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 May 2024

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. 333-273681) 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FROM THE DATE ON WHICH THIS REPORT IS FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED WITH OR FURNISHED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION.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: May 15, 2024

Mitsubishi UFJ Financial Group, Inc.
By:	/s/ Toshinao Endo
Name:	Toshinao Endo
Title:	Managing Director, Head of Documentation & Corporate Secretary Department,
	Corporate Administration Division

Consolidated Summary Report

<under Japanese GAAP>

for the fiscal year ended March 31, 2024

May 15, 2024

Company name:	Mitsubishi UFJ Financial Group, Inc.
Stock exchange listings:	Tokyo, Nagoya, New York
Code number:	8306
URL	https://www.mufg.jp/
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 050-3613-1179
General meeting of shareholders:	June 27, 2024
Dividend payment date:	June 28, 2024
Securities report issuing date:	June 25, 2024
Trading accounts:	Established
Supplemental information for financial statements:	Available
Investor meeting presentation:	Scheduled (for investors and analysts)

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

1. Consolidated Financial Data for the Fiscal Year ended March 31, 2024

(1) Results of Operations

	(% represents the change from the previous fiscal year)
	Ordinary Income				Ordinary Profits					Profits Attributable to Owners of Parent
	million yen		%		million yen		%			million yen		%
Fiscal year ended
March 31, 2024		11,890,350		28.1		2,127,958		108.5			1,490,781		33.5
March 31, 2023		9,281,027		52.8		1,020,728		(33.6	)		1,116,496		(1.3	)

(*) Comprehensive income 

        March 31, 2024: 3,316,519 million yen  186.2%;  March 31, 2023: 1,158,800 million yen  45.3%

	Basic earnings per share		Diluted earnings per share		Net Income to Net Assets Attributable to MUFG shareholders		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	yen		yen		%		%		%
Fiscal year ended
March 31, 2024		124.65		124.33		8.1		0.5		17.9
March 31, 2023		90.73		90.41		6.5		0.3		11.0

(Reference) Income from investment in affiliates (Equity method)

        March 31, 2024: 531,803 million yen;  March 31, 2023: 425,829 million yen

(2) Financial Conditions

	Total Assets		Total Net Assets		Equity-to-asset ratio (*)		Total Net Assets per Common Stock
	million yen		million yen		%		yen
As of
March 31, 2024		403,703,147		20,746,978		4.9		1,670.45
March 31, 2023		386,799,477		18,272,857		4.5		1,433.12

(Reference) Shareholders’ equity as of March 31, 2024: 19,587,974 million yen;  March 31, 2023: 17,231,291 million yen

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

     (Total  net assets - Subscription right to share - Non-controlling interests) / Total assets

(3) Cash Flows

	Cash Flows from Operating Activities			Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the period
	million yen			million yen			million yen			million yen
Fiscal year ended
March 31, 2024		(9,844,860	)		3,986,415			8,307			109,870,502
March 31, 2023		13,431,773			(10,675,096	)		(977,138	)		113,630,172

2. Dividends on Common Stock

	Dividends per Share										Total dividends		Dividend payout ratio (Consolidated)		Dividend on net assets ratio (Consolidated)
	1st quarter-end		2nd quarter-end		3rd quarter-end		Fiscal year-end		Total
	yen		yen		yen		yen		yen		million yen		%		%
Fiscal year
ended March 31, 2023		—		16.00		—		16.00		32.00		389,991		35.3		2.3
ended March 31, 2024		—		20.50		—		20.50		41.00		488,038		32.9		2.6
ending March 31, 2024 (Forecast)		—		25.00		—		25.00		50.00				39.1

(*) 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, 2025 (Consolidated)

MUFG has set an earnings target of 1,500.0 billion yen of profits attributable to owners of parent for the fiscal year ending March 31, 2025. 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 (Changes in specified subsidiaries accompanying change in scope of consolidation): No

(2) 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

(C) Changes in accounting estimates: No

(D) Restatements: No

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

(A) Total stocks outstanding including treasury stocks:	March 31, 2024	12,337,710,920 shares
	March 31, 2023	12,687,710,920 shares
(B) Treasury stocks:	March 31, 2024	611,522,914 shares
	March 31, 2023	664,065,483 shares
(C) Average outstanding stocks:	Fiscal year ended March 31, 2024	11,959,977,563 shares
	Fiscal year ended March 31, 2023	12,305,714,018 shares

* This “Consolidated Summary Report” (“Tanshin”) is outside the scope of the external auditor’s audit procedure.

* Notes for using forecasted information etc.

1. 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.

2. 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. We will publish U.S. GAAP financial results in a separate disclosure document when such information becomes available.

Mitsubishi UFJ Financial Group, Inc.

(Appendix)

Contents of Appendix

1. Results of Operations and Financial Condition	2
(1) Analysis of results of operations	2
(2) Analysis of financial condition	3
2. Basic Views on Selection of Accounting Standards	3
3. Consolidated Financial Statements and Notes	4
(1) Consolidated Balance Sheets	4
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	6
(3) Consolidated Statements of Changes in Net Assets	9
(4) Consolidated Statements of Cash Flows	11
Notes to the Consolidated Financial Statements	13
Notes on Going-Concern Assumption
Changes in Presentation of Financial Information
Additional Information
Segment Information
Per Share Information Subsequent Events

Supplemental Information:

“Selected Financial Information under Japanese GAAP For the Fiscal Year Ended March 31, 2024”

(*) The following is the schedule of internet conference and explanation for investors and analysts. You can confirm those contents over the internet.

Internet Conference:	May 15, 2024 (Wednesday)
Explanation for investors and analysts:	May 17, 2024 (Friday)

1

Mitsubishi UFJ Financial Group, Inc.

1. Results of Operations and Financial Condition

(1) Analysis of results of operations

(Results of operations for the fiscal year ended March 31, 2024)

Consolidated gross profits for the fiscal year ended March 31, 2024 increased 229.5 billion yen from the previous fiscal year to 4,732.5 billion yen. This was due to an increase in net fees and commissions mainly from overseas business and an increase in net other operating profits resulting from decrease of net losses on debt securities through rebalancing the bond portfolio, partially offset by an decrease in net interest income due to the absence of gains on investment trusts cancellation included in the previous year and the impact of the sale of MUFG Union Bank, N.A. General and administrative expenses decreased 19.9 billion yen from the previous fiscal year to 2,888.7 billion yen, mainly due to the impact of the sale of MUFG Union Bank, N.A. As a result, net operating profits increased 249.4 billion yen from the previous fiscal year to 1,843.7 billion yen.

Total credit costs decreased 176.9 billion yen from the previous fiscal year to 497.9 billion yen, mainly due to the absence of valuation losses on loans held by MUFG Union Bank, N.A., included in the previous fiscal year. Other non-recurring gains improved 491.5 billion yen from the previous fiscal year, mainly due to the absence of valuation losses on bonds held by MUFG Union Bank, N.A., included in the previous fiscal year. As a result, ordinary profits for the fiscal year ended March 31, 2024 increased 1,107.2 billion yen from the previous fiscal year to 2,127.9 billion yen. Net extraordinary losses decreased 627.0 billion yen from the previous fiscal year, mainly due to the absence of gains on the sale of MUFG Union Bank, N.A., included in the previous fiscal year. As a result, profits attributable to owners of parent for the fiscal year ended March 31, 2024 was 1,490.7 billion yen, an increase of 374.2 billion yen from the previous fiscal year.

