Mitsubishi UFJ Financial Group, Inc. (TSE: 8306), Japan's largest banking group by assets, reported consolidated results for the first quarter of the year ending March 2027 under Japanese GAAP. Ordinary income rose 20.1% to ¥3,907,543 million, ordinary profit jumped 57.8% to ¥1,117,934 million, and net profit attributable to owners of the parent climbed 48.2% to ¥809,427 million for the three months to June 30, 2026. Basic earnings per share were ¥71.77, up from ¥47.55; diluted EPS was ¥71.59. Comprehensive income multiplied more than eightfold to ¥1,140,739 million from ¥135,586 million a year earlier.
Every customer segment grew, on both lines
Consolidated gross profit rose 29.0% to ¥1,762,427 million and net operating profit — the group's core earnings measure before credit costs and securities gains — advanced 51.3% to ¥820,547 million. The strength was unusually broad: each of the six customer-facing business groups grew both gross profit and net operating profit year on year. Retail & Digital lifted gross profit to ¥294,110 million from ¥255,406 million and net operating profit to ¥85,246 million from ¥66,376 million; Commercial Banking & Wealth Management to ¥255,370 million and ¥133,208 million respectively; and Japanese Corporate & Investment Banking to ¥309,087 million and ¥201,927 million. Note that MUFG changed the way it allocates gross profit and expenses between business groups this quarter, and prior-year figures have been restated on the new basis.
Global CIB and Global Markets set the pace
The two standouts sat at the wholesale and trading end of the franchise. Global CIB lifted gross profit 38.6% to ¥306,471 million and net operating profit to ¥180,240 million from ¥109,362 million — a rise of nearly two-thirds. Global Markets grew gross profit 47.4% to ¥236,085 million and almost doubled net operating profit to ¥148,641 million from ¥80,913 million. Global Commercial Banking contributed ¥225,355 million of gross profit and ¥98,985 million of net operating profit, while Asset Management & Investor Services added ¥157,526 million and ¥40,167 million. Together the customer segments produced ¥1,547,922 million of gross profit, up from ¥1,253,101 million.
Credit costs rise, but securities gains and Morgan Stanley absorb them
Credit costs increased 23.4% to ¥103,231 million, with a further ¥5,899 million released from the general allowance and ¥25,269 million of recoveries on written-off claims. Against that, net gains on equity securities more than tripled to ¥98,918 million from ¥30,312 million, and equity-method investment income rose 65.6% to ¥261,564 million from ¥157,954 million — a line dominated by MUFG's stake in Morgan Stanley. Those two items alone more than covered the quarter's credit charges and carried segment net operating profit of ¥820,547 million through to ordinary profit of ¥1,117,934 million.
Balance sheet and buybacks
Total assets edged up to ¥433,913,478 million from ¥431,731,548 million at March 31, 2026, while net assets rose to ¥24,182,083 million and shareholders' equity to ¥22,699,148 million. The equity ratio was unchanged at 5.2%. Loans and bills discounted expanded to ¥88,132,783 million from ¥85,714,795 million, a gain of roughly ¥2.4 trillion in three months. Treasury shares rose to 611,946,162 from 580,104,991 as buybacks continued against 11,867,710,920 shares issued; the average share count fell to 11,278,794,990 from 11,484,298,385, flattering per-share earnings.
Dividend lifted to ¥96; ¥2.7 trillion target reaffirmed
MUFG left its dividend forecast unchanged at ¥96.00 per share for FY3/2027 — ¥48.00 at the interim and ¥48.00 at year-end — up from ¥86.00 paid in FY3/2026, where the split was ¥35.00 and ¥51.00. The group does not publish a conventional earnings forecast, citing the inherent uncertainty of its banking, trust, securities and consumer-finance businesses; instead it targets net profit attributable to owners of the parent of ¥2,700 billion for the full year, unchanged from the target announced on May 15, 2026. The first quarter delivered about 30% of that figure.
Review still pending
The quarterly consolidated statements have not yet been reviewed by an accounting auditor; MUFG plans to publish a reviewed version with a review report on August 6, 2026. As usual, the group carries its narrative earnings commentary in a separate "Financial Highlights" document on its website rather than in the tanshin itself.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | YoY |
|---|---|---|---|
| Ordinary income (¥ billion) | 3,907.54 | 3,253.93 | +20.1% |
| Ordinary profit (¥ billion) | 1,117.93 | 708.54 | +57.8% |
| Net profit attrib. to owners (¥ billion) | 809.43 | 546.07 | +48.2% |
| Consolidated gross profit (¥ billion) | 1,762.43 | 1,366.23 | +29.0% |
| Net operating profit (¥ billion) | 820.55 | 542.25 | +51.3% |
| Credit costs (¥ billion) | -103.23 | -83.62 | +23.4% |
| Basic EPS (¥) | 71.77 | 47.55 | +50.9% |
| Annual dividend forecast (¥) | 96.00 | 86.00 | +11.6% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.