Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

For the month of August 2023

Commission File No. 000-54189

MITSUBISHI UFJ FINANCIAL GROUP, INC.

(Translation of registrant’s name into English)

7-1, Marunouchi 2-chome, Chiyoda-ku

Tokyo 100-8330, Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or

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

Form 20-F X Form 40-F

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

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

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

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

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-242048) OF MITSUBISHI UFJ FINANCIAL GROUP, INC. AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED WITH OR FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION.

SIGNATURES

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

Date: August 1, 2023


Mitsubishi UFJ Financial Group, Inc.

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

LOGO

Consolidated Summary Report

<under Japanese GAAP>

for the three months ended June 30, 2023

August 1, 2023


Company name:		Mitsubishi UFJ Financial Group, Inc.
Stock exchange listings:		Tokyo, Nagoya, New York
Code number:		8306
URL		https://www.mufg.jp/english/
Representative:		Hironori Kamezawa, President & Group CEO
For inquiry:		Masahisa Takahashi, Managing Director, Head of Financial Accounting and Reporting, Financial Accounting Office, Financial Planning Division
		TEL +81-50-3613-1179
Quarterly securities report issuing date:		August 14, 2023
Dividend payment date:		-
Trading accounts:		Established
Supplemental information for quarterly financial statements:		Available
Quarterly investor meeting presentation:		None

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

1. Consolidated Financial Data for the Three Months ended June 30, 2023

(1)	Results of Operations


	(% represents the change from the same period in the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profits Attributable to Owners of Parent
	million yen		%		million yen		%			million yen		%
For the three months ended
June 30, 2023		2,774,099		28.2		725,585		175.9			558,389		391.2
June 30, 2022		2,163,890		43.9		262,961		(42.9	)		113,685		(70.3	)

(*)	Comprehensive income

June 30, 2023: 1,066,496 million yen, - % ; June 30, 2022: (80,407) million yen, - %


	Basic earnings per share		Diluted earnings per share
	yen		yen
For the three months ended
June 30, 2023		46.44		46.29
June 30, 2022		9.03		8.94

(2)	Financial Conditions


	Total Assets		Total Net Assets		Equity-to-asset ratio (*)
	million yen		million yen		%
As of
June 30, 2023		387,452,252		19,178,288		4.7
March 31, 2023		386,799,477		18,272,857		4.5

(Reference) Shareholders’ equity as of June 30, 2023: 18,074,377 million yen; March 31, 2023: 17,231,291 million yen

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

(Total net assets - Non-controlling interests) / Total assets

2. Dividends on Common Stock


	Dividends per Share
	1st quarter-end		2nd quarter-end		3rd quarter-end		Fiscal year-end		Total
	yen		yen		yen		yen		yen
For the fiscal year
ended March 31, 2023		—		16.00		—		16.00		32.00
ending March 31, 2024		—
ending March 31, 2024 (Forecast)				20.50		—		20.50		41.00

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

3. Earnings Target for the Fiscal Year ending March 31, 2024 (Consolidated)

MUFG has the target of 1,300.0 billion yen of profits attributable to owners of parent for the fiscal year ending March 31, 2024. (There is no change to our earnings target released on May 15, 2023.)

MUFG is engaged in financial service businesses such as banking business, trust banking business, securities business and credit card/loan businesses. Because there are various uncertainties caused by economic situation, market environments and other factors in these businesses, MUFG discloses a target of its profits attributable to owners of parent instead of a forecast of its performance.

ø Notes

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

(2)	Adoption of any particular accounting methods for quarterly consolidated financial statements: No

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

(A) Changes in accounting policies due to revision of accounting standards: No

(B) Changes in accounting policies due to reasons other than (A): No

(D) Restatements: No

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


(A) Total stocks outstanding including treasury stocks:	June 30, 2023	12,687,710,920 shares
	March 31, 2023	12,687,710,920 shares
(B) Treasury stocks:	June 30, 2023	663,514,884 shares
	March 31, 2023	664,065,483 shares
(C) Average outstanding stocks:	Three months ended June 30, 2023	12,023,926,078 shares
	Three months ended June 30, 2022	12,586,897,926 shares

ø This “Consolidated Summary Report”(Quarterly“Tanshin”) is outside the scope of the external auditor’s quarterly review procedure.

ø Notes for using forecasted information etc.

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

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

Mitsubishi UFJ Financial Group, Inc.

(Appendix)

Contents of Appendix


1. Consolidated Financial Statements and Notes			2
(1) Consolidated Balance Sheets			2
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income			4
(3) Notes on Going-Concern Assumption			6
(4) Notes for Material Changes in Shareholders’ Equity			6
(5) Additional Information			6

Supplemental Information:

“Selected Financial Information under Japanese GAAP For the Three Months Ended June 30, 2023”

Mitsubishi UFJ Financial Group, Inc.

1. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheets


(in millions of yen)	As of March 31, 2023			As of June 30, 2023
Assets:
Cash and due from banks		113,630,172			108,256,996
Call loans and bills bought		618,223			789,288
Receivables under resale agreements		14,000,846			14,034,866
Receivables under securities borrowing transactions		4,549,792			4,199,976
Monetary claims bought		7,325,185			7,461,879
Trading assets		18,013,184			21,945,875
Money held in trust		1,287,020			1,432,670
Securities		86,746,900			82,089,566
Loans and bills discounted		109,146,272			112,152,610
Foreign exchanges		2,300,198			2,217,400
Other assets		15,195,896			18,534,754
Tangible fixed assets		1,220,172			1,210,063
Intangible fixed assets		1,358,124			1,425,622
Net defined benefit assets		1,325,434			1,362,599
Deferred tax assets		322,021			297,697
Customers’ liabilities for acceptances and guarantees		11,005,758			11,322,919
Allowance for credit losses		(1,245,727	)		(1,282,536	)

Total assets		386,799,477			387,452,252

Liabilities:
Deposits		213,609,501			216,587,862
Negotiable certificates of deposit		13,632,559			14,598,689
Call money and bills sold		3,449,234			3,315,529
Payables under repurchase agreements		39,982,955			31,447,568
Payables under securities lending transactions		1,171,947			1,188,229
Commercial papers		2,220,723			2,668,458
Trading liabilities		14,716,820			15,942,478
Borrowed money		24,856,340			24,306,313
Foreign exchanges		2,570,412			2,436,410
Short-term bonds payable		1,047,499			1,395,997
Bonds payable		15,708,720			16,965,254
Due to trust accounts		11,689,414			10,712,533
Other liabilities		12,132,972			14,771,490
Reserve for bonuses		196,850			85,519
Reserve for bonuses to directors		3,639			1,299
Reserve for stocks payment		9,304			9,986
Net defined benefit liabilities		86,445			91,708
Reserve for retirement benefits to directors		830			701
Reserve for loyalty award credits		17,962			18,732
Reserve for contingent losses		164,891			145,417
Reserves under special laws		4,659			4,835
Deferred tax liabilities		157,651			167,607
Deferred tax liabilities for land revaluation		89,525			88,416
Acceptances and guarantees		11,005,758			11,322,919

Total liabilities		368,526,620			368,273,963

Mitsubishi UFJ Financial Group, Inc.


(in millions of yen)	As of March 31, 2023			As of June 30, 2023
Net assets:
Capital stock		2,141,513			2,141,513
Capital surplus		349,661			349,661
Retained earnings		12,739,228			13,105,543
Treasury stock		(481,091	)		(480,740	)

Total shareholders’ equity		14,749,310			15,115,976

Net unrealized gains (losses) on available-for-sale securities		800,955			854,574
Net deferred gains (losses) on hedging instruments		(387,079	)		(431,463	)
Land revaluation excess		135,526			134,741
Foreign currency translation adjustments		1,792,840			2,287,024
Remeasurements of defined benefit plans		140,485			132,295
Debt value adjustments of foreign subsidiaries and affiliates		(747	)		(18,773	)

Total accumulated other comprehensive income		2,481,980			2,958,400

Non-controlling interests		1,041,565			1,103,911

Total net assets		18,272,857			19,178,288

Total liabilities and net assets		386,799,477			387,452,252

Mitsubishi UFJ Financial Group, Inc.

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

Consolidated Statements of Income


(in millions of yen)	For the three months ended June 30, 2022		For the three months ended June 30, 2023
Ordinary income		2,163,890		2,774,099
Interest income		1,205,351		1,671,075
Interest on loans and bills discounted		492,571		901,940
Interest and dividends on securities		593,771		314,009
Trust fees		35,524		33,215
Fees and commissions		412,122		457,534
Trading income		29,574		109,429
Other operating income		228,979		205,728
Other ordinary income		252,339		297,114
Ordinary expenses		1,900,929		2,048,513
Interest expenses		218,827		1,086,946
Interest on deposits		84,304		417,834
Fees and commissions		78,495		89,326
Trading expenses		1,129		326
Other operating expenses		705,372		59,144
General and administrative expenses		700,110		705,048
Other ordinary expenses		196,992		107,720

Ordinary profits		262,961		725,585

Extraordinary gains		5,222		6,997
Gains on disposition of fixed assets		5,222		6,997
Extraordinary losses		27,140		29,521
Losses on disposition of fixed assets		2,672		3,690
Losses on impairment of fixed assets		732		3,596
Provision for reserve for contingent liabilities from financial instruments transactions		24		176
Losses on change in equity		23,711		22,058

Profits before income taxes		241,043		703,061

Income taxes-current		102,529		104,058
Income taxes-deferred		4,589		23,442

Total taxes		107,119		127,500

Profits		133,924		575,560

Profits attributable to non-controlling interests		20,238		17,171

Profits attributable to owners of parent		113,685		558,389

Mitsubishi UFJ Financial Group, Inc.