(in billions of Japanese yen)	For the fiscal year ended   March 31, 2024			For the fiscal year ended   March 31, 2023			Increase (Decrease)
Gross profits before credit costs for trust accounts		4,732.5			4,503.0			229.5
General and administrative expenses		2,888.7			2,908.7			(19.9	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		1,843.7			1,594.2			249.4
Total credit costs		(497.9	)		(674.8	)		176.9
Net gains (losses) on equity securities		371.2			288.0			83.2
Equity in earnings of equity method investees		531.8			425.8			105.9
Other non-recurring gains (losses)		(120.9	)		(612.5	)		491.5
Ordinary profits		2,127.9			1,020.7			1,107.2
Net extraordinary gains (losses)		(77.8	)		549.1			(627.0	)
Total taxes		478.3			369.6			108.7
Profits attributable to non-controlling interests		80.9			83.8			(2.8	)
Profits attributable to owners of parent		1,490.7			1,116.4			374.2

2

Mitsubishi UFJ Financial Group, Inc.

(2) Analysis of financial condition

Total assets as of March 31, 2024 increased 16,903.6 billion yen from March 31, 2023 to 403,703.1 billion yen, and total net assets as of March 31, 2024 increased 2,474.1 billion yen from March 31, 2023 to 20,746.9 billion yen. The increase in total net assets was mainly due to an increase of Retained earnings and Foreign currency translation adjustments, etc.

With regard to major items of assets, loans and bills discounted as of March 31, 2024 increased 7,679.3 billion yen from March 31, 2023 to 116,825.6 billion yen and securities as of March 31, 2024 increased 131.6 billion yen from March 31, 2023 to 86,878.5 billion yen. With regard to major items of liabilities, deposits as of March 31, 2024 increased 10,425.5 billion yen from March 31, 2023 to 224,035.0 billion yen.

2. Basic Views on Selection of Accounting Standards

MUFG group, currently adopting Japanese GAAP, is preparing for its future adoption of IFRS by considering the development of its infrastructures and organizations within the group, and the timing of adoption.

3

Mitsubishi UFJ Financial Group, Inc.

3. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheets

(in millions of yen)	As of     March 31, 2023			As of     March 31, 2024
Assets:
Cash and due from banks		113,630,172			109,875,097
Call loans and bills bought		618,223			720,879
Receivables under resale agreements		14,000,846			18,367,908
Receivables under securities borrowing transactions		4,549,792			5,010,399
Monetary claims bought		7,325,185			7,786,978
Trading assets		18,013,184			20,886,546
Money held in trust		1,287,020			1,270,815
Securities		86,746,900			86,878,589
Loans and bills discounted		109,146,272			116,825,660
Foreign exchanges		2,300,198			2,496,308
Other assets		15,195,896			17,912,498
Tangible fixed assets		1,220,172			1,229,007
Buildings		286,879			281,807
Land		629,782			625,557
Lease assets		12,390			15,517
Construction in progress		34,649			29,264
Other tangible fixed assets		256,469			276,860
Intangible fixed assets		1,358,124			1,671,372
Software		555,235			611,287
Goodwill		252,009			405,629
Lease assets		17			26
Other intangible fixed assets		550,862			654,429
Net defined benefit assets		1,325,434			1,982,502
Deferred tax assets		322,021			156,673
Customers’ liabilities for acceptances and guarantees		11,005,758			12,167,164
Allowance for credit losses		(1,245,727	)		(1,535,253	)
Total assets		386,799,477			403,703,147

4

Mitsubishi UFJ Financial Group, Inc.

(in millions of yen)	As of     March 31, 2023			As of     March 31, 2024
Liabilities:
Deposits		213,609,501			224,035,035
Negotiable certificates of deposit		13,632,559			16,555,451
Call money and bills sold		3,449,234			5,125,583
Payables under repurchase agreements		39,982,955			35,482,072
Payables under securities lending transactions		1,171,947			1,047,194
Commercial papers		2,220,723			3,105,779
Trading liabilities		14,716,820			16,729,760
Borrowed money		24,856,340			25,955,961
Foreign exchanges		2,570,412			3,465,919
Short-term bonds payable		1,047,499			1,211,769
Bonds payable		15,708,720			16,303,298
Due to trust accounts		11,689,414			7,387,495
Other liabilities		12,132,972			13,312,715
Reserve for bonuses		196,850			243,372
Reserve for bonuses to directors		3,639			2,629
Reserve for stocks payment		9,304			13,331
Net defined benefit liabilities		86,445			102,155
Reserve for retirement benefits to directors		830			822
Reserve for loyalty award credits		17,962			17,809
Reserve for contingent losses		164,891			133,860
Reserves under special laws		4,659			5,058
Deferred tax liabilities		157,651			465,295
Deferred tax liabilities for land revaluation		89,525			86,631
Acceptances and guarantees		11,005,758			12,167,164
Total liabilities		368,526,620			382,956,169
Net assets:
Capital stock		2,141,513			2,141,513
Capital surplus		349,661			83,623
Retained earnings		12,739,228			13,791,608
Treasury stock		(481,091	)		(613,823	)
Total shareholders’ equity		14,749,310			15,402,921
Net unrealized gains (losses) on available-for-sale securities		800,955			1,534,094
Net deferred gains (losses) on hedging instruments		(387,079	)		(687,476	)
Land revaluation excess		135,526			133,967
Foreign currency translation adjustments		1,792,840			2,762,818
Remeasurements of defined benefit plans		140,485			507,085
Debt value adjustments of foreign subsidiaries and affiliates		(747	)		(65,435	)
Total accumulated other comprehensive income		2,481,980			4,185,052
Subscription rights to shares		—			0
Non-controlling interests		1,041,565			1,159,003
Total net assets		18,272,857			20,746,978
Total liabilities and net assets		386,799,477			403,703,147

5

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 fiscal year ended     March 31, 2023			For the fiscal year ended     March 31, 2024
Ordinary income		9,281,027			11,890,350
Interest income		5,298,944			7,468,679
Interest on loans and bills discounted		2,810,147			3,969,660
Interest and dividends on securities		1,452,461			1,372,086
Interest on call loans and bills bought		19,104			31,822
Interest on receivables under resale agreements		111,940			421,537
Interest on receivables under securities borrowing transactions		43,509			125,323
Interest on deposits		364,406			709,392
Other interest income		497,373			838,856
Trust fees		140,637			139,363
Fees and commissions		1,883,428			2,047,232
Trading income		373,347			368,172
Other operating income		631,365			679,329
Other ordinary income		953,304			1,187,572
Gains on loans written-off		96,569			101,726
Others		856,735			1,085,846
Ordinary expenses		8,260,299			9,762,391
Interest expenses		2,372,735			5,011,105
Interest on deposits		887,987			1,929,404
Interest on negotiable certificates of deposit		283,076			681,823
Interest on call money and bills sold		3,173			1,718
Interest on payables under repurchase agreements		454,200			1,065,167
Interest on payables under securities lending transactions		2,193			22,801
Interest on commercial papers		78,041			164,313
Interest on borrowed money		61,677			114,617
Interest on short-term bonds payable		135			362
Interest on bonds payable		355,003			470,099
Other interest expenses		247,246			560,796
Fees and commissions		328,660			365,940
Trading expenses		284			—
Other operating expenses		1,622,838			593,515
General and administrative expenses		2,969,325			2,920,875
Other ordinary expenses		966,453			870,954
Provision for allowance for credit losses		225,416			377,978
Others		741,037			492,975
Ordinary profits		1,020,728			2,127,958

6

Mitsubishi UFJ Financial Group, Inc.

