Mitsubishi UFJ Financial Group (8306) Q2 2027 earnings summary

Executive summary

• Six months ended Sep. 30, 2026: ordinary profits were ¥2,261.0bn, up 29.4% YoY; profit attributable to owners was ¥1,630.9bn, up 26.1%, with basic EPS of ¥144.73.

• Higher customer income and equity-method earnings supported results; the FY26 net income target rose ¥100bn to ¥2,800bn, while the ¥2,900bn NOP target was unchanged.

Financial highlights

• Ordinary income rose to ¥7,995.1bn from ¥6,893.8bn; ordinary expenses increased to ¥5,734.1bn from ¥5,147.1bn.

• Gross profits rose ¥516.5bn YoY to ¥3,452.3bn; net interest income increased ¥411.2bn to ¥1,851.2bn, while net fees and commissions rose ¥151.6bn to ¥1,229.6bn.

• Consolidated net operating profits were ¥1,692.7bn, up ¥376.6bn YoY; net gains on equity securities rose to ¥210.4bn from ¥130.2bn.

• G&A expenses increased ¥186.1bn to ¥1,834.9bn, while the expense ratio improved 3.0ppt to 53.1%.

• Profits before income taxes increased to ¥2,255.6bn from ¥1,770.5bn; total taxes rose to ¥554.4bn from ¥406.9bn.

Outlook and guidance

• FY26 targets: net operating profits ¥2,900bn, unchanged; ordinary profits ¥4,050bn, raised ¥100bn; net income ¥2,800bn, raised ¥100bn.

• First-half progress was 56% of the initial NOP target and 60% of the initial ¥2,700bn net income target.

• FY26 shareholder-return forecast is a ¥100 per-share annual dividend and ¥300bn of full-year repurchases, including up to ¥200bn in 2H; ¥100bn was repurchased in 1H.

• Planning assumptions include a BOJ policy rate of ~1.25%, FF rate in the high-3% range, Nikkei average in the mid-¥60,000 range and USD/JPY in the mid-150 range.