Consolidated Statements of Comprehensive Income


(in millions of yen)	For the three months ended June 30, 2022			For the three months ended June 30, 2023
Profits		133,924			575,560
Other comprehensive income
Net unrealized gains (losses) on available-for-sale securities		(730,211	)		45,712
Net deferred gains (losses) on hedging instruments		(155,595	)		(45,231	)
Foreign currency translation adjustments		558,197			233,712
Remeasurements of defined benefit plans		(9,635	)		(8,359	)
Share of other comprehensive income of associates accounted for using equity method		122,913			265,101

Total other comprehensive income		(214,331	)		490,935

Comprehensive income		(80,407	)		1,066,496

(Comprehensive income attributable to)
Comprehensive income attributable to owners of parent		(125,568	)		1,035,593
Comprehensive income attributable to non-controlling interests		45,160			30,902

Mitsubishi UFJ Financial Group, Inc.

(3) Notes on Going-Concern Assumption

None.

(4) Notes for Material Changes in Shareholders’ Equity

None.

(5) Additional Information

(Estimated impact of the COVID-19 pandemic and the Russia-Ukraine situation relating to allowance for credit losses)

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

Among these, internal credit ratings are assigned to counterparties based on qualitative factors such as the current and expected future business environment of the industry to which they belong as well as their management and funding risks in addition to quantitative financial evaluations through an analysis of their financial results. In particular, the uncertain business environment caused by such factors as the prolonged COVID-19 pandemic and Russia-Ukraine situation has had a significant impact on the financial position and operating results of certain counterparties. Determination of internal credit ratings for these counterparties may be highly dependent on our assessment of the prospects of improvements in their operating results and their ability to continue as going concerns.

When calculating allowance for credit losses, MUFG Bank, Ltd., our principal consolidated domestic banking subsidiary, determines expected loss rates primarily by calculating a rate of loss based on a historical average of the credit loss rate or a historical average of the default probability derived from actual credit loss experience or actual bankruptcy experience and making necessary adjustments based on future projections and other factors. The subsidiary makes such adjustments based on future loss projections and other factors to loss rates calculated based on historical loss experience, when and to the extent such adjustments are deemed appropriate, by taking into account the rate of increase in the credit loss rate or the default probability in a more recent period, additional expected losses and other factors, especially in light of the COVID-19 pandemic and the Russia-Ukraine situation. The amount of impact of these adjustments was ¥64,269 million as of June 30, 2023 (¥69,569 million as of March 31, 2023).

In addition, certain overseas subsidiaries which apply Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) have adopted Accounting Standards Codification Topic 326, “Financial Instruments—Credit losses,” provide for allowance for credit losses by estimating credit losses currently expected for the remaining term of the relevant contracts. Expected credit losses are calculated using a quantitative model that reflects economic forecast scenarios based on macroeconomic variables. The calculation process includes determination of macroeconomic variables used in multiple economic forecast scenarios and the weightings applied to each economic forecast scenario. Expected credit losses are adjusted for qualitative factors to compensate for expected credit losses that are not reflected in a quantitative model.

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

The outlook relating to the COVID-19 pandemic and the Russia-Ukraine situation, which are expected to further impact our counterparties’ operating environment and the economic environment, remains subject to significant uncertainty. Accordingly, we make certain assumptions, including that, COVID-19 restrictions on economic activity will be eased globally and normalization of economic activity will further progress, and that the uncertainty in the business environment caused by the Russia-Ukraine situation will remain. The recorded allowance for credit losses represents our best estimation made in a manner designed to ensure objectivity and rationality.

Mitsubishi UFJ Financial Group, Inc.

For the three-month period ended June 30, 2023, the assumptions for making estimates relating to allowance for credit losses remained substantially unchanged because the observable changes subsequent to the end of the previous fiscal year in the factors and circumstances underlying the outlook relating to the COVID-19 pandemic and the Russia-Ukraine situation were not sufficiently significant to cause such change in the assumptions. However, these assumptions are highly uncertain, and significant additional provision for credit losses may be recognized for the six-month period ending September 30, 2023 and subsequent reporting periods due to these and other factors and circumstances affecting the financial performance of counterparties or the economic environment.

(Provisional closing of accounts of a significant equity-method affiliate)

Morgan Stanley, a significant equity-method affiliate of MUFG, closes its financial accounts based on a fiscal year-end of December 31 and, previously, the equity method of accounting was applied to Morgan Stanley’s consolidated financial statements as of the end of Morgan Stanley’s quarterly reporting period. However, from the perspective of providing financial information in a more timely manner, MUFG has decided to make modifications so that the equity method of accounting will be applied to Morgan Stanley based on a provisional closing of Morgan Stanley’s accounts as of the end of MUFG’s quarterly reporting period, effective from the beginning of the three months ended June 30, 2023.