(in millions of yen)	For the fiscal year ended     March 31, 2023			For the fiscal year ended     March 31, 2024
Extraordinary gains		715,667			19,738
Gains on disposition of fixed assets		16,157			19,621
Gains on change in equity		—			117
Gains on sales of shares of subsidiaries		699,509			—
Extraordinary losses		166,472			97,593
Losses on disposition of fixed assets		17,076			15,027
Losses on impairment of fixed assets		18,167			31,108
Provision for reserve for contingent liabilities from financial instruments transactions		2			399
Losses on change in equity		23,711			50,964
Losses on sales of shares of subsidiaries		—			93
Losses on pension buyout		78,111			—
Losses on sales of shares of affiliates		29,401			—
Profits before income taxes		1,569,923			2,050,104
Income taxes-current		436,968			411,857
Income taxes-deferred		(67,361	)		66,485
Total taxes		369,607			478,342
Profits		1,200,316			1,571,761
Profits attributable to non-controlling interests		83,820			80,979
Profits attributable to owners of parent		1,116,496			1,490,781

7

Mitsubishi UFJ Financial Group, Inc.

Consolidated Statements of Comprehensive Income

(in millions of yen)	For the fiscal year ended     March 31, 2023			For the fiscal year ended     March 31, 2024
Profits		1,200,316			1,571,761
Other comprehensive income
Net unrealized gains (losses) on available-for-sale securities		(676,883	)		706,097
Net deferred gains (losses) on hedging instruments		(315,870	)		(297,162	)
Foreign currency translation adjustments		701,427			587,606
Remeasurements of defined benefit plans		(54,790	)		369,769
Share of other comprehensive income of associates accounted for using equity method		304,600			378,446
Total other comprehensive income		(41,515	)		1,744,757
Comprehensive income		1,158,800			3,316,519
(Comprehensive income attributable to)
Comprehensive income attributable to owners of parent		1,038,465			3,195,413
Comprehensive income attributable to non-controlling interests		120,335			121,106

8

Mitsubishi UFJ Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2023

	(in millions of yen)
	Shareholders’ equity															Accumulated other comprehensive income
	Capital stock			Capital surplus			Retained earnings			Treasury stock			Total shareholders’ equity			Net unrealized gains (losses) on available-for- sale securities			Net deferred gains (losses) on hedging instruments
Balance at the beginning of the period		2,141,513			770,277			11,998,157			(451,288	)		14,458,659			1,615,060			(81,145	)
Cumulative effects of changes in accounting policies								—						—
Restated balance		2,141,513			770,277			11,998,157			(451,288	)		14,458,659			1,615,060			(81,145	)
Changes during the period
Cash dividends								(380,528	)					(380,528	)
Profits attributable to owners of parent								1,116,496						1,116,496
Repurchase of treasury stock											(450,018	)		(450,018	)
Disposal of treasury stock					0						2,118			2,118
Retirement of treasury stock					(418,097	)					418,097			—
Reversal of land revaluation excess								5,102						5,102
Changes in subsidiaries’ equity					1,510									1,510
Change from transaction under common control involving overseas subsidiary					(4,028	)								(4,028	)
Net changes of items other than shareholders’ equity																	(814,104	)		(305,933	)
Total changes during the period		—			(420,616	)		741,070			(29,802	)		290,651			(814,104	)		(305,933	)
Balance at the end of the period		2,141,513			349,661			12,739,228			(481,091	)		14,749,310			800,955			(387,079	)
	(in millions of yen)
	Accumulated other comprehensive income															Non- controlling interests			Total net assets
	Land revaluation excess			Foreign currency translation adjustments			Remeasurements of defined benefit plans			Debt value adjustments of foreign subsidiaries and affiliates			Total accumulated other comprehensive income
Balance at the beginning of the period		140,628			734,588			193,865			(37,883	)		2,565,114			964,471			17,988,245
Cumulative effects of changes in accounting policies																	—			—
Restated balance		140,628			734,588			193,865			(37,883	)		2,565,114			964,471			17,988,245
Changes during the period
Cash dividends																				(380,528	)
Profits attributable to owners of parent																				1,116,496
Repurchase of treasury stock																				(450,018	)
Disposal of treasury stock																				2,118
Retirement of treasury stock																				—
Reversal of land revaluation excess																				5,102
Changes in subsidiaries’ equity																				1,510
Change from transaction under common control involving overseas subsidiary																				(4,028	)
Net changes of items other than shareholders’ equity		(5,102	)		1,058,251			(53,380	)		37,136			(83,133	)		77,094			(6,039	)
Total changes during the period		(5,102	)		1,058,251			(53,380	)		37,136			(83,133	)		77,094			284,612
Balance at the end of the period		135,526			1,792,840			140,485			(747	)		2,481,980			1,041,565			18,272,857

9

Mitsubishi UFJ Financial Group, Inc.

For the fiscal year ended March 31, 2024 

	(in millions of yen)
	Shareholders’ equity														Accumulated other comprehensive income
	Capital stock		Capital surplus			Retained earnings			Treasury stock			Total shareholders’ equity			Net unrealized gains (losses) on available-for-sale securities		Net deferred gains (losses) on hedging instruments
Balance at the beginning of the period		2,141,513		349,661			12,739,228			(481,091	)		14,749,310			800,955		(387,079	)
Changes during the period
Cash dividends							(439,960	)					(439,960	)
Profits attributable to owners of parent							1,490,781						1,490,781
Repurchase of treasury stock										(400,036	)		(400,036	)
Disposal of treasury stock				211						2,295			2,506
Retirement of treasury stock				(265,009	)					265,009			—
Reversal of land revaluation excess							1,559						1,559
Changes in subsidiaries’ equity				(1,239	)								(1,239	)
Net changes of items other than shareholders’ equity																733,139		(300,397	)
Total changes during the period		—		(266,037	)		1,052,380			(132,731	)		653,610			733,139		(300,397	)
Balance at the end of the period		2,141,513		83,623			13,791,608			(613,823	)		15,402,921			1,534,094		(687,476	)

