，我們提供了模型和指標的詳細資訊以及已經在進行的解決問題的舉措的例子。

Right side shows our progress toward realizing a sustainable society. In Climate Report 2025 published in April, we updated our efforts with a focus on the effectiveness of MUFG Transition Plan, and our commitment to carbon neutrality remains unchanged even after leaving NZBA. We hope you could take a look at these reports as well.

右側展示了我們朝著實現永續社會的進展。在四月發布的《2025年氣候報告》中，我們更新了我們的努力，重點是三菱日聯金融集團過渡計畫的有效性，即使在離開NZBA之後，我們對碳中和的承諾依然沒有改變。我們希望您也能看看這些報告。

Please turn to Page 21 on the progress of our efforts toward a vibrant society. Left side shows our startup support. Last year we supported the IPO of unicorn class companies such as Astroscale, a space venture, and Timee, a part-time job matching app. The market cap of the startups we supported has risen to JPY8 trillion. We will continue to raise awareness of our support capabilities and further expand the scope of our support.

請翻到第21頁，了解我們為建立充滿活力的社會所做的努力的進展。左側顯示了我們對新創企業的支持。去年，我們支援了太空企業 Astroscale 和兼職工作配對應用程式 Timee 等獨角獸級公司的 IPO。我們支持的新創企業的市值已升至8兆日圓。我們將繼續提高對支持能力的認識，並進一步擴大支持範圍。

Right side shows our efforts in financial and economic education. Under the leadership of the newly appointed Director in-charge, we will contribute to improving the financial literacy of more children by enhancing outreach classes and contents and disseminating information on our dedicated portal site Manebiya.

右邊是我們在金融和經濟教育方面的努力。在新任主管的領導下，我們將透過加強外展課程和內容以及在我們的專用入口網站 Manebiya 上傳播訊息，為提高更多兒童的金融知識做出貢獻。

Page 22 is on corporate transformation. In order to build an organization that can quickly adapt to changes in the environment, we have begun to introduce the so-called agile management, which involves creating cross-functional teams that enhance collaboration between organizations, delegating authority and responsibility, and building up results through short-term PDCA cycles.

第 22 頁是關於企業轉型的。為了打造一個能夠快速適應環境變化的組織，我們開始引入所謂的敏捷管理，即創造跨職能團隊，加強組織間的協作，授權和責任，並透過短期PDCA循環累積成果。

In the future, we will expand the scope of the application of agile management to promote corporate transformation. Additionally, we will publish Human Capital Report next month. It focuses on the people working at MUFG who are the source of our growth and will disseminate our human capital management initiatives and the connection to our management strategies to increase our corporate value.

未來我們將擴大敏捷管理的應用範圍，並推動企業轉型。此外，我們將於下個月發佈人力資本報告。它以在三菱日聯金融集團工作的員工為重點，他們是我們成長的源泉，並將傳播我們的人力資本管理舉措以及與我們的管理策略的聯繫，以提高我們的企業價值。

Right side shows increase in our system development capability. We increased our system investment budget to JPY900 billion to strengthen both offense and defense aspects, including generative AI and cybersecurity. In addition, through the architecture strategy pursued since FY22, we are optimizing our systems to be stable and competitive.

右邊顯示的是我們系統開發能力的提升。我們將系統投資預算增加到9000億日元，以加強進攻和防禦方面，包括產生人工智慧和網路安全。此外，透過自22財年起推行的架構策略，我們正在優化我們的系統，使其更加穩定且具競爭力。

By consolidating and renewing our existing systems, we will reduce maintenance costs and reallocate them to strategic investments aimed at growth.

透過整合和更新現有系統，我們將降低維護成本並將其重新分配給旨在實現成長的策略投資。

Page 23 is on AI and data strategies. Digitalization has improved our operational efficiency and convenience to date, and AI will accelerate this trend even further. The term digital divide refers to a division based on whether or not we can use digital technology, but I think we will enter an era of AI divide where divisions and disparities arise based on the accessibility of AI.

第 23 頁是關於人工智慧和數據策略。數位化已經提高了我們的營運效率和便利性，而人工智慧將進一步加速這一趨勢。數位落差指的是基於是否能夠使用數位技術而產生的分歧，但我認為我們將進入一個人工智慧鴻溝時代，分歧和差距將基於人工智慧的可及性而產生。

To respond to these changes, we will transform MUFG into an AI-native organization and use AI as a tool to not only improve business efficiency but also enhance our capabilities. As a concrete initiative, MUFG has already begun the study and development of 60 use cases and started implementing them.

為了因應這些變化，我們將把三菱日聯金融集團轉型為人工智慧原生組織，並利用人工智慧作為工具，不僅提高業務效率，也增強我們的能力。作為一項具體舉措，三菱日聯金融集團已經開始研究和開發 60 個用例並開始實施。

In addition, we launched Hello AI @ MUFG, a group-wide AI penetration initiative aimed at spreading AI throughout the group. In addition, upper right, we are also working on establishing data infrastructure and cultivating the habit of data-driven actions to maximize the power of AI. To accelerate our future efforts, we are strengthening our partnerships, such as retaining Mr. Ito, COO of Sakana AI, as an AI adviser.