Accordingly, for MUFG’s quarterly reporting period ended June 30, 2023, the equity method of accounting is applied to Morgan Stanley’s consolidated financial statements based on a provisional closing of accounts for the six-month period from January 1, 2023 to June 30, 2023, and MUFG’s consolidated financial statements for the quarterly reporting period ended June 30, 2023 reflect the impact of such provisional closing of accounts of Morgan Stanley.

For the period from January 1, 2023 to March 31, 2023, equity in earnings of the equity method investees related to Morgan Stanley is ¥101,560 million, losses on change in equity related to Morgan Stanley is ¥22,058 million, and share of other comprehensive income of associates accounted for using equity method related to Morgan Stanley included in other comprehensive income is ¥271,194 million.

Selected Financial Information

under Japanese GAAP

For the Three Months Ended June 30, 2023


Mitsubishi UFJ Financial Group, Inc.

Mitsubishi UFJ Financial Group, Inc.

[Contents]


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

2. Loans to Be Disclosed under the Banking Act and the Financial Reconstruction Act (the “FRA”)	[MUFG Consolidated] [BK and TB Combined including Trust Account] [BK Non-consolidated ][TB Non-consolidated] [TB Non-consolidated : Trust Account]	5

3. Securities	[MUFG Consolidated] [BK Non-consolidated][TB Non-consolidated]	6

4. ROE	[MUFG Consolidated]	9

5. Average Interest Rate Spread	[BK and TB Combined] [BK Non-consolidated][TB Non-consolidated]	10

6. Loans and Deposits	[BK and TB Combined] [BK Non-consolidated][TB Non-consolidated]	11

7. Statements of Trust Assets and Liabilities	[TB Non-consolidated]	12

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

(*2)	“BK” means MUFG Bank, Ltd.

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

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

Mitsubishi UFJ Financial Group, Inc.

1. Financial Results

MUFG Consolidated


	(in millions of yen)
	For the three months ended						Increase (Decrease) (A) - (B)
	June 30, 2023 (A)			June 30, 2022 (B)			Increase (Decrease) (A) - (B)
Gross profits		1,241,301			1,124,813			116,487
Gross profits before credit costs for trust accounts		1,241,301			1,124,813			116,487
Net interest income		584,190			986,884			(402,694	)
Trust fees		33,215			35,524			(2,309	)
Credit costs for trust accounts (1)		—			—			—
Net fees and commissions		368,208			333,626			34,581
Net trading profits		109,103			35,510			73,592
Net other operating profits		146,584			(266,731	)		413,315
Net gains (losses) on debt securities		49,804			(406,103	)		455,907
General and administrative expenses		684,692			699,628			(14,936	)
Amortization of goodwill		4,324			4,873			(549	)
Net operating profits before credit costs for trust accounts, provision for general allowance for credit losses and amortization of goodwill		560,933			430,059			130,874
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		556,609			425,185			131,423
Provision for general allowance for credit losses (2)		392			11,235			(10,843	)
Net operating profits*1		557,001			436,420			120,580
Net non-recurring gains (losses)		168,584			(173,458	)		342,043
Credit costs (3)		(69,169	)		(125,189	)		56,019
Losses on loan write-offs*2		(30,435	)		(82,599	)		52,163
Provision for specific allowance for credit losses		(39,086	)		(44,787	)		5,701
Other credit costs		352			2,197			(1,845	)
Reversal of allowance for credit losses (4)		—			—			—
Reversal of reserve for contingent losses included in credit costs (5)		1,531			19,016			(17,484	)
Gains on loans written-off (6)		25,602			20,962			4,640
Net gains (losses) on equity securities		43,765			19,020			24,745
Gains on sales of equity securities		46,786			73,709			(26,923	)
Losses on sales of equity securities		(1,595	)		(8,215	)		6,620
Losses on write-down of equity securities		(1,424	)		(46,473	)		45,048
Equity in earnings of equity method investees		199,921			123,039			76,882
Other non-recurring gains (losses)*2		(33,067	)		(230,307	)		197,239

Ordinary profits		725,585			262,961			462,624

Net extraordinary gains (losses)		(22,524	)		(21,918	)		(606	)
Net gains (losses) on disposition of fixed assets		3,307			2,550			756
Losses on impairment of fixed assets		(3,596	)		(732	)		(2,863	)
Losses on change in equity		(22,058	)		(23,711	)		1,653
Profits before income taxes		703,061			241,043			462,018
Income taxes-current		104,058			102,529			1,528
Income taxes-deferred		23,442			4,589			18,852
Total taxes		127,500			107,119			20,381
Profits		575,560			133,924			441,636
Profits attributable to non-controlling interests		17,171			20,238			(3,066	)

Profits attributable to owners of parent		558,389			113,685			444,703

Note:
1. Net operating profits = Banking subsidiaries’ net operating profits + Other consolidated entities’ gross profits - Other consolidated entities’ general and administrative expenses - Other consolidated entities’ provision for general allowance for credit losses - Amortization of goodwill - Inter-company transactions 2. In connection with the planned sale of the shares in MUFG Union Bank, N.A., an aggregate of ¥271,288 million of losses were recognized for the three months ended June 30, 2022, primarily in accordance with Accounting Standards Codification (“ASC”) Topic 326, “Financial Instruments—Credit losses,” and ASC Topic 310, “Receivables.” These losses consist mainly of ¥217,761 million of valuation losses related to securities held for sale, which are included in Other non-recurring gains (losses), and ¥44,472 million of valuation losses related to loans held for sale, which are included in Losses on loan write-offs.