	(in millions of yen)
	Accumulated other comprehensive income												Subscription rights to shares		Non-controlling interests		Total net assets
	Land revaluation excess			Foreign currency translation adjustments		Remeasurements of defined benefit plans		Debt value adjustments of foreign subsidiaries and affiliates			Total accumulated other comprehensive income
Balance at the beginning of the period		135,526			1,792,840		140,485		(747	)		2,481,980		—		1,041,565		18,272,857
Changes during the period
Cash dividends																		(439,960	)
Profits attributable to owners of parent																		1,490,781
Repurchase of treasury stock																		(400,036	)
Disposal of treasury stock																		2,506
Retirement of treasury stock																		—
Reversal of land revaluation excess																		1,559
Changes in subsidiaries’ equity																		(1,239	)
Net changes of items other than shareholders’ equity		(1,559	)		969,978		366,600		(64,688	)		1,703,072		0		117,437		1,820,510
Total changes during the period		(1,559	)		969,978		366,600		(64,688	)		1,703,072		0		117,437		2,474,121
Balance at the end of the period		133,967			2,762,818		507,085		(65,435	)		4,185,052		0		1,159,003		20,746,978

10

Mitsubishi UFJ Financial Group, Inc.

(4) Consolidated Statements of Cash Flows

(in millions of yen)	For the fiscal year ended     March 31, 2023			For the fiscal year ended     March 31, 2024
Cash flows from operating activities:
Profits before income taxes		1,569,923			2,050,104
Depreciation and amortization		314,708			340,137
Impairment losses		18,167			31,108
Amortization of goodwill		19,928			22,230
Equity in losses (gains) of equity method investees		(425,829	)		(531,803	)
Losses on pension buyout		78,111			—
Increase (decrease) in allowance for credit losses		(32,780	)		224,881
Increase (decrease) in reserve for bonuses		71,053			34,279
Increase (decrease) in reserve for bonuses to directors		1,727			(1,239	)
Increase (decrease) in reserve for stocks payment		866			4,027
Decrease (increase) in net defined benefit assets		(53,774	)		(481,644	)
Increase (decrease) in net defined benefit liabilities		123			7,404
Increase (decrease) in reserve for retirement benefits to directors		17			(7	)
Increase (decrease) in reserve for loyalty award credits		(213	)		(1,077	)
Increase (decrease) in reserve for contingent losses		(64,789	)		(32,296	)
Interest income recognized on statement of income		(5,298,944	)		(7,468,679	)
Interest expenses recognized on statement of income		2,372,735			5,011,105
Losses (gains) on securities		481,930			79,574
Losses (gains) on money held in trust		6,088			76,366
Foreign exchange losses (gains)		(2,255,057	)		(4,994,338	)
Losses (gains) on sales of fixed assets		918			(4,594	)
Net decrease (increase) in trading assets		(42,347	)		(2,288,718	)
Net increase (decrease) in trading liabilities		2,219,838			1,387,039
Adjustment of unsettled trading accounts		(651,611	)		(206,076	)
Net decrease (increase) in loans and bills discounted		(4,211,367	)		(6,763,304	)
Net increase (decrease) in deposits		7,118,314			9,410,399
Net increase (decrease) in negotiable certificates of deposit		2,869,240			2,903,887
Net increase (decrease) in borrowed money (excluding subordinated borrowings)		(6,264,775	)		920,095
Net decrease (increase) in call loans and bills bought and others		(1,804,036	)		(4,059,830	)
Net decrease (increase) in receivables under securities borrowing transactions		153,662			(281,434	)
Net increase (decrease) in call money and bills sold and others		12,597,828			(3,720,809	)
Net increase (decrease) in commercial papers		179,650			885,347
Net increase (decrease) in payables under securities lending transactions		83,926			(125,534	)
Net decrease (increase) in foreign exchanges (assets)		(3,533	)		(170,240	)
Net increase (decrease) in foreign exchanges (liabilities)		389,405			895,169
Net increase (decrease) in short-term bonds payable		(269,304	)		164,270
Net increase (decrease) in issuance and redemption of unsubordinated bonds payable		2,595,987			(295,231	)
Net increase (decrease) in due to trust accounts		(1,121,708	)		(4,301,919	)
Interest income (cash basis)		4,923,477			7,250,761
Interest expenses (cash basis)		(2,098,922	)		(4,851,903	)
Others		440,666			(435,455	)
Sub-total		13,909,305			(9,317,949	)
Income taxes		(549,466	)		(607,135	)
Refund of income taxes		71,934			80,225
Net cash provided by (used in) operating activities		13,431,773			(9,844,860	)

11

Mitsubishi UFJ Financial Group, Inc.

(in millions of yen)	For the fiscal year ended     March 31, 2023			For the fiscal year ended     March 31, 2024
Cash flows from investing activities:
Purchases of securities		(103,993,341	)		(92,819,270	)
Proceeds from sales of securities		58,441,528			64,100,921
Proceeds from redemption of securities		36,986,139			33,333,232
Payments for increase in money held in trust		(1,040,424	)		(1,378,121	)
Proceeds from decrease in money held in trust		1,075,874			1,333,026
Purchases of tangible fixed assets		(118,147	)		(129,650	)
Purchases of intangible fixed assets		(283,478	)		(333,157	)
Proceeds from sales of tangible fixed assets		46,360			78,282
Proceeds from sales of intangible fixed assets		180			568
Proceeds from transfer of businesses		—			5,070
Payments for acquisition of subsidiaries’ equity affecting the scope of consolidation		—			(205,797	)
Payments for sales of subsidiaries’ equity affecting the scope of consolidation		(1,784,755	)		—
Proceeds from sales of subsidiaries’ equity affecting the scope of consolidation		—			4,406
Others		(5,032	)		(3,092	)
Net cash provided by (used in) investing activities		(10,675,096	)		3,986,415
Cash flows from financing activities:
Proceeds from subordinated borrowings		29,000			123,000
Repayments of subordinated borrowings		(28,000	)		(68,000	)
Proceeds from issuance of subordinated bonds payable and bonds with warrants		670,246			992,021
Payments for redemption of subordinated bonds payable and bonds with warrants		(787,754	)		(155,290	)
Proceeds from issuance of common stock to non-controlling shareholders		227			945
Repayments to non-controlling shareholders		—			(216	)
Dividends paid by MUFG		(380,447	)		(439,755	)
Dividends paid by subsidiaries to non-controlling shareholders		(32,050	)		(44,946	)
Purchases of treasury stock		(450,153	)		(400,156	)
Proceeds from sales of treasury stock		2,237			2,297
Payments for purchases of subsidiaries’ equity not affecting the scope of consolidation		(444	)		(1,592	)
Net cash provided by (used in) financing activities		(977,138	)		8,307
Effect of foreign exchange rate changes on cash and cash equivalents		1,089,328			2,090,467
Net increase (decrease) in cash and cash equivalents		2,868,867			(3,759,669	)
Cash and cash equivalents at the beginning of the period		110,763,205			113,630,172
Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation		—			4,595
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation		(1,900	)		—
Cash and cash equivalents at the end of the period		113,630,172			109,875,097

12

Mitsubishi UFJ Financial Group, Inc.