此外，我們還啟動了「Hello AI@MUFG」計劃，這是一項集團範圍的AI滲透計劃，旨在在整個集團範圍內傳播AI。此外，右上角，我們也致力於建立資料基礎設施，培養資料驅動行動的習慣，以最大限度地發揮人工智慧的力量。為了加速我們未來的努力，我們正在加強合作夥伴關係，例如聘請 Sakana AI 的營運長 Ito 先生擔任人工智慧顧問。

Page 24 is on cost control. While allocating resources to strengthen our business and foundation for future growth, we will also firmly control our base expense. The current expense ratio, excluding the impact from bond portfolio rebalance is below 60% in real terms and is better than FY23.

第 24 頁是關於成本控制的。在分配資源加強我們的業務和未來成長的基礎的同時，我們也將堅決控制我們的基礎支出。目前費用率（不包括債券投資組合重新平衡的影響）實際低於 60%，且優於 23 財年。

Page 25 shows the status of risk-weighted asset control. Risk return awareness has taken root throughout MUFG to replace low profit assets with high profit assets. We achieved our RWA reduction target first by reducing low profit assets and accelerating the sale of equity holdings and are steadily increasing our high profit assets as well.

第25頁顯示了風險加權資產控制的狀態。風險報酬意識已在三菱日聯金融集團內部紮根，以高利潤資產取代低利潤資產。我們首先透過減少低利潤資產和加速出售股權實現了風險加權資產減少目標，同時也穩步增加高利潤資產。

Page 26 shows the status of reduction of equity holdings. In FY24, we sold JPY276 billion on an acquisition cost basis, roughly 40% of our JPY700 billion target. Including the agreed but unsold amount, we have reached over 70% of our target. In addition, the ratio of holdings to net assets declined significantly to 20.1%.

第26頁為減持情形。在 24 財年，我們以收購成本出售了 2,760 億日元，約佔 7,000 億日圓目標的 40%。包括已商定但未售出的數量，我們已經達到目標的70％以上。此外，持股佔淨資產的比例也大幅下降至20.1%。

Page 27 is on enhancement of strategic alliance with Morgan Stanley. On the left, we rose to number 3 position in Japan Equity Research Ranking, thanks to the integration of our research functions. In FX Trading, we have doubled our trading volume by utilizing Morgan Stanley platform and are steadily achieving results in various areas.

第27頁是關於加強與摩根士丹利的策略聯盟。在左側，由於研究功能的整合，我們在日本股票研究排名中上升至第三位。在外匯交易方面，我們利用摩根士丹利平台將交易量翻了一番，並在各個領域穩步取得成果。

In addition, at MUFG's branch managers meeting in April this year, CEO, Mr. Pick sent a video and delivered a message on the further evolution of Alliance 2.0. Going forward, the two companies will continue working together to deepen and expand the areas of collaboration.

此外，在今年4月三菱日聯金融集團（MUFG）分行經理會議上，執行長皮克先生透過視訊發表了關於聯盟2.0進一步發展的資訊。未來，兩家公司將繼續攜手合作，深化和拓展合作領域。

Please turn to Page 29. I will explain the status of our measures for business improvement orders related to bank securities collaboration. We completed all planned measures to prevent recurrence for FY24 and internal audits on the effectiveness of improvement.

請翻到第29頁。我將解釋與銀行證券合作相關的業務改進命令措施的現狀。我們完成了24財年所​​有計劃的防止再次發生的措施以及對改進效果的內部審計。

Going forward, we will continue to instill a correct understanding of laws and regulations through executives and employees' training and to raise awareness of issues captured through a monitoring in order to realize customer-centric sales activities leveraging MUFG's collective strengths.

今後，我們將繼續透過對管理人員和員工的培訓，灌輸對法律法規的正確理解，並提高對透過監控發現的問題的認識，從而利用三菱日聯的集體優勢實現以客戶為中心的銷售活動。

Page 30 shows the status of our response to the incident of customers' asset theft from safe deposit boxes. Measures to prevent the incident recurrence based on the cause of this incident are on track as planned. Going forward, we will continue to review our rules based on FSA's Supervisory Guidelines, strengthen our management system, and work on other business process improvements.

第30頁顯示了我們對客戶保險箱資產被盜事件的回應。根據該事件原因，防止事件再次發生的措施正在按計劃進行。展望未來，我們將繼續根據金融廳的監管指南審查我們的規則，加強我們的管理體系，並致力於其他業務流程的改進。

This concludes my explanation. I would like to ask all investors and rating agencies for your continued understanding and support.

我的解釋到此結束。懇請各位投資者和評等機構繼續給予理解和支持。