(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		(41,643	)		(73,975	)		32,332

Mitsubishi UFJ Financial Group, Inc.

BK and TB Combined


	(in millions of yen)
	For the three months ended						Increase (Decrease) (A) - (B)
	June 30, 2023 (A)			June 30, 2022 (B)			Increase (Decrease) (A) - (B)
Gross profits		838,786			615,704			223,082
Gross profits before credit costs for trust accounts		838,786			615,704			223,082
Net interest income		478,939			767,859			(288,919	)
Trust fees		28,805			28,247			558
Credit costs for trust accounts (1)		—			—			—
Net fees and commissions		170,318			122,347			47,970
Net trading profits		45,122			(2,353	)		47,475
Net other operating profits		115,600			(300,396	)		415,996
Net gains (losses) on debt securities		50,014			(406,512	)		456,527
General and administrative expenses		374,056			330,337			43,719
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		464,730			285,366			179,363
Provision for general allowance for credit losses (2)		(61	)		—			(61	)
Net operating profits		464,668			285,366			179,301
Net non-recurring gains (losses)		24,983			52,443			(27,459	)
Credit costs (3)		(4,294	)		(19,235	)		14,940
Reversal of allowance for credit losses (4)		9,345			19,546			(10,200	)
Reversal of reserve for contingent losses included in credit costs (5)		2,248			18,624			(16,376	)
Gains on loans written-off (6)		6,954			2,310			4,643
Net gains (losses) on equity securities		41,711			17,192			24,518
Gains on sales of equity securities		45,144			72,650			(27,505	)
Losses on sales of equity securities		(1,740	)		(8,385	)		6,645
Losses on write-down of equity securities		(1,693	)		(47,072	)		45,379
Other non-recurring gains (losses)		(30,981	)		14,004			(44,986	)

Ordinary profits		489,651			337,810			151,841

Net extraordinary gains (losses)		6,438			1,682			4,756
Income before income taxes		496,090			339,493			156,597
Income taxes-current		83,540			72,894			10,645
Income taxes-deferred		(9,078	)		17,531			(26,610	)
Total taxes		74,461			90,426			(15,964	)

Net income		421,628			249,066			172,561


(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		14,192			21,246			(7,054	)
Credit costs for trust accounts		—			—			—
Provision for general allowance for credit losses		15,977			28,254			(12,276	)
Provision for special allowance for credit losses		(6,967	)		(13,511	)		6,543
Allowance for credit to specific foreign borrowers		273			4,802			(4,529	)
Losses on loans write-offs		(4,373	)		(15,799	)		11,426
Provision for contingent losses included in credit costs		2,248			18,607			(16,358	)
Gains on loans written-off		6,954			2,310			4,643
Losses on sales of other loans, etc.		78			(3,417	)		3,496
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities		414,715			691,879			(277,164	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		359,961			247,659			112,302

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated


	(in millions of yen)
	For the three months ended						Increase (Decrease) (A) - (B)
	June 30, 2023 (A)			June 30, 2022 (B)			Increase (Decrease) (A) - (B)
Gross profits		757,922			485,208			272,713
Net interest income		448,113			502,371			(54,257	)
Net fees and commissions		150,103			100,590			49,512
Net trading profits		31,704			19,630			12,074
Net other operating profits		128,001			(137,383	)		265,384
Net gains (losses) on debt securities		44,412			(220,855	)		265,267
General and administrative expenses		320,523			280,150			40,372
Amortization of goodwill		941			404			536
Net operating profits before provision for general allowance for credit losses and amortization of goodwill		438,340			205,462			232,877
Net operating profits before provision for general allowance for credit losses		437,399			205,057			232,341
Provision for general allowance for credit losses (1)		—			—			—
Net operating profits		437,399			205,057			232,341
Net non-recurring gains (losses)		32,647			47,048			(14,401	)
Credit costs (2)		(4,294	)		(19,217	)		14,922
Reversal of allowance for credit losses (3)		9,345			19,413			(10,067	)
Reversal of reserve for contingent losses included in credit costs (4)		2,185			18,624			(16,439	)
Gains on loans written-off (5)		6,954			2,310			4,643
Net gains (losses) on equity securities		33,554			12,923			20,631
Gains on sales of equity securities		36,285			67,520			(31,234	)
Losses on sales of equity securities		(1,694	)		(7,882	)		6,188
Losses on write-down of equity securities		(1,036	)		(46,714	)		45,677
Other non-recurring gains (losses)		(15,098	)		12,993			(28,091	)
Ordinary profits		470,046			252,105			217,940
Net extraordinary gains (losses)		6,478			1,414			5,063
Income before income taxes		476,524			253,520			223,003
Income taxes-current		82,498			53,874			28,623
Income taxes-deferred		(10,832	)		18,667			(29,499	)
Total taxes		71,666			72,542			(876	)