Notes to the Consolidated Financial Statements

(Notes on Going-Concern Assumption)

None.

(Changes in Presentation of Financial Information)

“Refund of income taxes”, which was previously presented separately from “Income taxes”, on a disaggregated basis for the fiscal year ended March 31, 2023, is included in “Income taxes” on a net basis from the fiscal year ended March 31, 2024 due to the decreased significance in the recorded amount. In order to reflect this change in presentation, the consolidated financial statements for the fiscal year ended March 31, 2023 have been reclassified.

As a result, “Income taxes” of ¥493,256 million and “Refund of income taxes” of ¥(56,288) million previously presented in the consolidated statement of income for the fiscal year ended March 31, 2023 have been aggregated on a net basis and reclassified into “Income taxes” of ¥436,968 million.

(Additional Information)

(Information that is relevant to readers’ understanding of the consolidated financial statements regarding the calculation of allowance for credit losses)

The process of calculating the allowance for credit losses for the Bank and its domestic consolidated subsidiaries, our principal domestic consolidated banking subsidiaries, involves various estimates such as determination of borrower credit ratings which are based on evaluation and classification of borrowers’ debt-service capacity, assessment of the value of collateral provided by borrowers, estimation of future cash flows when applying the cash flow estimation method, 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, those 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.

MUFG Bank, Ltd. (“the Bank”), our principal consolidated domestic banking subsidiary, applies the cash flow estimation method when providing for allowance for credit losses for loans to substantially bankrupt borrowers and borrowers requiring special attention and caution in cases where it is possible to reasonably estimate the cash flows related to the collection of loan principal and receipt of interest payments. The estimation of such future cash flows is based on a borrower-specific assessment regarding the collectability of loans, including past collection experience, evaluation of the borrower’s restructuring plans, the financial condition and operating results of the borrower, and the economic environment of the industry to which the borrower belongs. In this regard, the estimation of future cash flows may be highly dependent on estimation of borrowers’ future performance and business sustainability. Estimates are subject to a high degree of uncertainly especially when made in connection with assessments regarding the collectability of loans to substantially bankrupt borrowers with respect to which objective information is not reasonably available.

In addition, when calculating allowance for credit losses, the Bank determines 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 Bank makes such adjustments based on future projections and other factors to the loss rate calculated based on historical loss experience, when and to the extent such adjustments are deemed appropriate by, for example, considering any additional expected loss amount not reflected in such loss rate calculated based on historical loss experience, especially in light of the Russia-Ukraine situation. The amount of impact of these adjustments as of the end of the current fiscal year is 42,492 million yen (69,569 million yen as of March 31, 2023). Given that actual loss information after the expansion of COVID-19 has been accumulated and the impact of COVID-19 is reflected in the loss rates calculated based on historical loss experience, starting in the second quarter of the fiscal year ended March 31, 2024, no adjustments are made based on future projections that take into account the rate of increase in the credit loss rate or the default probability in a recent period.

13

Mitsubishi UFJ Financial Group, Inc.

In addition, certain overseas subsidiaries which apply Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) have adopted Accounting Standards Codification (“ASC”) Topic 326, “Financial Instruments—Credit losses,” and 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 there to for qualitative factors, by certain subsidiaries which apply U.S. GAAP, are based on estimation relating to the economic environment, including changes in economic conditions, commodity prices and monetary policy in each country as well as geopolitical situations, with respect to which objective data are not readily available.

In particular, future developments concerning the Russia-Ukraine situation are subject to significant uncertainty. Accordingly, we make certain assumptions, including that the current Russia-Ukraine situation continues for a while. The recorded allowance represents our best estimate made in a manner designed to ensure objectivity and rationality.

These assumptions change to reflect the Russia-Ukraine situation, and changes in the assumptions may result in an increase or decrease in the allowance for credit losses in the following fiscal year.

14

Mitsubishi UFJ Financial Group, Inc.

(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 fiscal year. However, from the perspective of providing financial information in a more timely manner, MUFG has decided to make modifications so that, effective from the fiscal year ended March 31, 2024, the equity method of accounting is to applied to Morgan Stanley based on a provisional closing of accounts implemented as of March 31, which is the end of MUFG’s fiscal year.

Accordingly, for the fiscal year ended March 31, 2024, the equity method of accounting has been applied to Morgan Stanley’s consolidated financial statements for the fifteen-month period from January 1, 2023 to March 31, 2024 based on a provisional closing of accounts, and the impact of implementation of such provisional closing of accounts has been reflected in MUFG’s consolidated financial statements from the beginning of the fiscal year ended March 31, 2024.

For the period from January 1, 2023 to March 31, 2023, equity in earnings of the equity method investees related to Morgan Stanley is 106,161 million yen, losses on change in equity related to Morgan Stanley is 22,058 million yen, and share of other comprehensive income of associates accounted for using equity method related to Morgan Stanley included in other comprehensive income is 406,491 million yen.

(Provisional closing of accounts of a significant subsidiary planned for the fiscal year ending March 31, 2025)

Bank of Ayudhya Public Company Limited(“Krungsri”), a significant subsidiary of MUFG, closes its financial accounts based on a fiscal year-end of December 31, and is consolidated based on its consolidated financial statements as of the December 31 fiscal year-end.

However, from the perspective of providing financial information in a more timely manner, MUFG has decided to consolidate Krungsri based on a provisional closing of accounts of Krungsri to be implemented as of March 31, which is MUFG’s fiscal year-end, effective from the beginning of the fiscal year ending March 31, 2025.

Accordingly, for the fiscal year ending March 31, 2025, Krungsri’s financial results for the 15-month period from January 1, 2024 to March 31, 2025 are expected to be reflected in MUFG’s consolidated financial statements.

15

Mitsubishi UFJ Financial Group, Inc.

(Segment Information)

1. Information on net revenue, operating profit (loss), and fixed assets for each reporting segment

For the Fiscal Year Ended March 31, 2024

	(in millions of yen)
	Digital Service Business Group		Retail & Commercial Banking Business Group		Japanese Corporate & Investment Banking Business Group		Global Commercial Banking Business Group		Asset Management & Investor Services Business Group		Global Corporate & Investment Banking Business Group		Total of Customer Business		Global Markets Business Group		Other			Total
Net revenue		782,544		709,398		1,013,680		684,992		432,311		863,065		4,485,994		323,387		(37,592	)		4,771,789
Operating expenses		536,613		463,978		343,839		382,862		307,305		361,391		2,395,990		300,033		232,871			2,928,896
Operating profit (loss)		245,931		245,419		669,841		302,130		125,005		501,674		2,090,003		23,353		(270,463	)		1,842,893
Fixed assets at period end		186,829		228,577		169,234		1,636		21,246		170,905		778,429		114,297		502,246			1,394,973

(Notes)

1. “Net revenue” in the above table is used in lieu of net sales generally used by Japanese non-financial companies.

2. “Net revenue” includes net interest income, trust fees, net fees and commissions, net trading profit, and net other operating profit.