Net income		404,858			180,977			223,880


(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)		14,190			21,131			(6,940	)
Provision for general allowance for credit losses		16,039			28,121			(12,081	)
Provision for special allowance for credit losses		(6,967	)		(13,511	)		6,543
Allowance for credit to specific foreign borrowers		273			4,802			(4,529	)
Losses on loans write-off		(4,373	)		(15,799	)		11,426
Provision for contingent losses included in credit costs		2,185			18,624			(16,439	)
Gains on loans written-off		6,954			2,310			4,643
Losses on sales of other loans, etc.		78			(3,417	)		3,496

Net operating profits before provision for general allowance for credit losses, excluding net gains (losses) on debt securities		392,986			425,912			(32,925	)
Net operating profits before provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		359,618			187,050			172,567

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated


	(in millions of yen)
	For the three months ended						Increase (Decrease) (A) - (B)
	June 30, 2023 (A)			June 30, 2022 (B)			Increase (Decrease) (A) - (B)
Gross profits		80,864			130,495			(49,631	)
Gross profits before credit costs for trust accounts		80,864			130,495			(49,631	)
Trust fees		28,805			28,247			558
Credit costs for trust accounts (1)		—			—			—
Net interest income		30,825			265,488			(234,662	)
Net fees and commissions		20,215			21,757			(1,541	)
Net trading profits		13,417			(21,983	)		35,401
Net other operating profits		(12,400	)		(163,013	)		150,612
Net gains (losses) on debt securities		5,602			(185,657	)		191,260
General and administrative expenses		53,533			50,186			3,346
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		27,331			80,309			(52,978	)
Provision for general allowance for credit losses (2)		(61	)		—			(61	)
Net operating profits		27,269			80,309			(53,040	)
Net non-recurring gains (losses)		(7,663	)		5,395			(13,058	)
Credit costs (3)		—			(17	)		17
Reversal of allowance for credit losses (4)		—			133			(133	)
Reversal of reserve for contingent losses included in credit costs (5)		63			—			63
Gains on loans written-off (6)		0			0			(0	)
Net gains (losses) on equity securities		8,156			4,268			3,887
Gains on sales of equity securities		8,858			5,129			3,729
Losses on sales of equity securities		(45	)		(502	)		456
Losses on write-down of equity securities		(656	)		(358	)		(298	)
Other non-recurring gains (losses)		(15,883	)		1,010			(16,894	)
Ordinary profits		19,605			85,704			(66,099	)
Net extraordinary gains (losses)		(39	)		267			(307	)
Income before income taxes		19,565			85,972			(66,406	)
Income taxes-current		1,042			19,019			(17,977	)
Income taxes-deferred		1,753			(1,136	)		2,889
Total taxes		2,795			17,883			(15,088	)

Net income		16,770			68,088			(51,318	)


(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		1			115			(114	)
Credit costs for trust accounts		—			—			—
Provision for general allowance for credit losses		(61	)		133			(195	)
Provision for special allowance for credit losses		—			—			—
Allowance for credit to specific foreign borrowers		—			—			—
Losses on loans write-offs		—			—			—
Provision for contingent losses included in credit costs		63			(17	)		80
Gains on loans written-off		0			0			(0	)
Losses on sales of other loans, etc.		—			—			—
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities		21,728			265,966			(244,238	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		343			60,608			(60,265	)

Mitsubishi UFJ Financial Group, Inc.

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

MUFG Consolidated

(after write-offs)


	(in millions of yen)
	As of June 30, 2023			As of March 31, 2023
Bankrupt or De facto Bankrupt		206,430			198,312
Doubtful		789,227			746,207
Special Attention		582,881			618,892
Accruing loans contractually past due 3 months or more		26,536			23,679
Restructured loans		556,344			595,212
Subtotal (A)		1,578,538			1,563,411
Normal(B)		124,995,832			121,766,210
Total loans (C=A+B)		126,574,371			123,329,622
Non-performing loans ratio (A)/(C)		1.24	%		1.26	%

BK and TB Combined including Trust Account

(after write-offs)