3. “Operating expenses” includes personnel expenses and premise expenses.

4. “Fixed assets at period end” for each reporting segment in the above table represent those related to the Bank and Mitsubishi UFJ Trust and Banking Corporation. Those fixed assets and consolidation adjustments related to MUFG and its other consolidated subsidiaries, which are not allocated to reporting segments, were ¥1,505,407 million. With respect to such fixed assets not allocated to reporting segments, certain related expenses are allocated to each reporting segment on a reasonable basis.

2. Reconciliation of the total operating profit in each of the above tables to the ordinary profit in the consolidated statement of income for the corresponding fiscal year period

Operating profit	For the fiscal year ended March 31, 2024
Total operating profit of reporting segments		1,842,893
Operating profit of consolidated subsidiaries excluded from reporting segments		(373	)
Provision for general allowance for credit losses		(6,723	)
Credit related expenses		(592,913	)
Gains on loans written-off		101,726
Net gains on equity securities and other securities		371,274
Equity in earnings of equity method investees		531,803
Others		(119,727	)
Ordinary profit in the consolidated statement of income		2,127,958

16

Mitsubishi UFJ Financial Group, Inc.

(Per Share Information)

	For the fiscal year ended March 31, 2024
Total equity per common share	¥	1,670.44
Basic earnings per common share	¥	124.64
Diluted earnings per common share	¥	124.32

(Notes)

1. The bases for the calculation of basic earnings per common share and diluted earnings per common share for the periods indicated were as follows:

		For the fiscal year ended March 31, 2024
Basic earnings per common share
Profits attributable to owners of parent	million yen	1,490,781
Profits not attributable to common shareholders	million yen	—
Profits attributable to common shareholders of parent	million yen	1,490,781
Average number of common shares during the period	thousand shares	11,959,977
Diluted earnings per common share
Adjustment to profits attributable to owners of parent	million yen	(3,807)
Adjustment related to dilutive shares of consolidated subsidiaries and others	million yen	(3,807)
Increase in common shares	thousand shares	—
Description of antidilutive securities which were not included in the calculation of diluted earnings per share		Share subscription rights issued by equity method affiliates: Morgan Stanley Stock options and others - 0 million units as of March 31, 2024

2. The bases for the calculation of total equity per common share for the period indicated were as follows:

		As of March 31, 2024
Total equity	million yen	20,746,978
Deductions from total equity:	million yen	1,159,004
Subscription rights to shares	million yen	0
Non-controlling interests	million yen	1,159,003
Total equity attributable to common shares	million yen	19,587,974
Number of common shares at period end used for the calculation of total equity per common share	thousand shares	11,726,188

17

Mitsubishi UFJ Financial Group, Inc.

(Subsequent Events)

None.

18

Selected Financial Information

under Japanese GAAP

For the Fiscal Year Ended March 31, 2024

Mitsubishi UFJ Financial Group, Inc.   

Mitsubishi UFJ Financial Group, Inc.

[Contents]   

1.  Financial Results	[ MUFG Consolidated ]*1[ BK and TB Combined ]*2*3*4 [ BK Consolidated ][ BK Non-consolidated ] [ TB Consolidated ][ TB Non-consolidated ]	1
2.  Average Interest Rate Spread	[ BK Non-consolidated ][ TB Non-consolidated ] [ BK and TB Combined ]	7
3.  Notional Principal by the Remaining Life of the Interest Rate Swaps for Hedge-Accounting	[ MUFG Consolidated ] [ BK Consolidated ] [ TB Consolidated ]	8
4.  Securities	[ MUFG Consolidated ] [ BK Non-consolidated ] [ TB Non-consolidated ]	9
5.  ROE	[ MUFG Consolidated ]	12
6.  Risk-Adjusted Capital Ratio	[ MUFG Consolidated  ][ BK Consolidated ][ TB Consolidated ] [ BK Non-consolidated ][ TB Non-consolidated ]	13
7.  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 ]	14
8.  Progress in Disposition of Problem Assets	[ BK Non-consolidated ] [ TB Non-consolidated including Trust Account ]	20
9.  Loans Classified by Type of Industry	[ BK and TB Combined including Trust Accounts ] [ BK Non-consolidated ][ TB Non-consolidated ] [ TB Non-consolidated : Trust Accounts ]	22
10   Domestic Consumer Loans, Domestic Loans to Small/Medium-Sized Companies and Proprietors	[ BK Non-consolidated ] [ TB Non-consolidated including Trust Account ]	26
11.  Overseas Loans	[ BK Consolidated excl. KS, BDI ]*5*6	27
12.  Loans and Deposits	[ BK and TB Combined ] [ BK Non-consolidated ][ TB Non-consolidated ]	28
13.  Domestic Deposits	[ BK and TB Combined ] [ BK Non-consolidated ][ TB Non-consolidated ]	29
14.  Status of Deferred Tax Assets	[ BK Non-consolidated ][ TB Non-consolidated ]	30
15.  Retirement Benefits	[ MUFG Consolidated ] [ BK Non-consolidated ][ TB Non-consolidated ]	32
(Reference) 1.  Financial Statements	[ BK Non-consolidated ][ TB Non-consolidated ]	35

(*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.

(*5) “KS” means Bank of Ayudhya Public Company Limited.

(*6) “BDI” means PT Bank Danamon Indonesia, Tbk.

Mitsubishi UFJ Financial Group, Inc.

1. Financial Results

MUFG Consolidated

	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2024 (A)			March 31, 2023 (B)			(Decrease)    (A) - (B)
Gross profits		4,732,524			4,503,008			229,515
Gross profits before credit costs for trust accounts		4,732,519			4,503,008			229,510
Net interest income		2,457,882			2,907,511			(449,629	)
Trust fees		139,363			140,637			(1,274	)
Credit costs for trust accounts (1)		4			—			4
Net fees and commissions		1,681,291			1,554,767			126,524
Net trading profits		368,172			372,093			(3,920	)
Net other operating profits		85,813			(472,001	)		557,815
Net gains (losses) on debt securities		(450,755	)		(884,618	)		433,862
General and administrative expenses		2,888,747			2,908,709			(19,962	)
Amortization of goodwill		22,230			19,928			2,302
Net operating profits before credit costs for trust accounts, provision for general allowance for credit losses and amortization of goodwill		1,866,003			1,614,227			251,775
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		1,843,772			1,594,299			249,472
Provision for general allowance for credit losses (2)		(6,723	)		(36,608	)		29,884
Net operating profits*1		1,837,053			1,557,691			279,361
Net non-recurring gains (losses)		290,905			(536,963	)		827,868
Credit costs (3)		(592,913	)		(746,353	)		153,439
Losses on loan write-offs*2		(193,119	)		(547,783	)		354,663
Provision for specific allowance for credit losses		(387,362	)		(197,561	)		(189,801	)
Other credit costs		(12,432	)		(1,009	)		(11,422	)
Reversal of allowance for credit losses (4)		—			—			—
Reversal of reserve for contingent losses included in credit costs (5)		—			11,550			(11,550	)
Gains on loans written-off (6)		101,726			96,569			5,156
Net gains (losses) on equity securities		371,274			288,000			83,274
Gains on sales of equity securities		452,125			332,747			119,377
Losses on sales of equity securities		(70,673	)		(28,796	)		(41,877	)
Losses on write-down of equity securities		(10,177	)		(15,950	)		5,773
Equity in earnings of equity method investees		531,803			425,829			105,973
Other non-recurring gains (losses)*2		(120,985	)		(612,559	)		491,574
Ordinary profits		2,127,958			1,020,728			1,107,230
Net extraordinary gains (losses)		(77,854	)		549,195			(627,049	)
Net gains (losses) on disposition of fixed assets		4,594			(918	)		5,513
Losses on impairment of fixed assets		(31,108	)		(18,167	)		(12,940	)
Net gains (losses) sales of shares of subsidiaries*3		(93	)		699,509			(699,603	)
Net gains (losses) on change in equity		(50,847	)		(23,711	)		(27,135	)
Net gains (losses) on sales of shares of affiliates		—			(29,401	)		29,401
Losses on pension buyout		—			(78,111	)		78,111
Profits before income taxes		2,050,104			1,569,923			480,180
Income taxes-current		411,857			436,968			(25,111	)
Income taxes-deferred		66,485			(67,361	)		133,847
Total taxes		478,342			369,607			108,735
Profits		1,571,761			1,200,316			371,444
Profits attributable to non-controlling interests		80,979			83,820			(2,840	)
Profits attributable to owners of parent		1,490,781			1,116,496			374,285
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. (“MUB”), an aggregate of ¥952,590 million of losses were recognized for the fiscal year ended March 31, 2023, primarily in accordance with Accounting Standards Codification (“ASC”) Topic 326, “Financial Instruments—Credit losses,” and ASC Topic 310, “Receivables.” These losses consist mainly of ¥555,421 million of valuation losses related to securities held for sale, which are included in Other non-recurring gains (losses), and ¥400,511 million of valuation losses related to loans held for sale, which are included in Losses on loan write-offs.
*3.  “Net gains (losses) sales of shares of subsidiaries” for the fiscal year ended March 31, 2023, includes ¥699,509 million of gains on sales of shares of subsidiaries resulting from the sale of the shares in MUB.
(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		(497,907	)		(674,842	)		176,935
Number of consolidated subsidiaries		253			246			7
Number of affiliated companies accounted for under the equity method		51			46			5

1

Mitsubishi UFJ Financial Group, Inc.

BK and TB Combined

	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2024 (A)			March 31, 2023 (B)			(Decrease)    (A) - (B)
Gross profits		2,565,957			2,150,510			415,447
Gross profits before credit costs for trust accounts		2,565,953			2,150,510			415,443
Domestic gross profits		1,179,786			1,129,899			49,887
Net interest income		772,653			734,884			37,768
Trust fees		120,757			111,924			8,833
Credit costs for trust accounts (1)		4			—			4
Net fees and commissions		375,410			358,002			17,407
Net trading profits		(6,719	)		(9,246	)		2,527
Net other operating profits		(82,315	)		(65,666	)		(16,649	)
Net gains (losses) on debt securities		(104,859	)		(102,278	)		(2,581	)
Non-domestic gross profits		1,386,170			1,020,610			365,559
Net interest income		844,261			1,119,761			(275,500	)
Net fees and commissions		389,191			266,557			122,633
Net trading profits		102,432			65,846			36,586
Net other operating profits		50,285			(431,555	)		481,841
Net gains (losses) on debt securities		(345,043	)		(780,359	)		435,316
General and administrative expenses		1,520,862			1,350,891			169,971
Personnel expenses		641,143			476,225			164,917
Non-personnel expenses		809,960			800,355			9,605
Taxes		69,759			74,311			(4,552	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		1,045,090			799,618			245,471
Provision for general allowance for credit losses (2)		5,767			(40,374	)		46,142
Net operating profits		1,050,862			759,243			291,619
Net non-recurring gains (losses)		29,492			315,640			(286,148	)
Credit costs (3)		(283,016	)		(88,696	)		(194,319	)
Reversal of allowance for credit losses (4)		85			—			85
Reversal of reserve for contingent losses included in credit costs (5)		—			9,798			(9,798	)
Gains on loans written-off (6)		26,723			20,450			6,272
Net gains (losses) on equity securities		363,467			286,114			77,353
Gains on sales of equity securities		442,142			322,193			119,948
Losses on sales of equity securities		(71,983	)		(27,596	)		(44,386	)
Losses on write-down of equity securities		(6,691	)		(8,482	)		1,790
Other non-recurring gains (losses)		(77,768	)		87,973			(165,742	)
Ordinary profits		1,080,354			1,074,883			5,470
Net extraordinary gains (losses)		(10,463	)		330,501			(340,965	)
Net gains (losses) on disposition of fixed assets		657			(2,278	)		2,935
Losses on impairment of fixed assets		(20,405	)		(10,125	)		(10,280	)
Gains on sales of shares of subsidiaries*		4,863			415,106			(410,243	)
Gains on extinguishment of tie-in shares		4,319			—			4,319
Gains on negative goodwill		—			11,040			(11,040	)
Losses on sales of shares of affiliates		—			(5,248	)		5,248
Losses on pension buyout		—			(78,111	)		78,111
Income before income taxes		1,069,891			1,405,385			(335,494	)
Income taxes-current		257,985			290,586			(32,601	)
Income taxes-deferred		(50,158	)		(25,200	)		(24,957	)
Total taxes		207,826			265,385			(57,558	)
Net income		862,064			1,139,999			(277,935	)
Note: * “Gains on sales of shares of subsidiaries” for the fiscal year ended March 31, 2023, is related to a transaction with MUFG Americas Holdings Corporation (“MUAH”).
(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		(250,434	)		(98,822	)		(151,612	)
Credit costs for trust accounts		4			—			4
Provision for general allowance for credit losses		5,853			(40,374	)		46,228
Provision for special allowance for credit losses		(237,335	)		(67,550	)		(169,784	)
Allowance for credit to specific foreign borrowers		10,752			5,188			5,564
Losses on loans write-offs		(30,782	)		(15,419	)		(15,362	)
Provision for contingent losses included in credit costs		(12,763	)		9,614			(22,378	)
Gains on loans written-off		26,723			20,450			6,272
Losses on sales of other loans, etc.		(12,887	)		(10,731	)		(2,155	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses, excluding net gains (losses) on debt securities		1,494,992			1,682,255			(187,263	)
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		1,396,187			1,126,493			269,693

2

Mitsubishi UFJ Financial Group, Inc.