	(in millions of yen)
	As of June 30, 2023			As of March 31, 2023
Bankrupt or De facto Bankrupt		67,932			74,448
Doubtful		572,635			546,567
Special Attention		426,830			464,199
Accruing loans contractually past due 3 months or more		18,855			17,167
Restructured loans		407,974			447,032
Subtotal (A)		1,067,397			1,085,215
Normal(B)		112,153,526			109,665,679
Total loans (C=A+B)		113,220,924			110,750,895
Non-performing loans ratio (A)/(C)		0.94	%		0.97	%

BK Non-consolidated

(after write-offs)


	(in millions of yen)
	As of June 30, 2023			As of March 31, 2023
Bankrupt or De facto Bankrupt		67,797			74,313
Doubtful		570,715			544,648
Special Attention		426,830			464,199
Accruing loans contractually past due 3 months or more		18,855			17,167
Restructured loans		407,974			447,032
Subtotal (A)		1,065,343			1,083,162
Normal(B)		109,479,505			107,103,161
Total loans (C=A+B)		110,544,849			108,186,323
Non-performing loans ratio (A)/(C)		0.96	%		1.00	%

TB Non-consolidated

(after write-offs)


	(in millions of yen)
	As of June 30, 2023			As of March 31, 2023
Bankrupt or De facto Bankrupt		134			134
Doubtful		1,919			1,919
Special Attention		—			—
Accruing loans contractually past due 3 months or more		—			—
Restructured loans		—			—
Subtotal (A)		2,053			2,053
Normal(B)		2,670,376			2,558,578
Total loans (C=A+B)		2,672,430			2,560,632
Non-performing loans ratio (A)/(C)		0.07	%		0.08	%

TB Non-consolidated: Trust Account

(after write-offs)


	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Bankrupt or De facto Bankrupt		—		—
Doubtful		—		—
Special Attention		—		—
Accruing loans contractually past due 3 months or more		—		—
Restructured loans		—		—
Subtotal (A)		—		—
Normal(B)		3,645		3,939
Total loans (C=A+B)		3,645		3,939
Non-performing loans ratio (A)/(C)		—		—

Mitsubishi UFJ Financial Group, Inc.

3. Securities

MUFG Consolidated

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


	(in millions of yen)
	As of June 30, 2023					As of March 31, 2023
	Amount on consolidated balance sheet		Unrealized gains (losses)			Amount on consolidated balance sheet		Unrealized gains (losses)
Debt securities being held to maturity		23,037,161		(190,854	)		21,520,080		(133,925	)

	(in millions of yen)
	As of June 30, 2023					As of March 31, 2023
	Amount on consolidated balance sheet		Unrealized gains (losses)			Amount on consolidated balance sheet		Unrealized gains (losses)
Available-for-sale securities		58,902,079		1,594,842			65,121,075		1,420,165
Domestic equity securities		4,763,650		3,225,853			4,271,923		2,720,728
Domestic bonds		26,309,224		(101,023	)		29,751,905		(120,020	)
Other		27,829,205		(1,529,987	)		31,097,247		(1,180,541	)
Foreign equity securities		466,942		(77,506	)		408,377		(65,604	)
Foreign bonds		18,647,013		(1,413,419	)		21,710,161		(1,116,208	)
Other		8,715,248		(39,061	)		8,978,707		1,271

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

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


	(in millions of yen)
	As of June 30, 2023					As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Amount on balance sheet		Unrealized gains (losses)
Debt securities being held to maturity		20,383,283		(128,223	)		19,047,385		(78,497	)
Stocks of subsidiaries and affiliates		610,147		590,785			610,147		482,330

	(in millions of yen)
	As of June 30, 2023					As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Amount on balance sheet		Unrealized gains (losses)
Available-for-sale securities		42,415,332		1,495,654			50,631,570		1,276,158
Domestic equity securities		3,991,048		2,648,246			3,566,081		2,212,225
Domestic bonds		24,519,167		(67,129	)		28,013,980		(79,159	)
Other		13,905,116		(1,085,461	)		19,051,508		(856,907	)
Foreign equity securities		424,933		(86,830	)		367,745		(73,953	)
Foreign bonds		7,876,076		(817,807	)		12,565,104		(672,998	)
Other		5,604,106		(180,823	)		6,118,658		(109,954	)

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

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


	(in millions of yen)
	As of June 30, 2023					As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Amount on balance sheet		Unrealized gains (losses)
Debt securities being held to maturity		2,653,878		(62,630	)		2,472,695		(55,428	)
Stocks of subsidiaries and affiliates		13,636		(851	)		11,636		(758	)

	(in millions of yen)
	As of June 30, 2023					As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Amount on balance sheet		Unrealized gains (losses)
Available-for-sale securities		12,670,374		215,252			10,871,284		208,580
Domestic equity securities		825,008		551,094			745,387		467,925
Domestic bonds		1,759,793		(34,028	)		1,705,587		(40,984	)
Other		10,085,572		(301,813	)		8,420,308		(218,360	)
Foreign equity securities		94		74			81		63
Foreign bonds		7,856,914		(446,678	)		6,367,896		(334,590	)
Other		2,228,563		144,790			2,052,330		116,165

Mitsubishi UFJ Financial Group, Inc.

4. ROE

MUFG Consolidated


	(%)
	For the three months ended June 30, 2023		For the nine months ended June 30, 2022
ROE		13.15		2.93

Note:

ROE is computed as follows:

Profits attributable to owners of parent × 4

×100

{(Total shareholders’ equity at the beginning of the period + Foreign currency translation adjustments at the beginning of the period)

+ (Total shareholders’ equity at the end of the period + Foreign currency translation adjustments at the end of the period)} / 2

Mitsubishi UFJ Financial Group, Inc.

5. Average Interest Rate Spread

BK and TB Combined


	(percentage per annum)
(Domestic business segment)	For the three months ended June 30, 2023		For the three months ended June 30, 2022
Average interest rate on loans and bills discounted		0.77		0.73
Average interest rate on deposits and NCD		0.00		0.00
Interest rate spread		0.76		0.72

(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted		0.79		0.76
Interest rate spread		0.79		0.75

BK Non-consolidated


	(percentage per annum)
(Domestic business segment)	For the three months ended June 30, 2023		For the three months ended June 30, 2022
Average interest rate on loans and bills discounted		0.77		0.74
Average interest rate on deposits and NCD		0.00		0.00
Interest rate spread		0.77		0.74

(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted		0.79		0.76
Interest rate spread		0.79		0.75

TB Non-consolidated


	(percentage per annum)
(Domestic business segment)	For the three months ended June 30, 2023		For the three months ended June 30, 2022
Average interest rate on loans and bills discounted		0.55		0.37
Average interest rate on deposits and NCD		0.01		0.01
Interest rate spread		0.53		0.35

(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted		0.71		0.73
Interest rate spread		0.69		0.71

Mitsubishi UFJ Financial Group, Inc.

6. Loans and Deposits

BK and TB Combined


	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Deposits (ending balance)		205,737,892		203,348,641
Deposits (average balance)		208,931,246		200,346,332
Loans (ending balance)		101,918,917		99,399,851
Loans (average balance)		104,208,986		99,744,310

	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Domestic deposits (ending balance)*		172,791,318		173,000,185
Individuals		92,008,580		90,854,622

Note:

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

BK Non-consolidated


	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Deposits (ending balance)		194,699,842		192,272,289
Deposits (average balance)		197,740,832		189,034,788
Loans (ending balance)		99,600,262		97,127,749
Loans (average balance)		101,875,141		97,137,135

	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Domestic deposits (ending balance)*		163,345,937		163,527,394
Individuals		85,968,970		84,718,547

Note:

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

TB Non-consolidated


	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Deposits (ending balance)		11,038,050		11,076,351
Deposits (average balance)		11,190,413		11,311,544
Loans (ending balance)		2,318,654		2,272,102
Loans (average balance)		2,333,844		2,607,174

	(in millions of yen)
	As of June 30, 2023		As of March 31, 2023
Domestic deposits (ending balance)*		9,445,381		9,472,790
Individuals		6,039,610		6,136,075

Note:

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

Mitsubishi UFJ Financial Group, Inc.

7. Statements of Trust Assets and Liabilities

TB Non-consolidated

Including trust assets under service-shared co-trusteeship


(in millions of yen)	As of March 31, 2023		As of June 30, 2023
Assets:
Loans and bills discounted		1,277,875		1,181,438
Securities		70,547,100		69,663,931
Beneficiary rights to the trust		118,934,755		119,078,168
Securities held in custody accounts		2,933,178		3,484,033
Monetary claims		32,819,251		32,687,181
Tangible fixed assets		20,879,125		21,283,491
Intangible fixed assets		165,299		168,650
Other claims		3,189,442		2,930,688
Call loans		3,673,857		3,679,959
Due from banking account		10,620,708		9,726,767
Cash and due from banks		6,927,037		6,841,263

Total		271,967,632		270,725,574

Liabilities:
Money trusts		33,565,350		31,565,437
Pension trusts		12,233,123		12,127,014
Property formation benefit trusts		6,273		6,203
Investment trusts		122,338,610		122,288,884
Money entrusted other than money trusts		6,153,057		6,075,921
Securities trusts		5,361,672		5,847,952
Monetary claim trusts		28,813,961		28,667,894
Equipment trusts		166,695		176,230
Land and fixtures trusts		18,626		18,553
Composite trusts		63,310,260		63,951,481

Total		271,967,632		270,725,574


Note:	1.	The table shown above includes master trust assets under the service-shared co-trusteeship between TB and The Master Trust Bank of Japan, Ltd.

	2.	Trust assets and liabilities under a declaration of trust excluded from above table are 280,332 millions of yen as of March 31, 2023 and 291,802 millions of yen as of June 30, 2023, respectively.