BK Consolidated

	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2024 (A)			March 31, 2023 (B)			(Decrease)    (A) - (B)
Gross profits		3,360,598			3,240,353			120,245
Net interest income		2,145,049			2,388,320			(243,270	)
Trust fees		—			12,258			(12,258	)
Net fees and commissions		914,290			894,410			19,880
Net trading profits		192,345			130,570			61,775
Net other operating profits		108,912			(185,205	)		294,118
Net gains (losses) on debt securities		(375,997	)		(590,505	)		214,507
General and administrative expenses		1,895,166			2,004,252			(109,086	)
Amortization of goodwill		8,479			7,551			928
Net operating profits before provision for general allowance for credit losses and amortization of goodwill		1,473,911			1,243,652			230,259
Net operating profits before provision for general allowance for credit losses		1,465,432			1,236,100			229,331
Provision for general allowance for credit losses (1)		1,284			(34,640	)		35,924
Net operating profits*1		1,466,716			1,201,460			265,256
Net non-recurring gains (losses)		(116,439	)		(914,490	)		798,051
Credit costs (2)		(478,742	)		(646,764	)		168,022
Losses on loan write-offs*2		(96,866	)		(465,102	)		368,235
Provision for specific allowance for credit losses		(369,443	)		(180,652	)		(188,791	)
Other credit costs		(12,432	)		(1,009	)		(11,422	)
Reversal of allowance for credit losses (3)		—			—			—
Reversal of reserve for contingent losses included in credit costs (4)		—			11,551			(11,551	)
Gains on loans written-off (5)		75,872			71,721			4,150
Net gains (losses) on equity securities		285,362			218,639			66,723
Gains on sales of equity securities		363,056			259,129			103,926
Losses on sales of equity securities		(70,881	)		(27,516	)		(43,364	)
Losses on write-down of equity securities		(6,812	)		(12,974	)		6,161
Equity in earnings of equity method investees		39,203			36,824			2,378
Other non-recurring gains (losses)*2		(38,135	)		(606,463	)		568,327
Ordinary profits		1,350,277			286,969			1,063,307
Net extraordinary gains (losses)		(21,686	)		584,103			(605,789	)
Net gains (losses) on disposition of fixed assets		2,373			(384	)		2,757
Losses on impairment of fixed assets		(24,059	)		(6,925	)		(17,134	)
Gains on sales of shares of subsidiaries*3		—			699,509			(699,509	)
Net gains (losses) on sales of shares of affiliates		—			(29,985	)		29,985
Losses on pension buyout		—			(78,111	)		78,111
Profits before income taxes		1,328,591			871,073			457,517
Income taxes-current		328,101			347,320			(19,219	)
Income taxes-deferred		26,974			(94,318	)		121,292
Total taxes		355,075			253,001			102,073
Profits		973,515			618,071			355,444
Profits attributable to non-controlling interests		28,787			16,037			12,749
Profits attributable to owners of parent		944,728			602,034			342,694
Note:
*1.  Net operating profits = Net operating profits of BK + 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 MUB, an aggregate of ¥952,590 million of losses were recognized for the fiscal year ended March 31, 2023, primarily in accordance with ASC Topic 326, “Financial Instruments—Credit losses,” and ASC Topic 310, “Receivables.” These losses consist mainly of ¥555,421 million of valuation losses related to securities held for sale, which are included in Other non-recurring gains (losses), and ¥400,511 million of valuation losses related to loans held for sale, which are included in Losses on loan write-offs.
*3.  “Gains on sales of shares of subsidiaries” for the fiscal year ended March 31, 2023, includes ¥699,509 million of gains on sales of shares of subsidiaries resulting from the sale of the shares in MUB.
(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)		(401,585	)		(598,131	)		196,546
Number of consolidated subsidiaries		113			108			5
Number of affiliated companies accounted for under the equity method		44			42			2

3

Mitsubishi UFJ Financial Group, Inc.

BK Non-consolidated

	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2024 (A)			March 31, 2023 (B)			(Decrease)    (A) - (B)
Gross profits		2,283,668			1,844,033			439,634
Domestic gross profits		896,600			843,285			53,315
Net interest income		717,094			675,384			41,709
Net fees and commissions		268,500			253,364			15,136
Net trading profits		2,917			3,005			(87	)
Net other operating profits		(91,911	)		(88,469	)		(3,442	)
Net gains (losses) on debt securities		(91,668	)		(97,938	)		6,270
Non-domestic gross profits		1,387,067			1,000,748			386,318
Net interest income		778,723			808,355			(29,631	)
Net fees and commissions		387,188			265,590			121,598
Net trading profits		106,654			75,756			30,898
Net other operating profits		114,500			(148,953	)		263,454
Net gains (losses) on debt securities		(284,229	)		(493,067	)		208,837
General and administrative expenses		1,309,067			1,153,573			155,493
Personnel expenses		571,241			413,043			158,198
Non-personnel expenses		676,244			674,889			1,355
Amortization of goodwill		3,830			2,451			1,379
Taxes		61,580			65,641			(4,061	)
Net operating profits before provision for general allowance for credit losses and amortization of goodwill		978,432			692,911			285,520
Net operating profits before provision for general allowance for credit losses		974,601			690,460			284,141
Provision for general allowance for credit losses (1)		5,767			(40,334	)		46,102
Net operating profits		980,368			650,125			330,243
Net non-recurring gains (losses)		19,402			253,619			(234,217	)
Credit costs (2)		(282,760	)		(88,507	)		(194,253	)
Reversal of allowance for credit losses (3)		—			—			—
Reversal of reserve for contingent losses included in credit costs (4)		—			9,798			(9,798	)
Gains on loans written-off (5)		26,722			20,450			6,271
Net gains (losses) on equity securities		286,136			224,294			61,842
Gains on sales of equity securities		360,191			256,280			103,910
Losses on sales of equity securities		(69,862	)		(25,697	)		(44,165	)
Losses on write-down of equity securities		(4,191	)		(6,289	)		2,097
Other non-recurring gains (losses)		(10,696	)		87,583			(98,279	)
Ordinary profits		999,771			903,744			96,026
Net extraordinary gains (losses)		(5,010	)		335,850			(340,860	)
Net gains (losses) on disposition of fixed assets		303			(1,893	)		2,196
Losses on impairment of fixed assets		(14,496	)		(5,043	)		(9,453	)
Gains on sales of shares of subsidiaries*		4,863			415,106			(410,243	)
Gains on extinguishment of tie-in shares		4,319			—			4,319
Gains on negative goodwill		—			11,040			(11,040	)
Losses on sales of shares of affiliates		—			(5,248	)		5,248
Losses on pension buyout		—			(78,111	)		78,111
Income before income taxes		994,760			1,239,594			(244,834	)
Income taxes-current		244,385			254,747			(10,362	)
Income taxes-deferred		(53,885	)		(30,607	)		(23,278	)
Total taxes		190,499			224,140			(33,640	)
Net income		804,260			1,015,454			(211,193	)
Note:
* “Gains on sales of shares of subsidiaries” for the fiscal year ended March 31, 2023, is related to a transaction with MUAH.
(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)		(250,270	)		(98,592	)		(151,677	)
Provision for general allowance for credit losses		5,767			(40,334	)		46,102
Provision for special allowance for credit losses		(237,335	)		(67,544	)		(169,791	)
Allowance for credit to specific foreign borrowers		10,752			5,188			5,564
Losses on loans write-off		(30,782	)		(15,419	)		(15,362	)
Provision for contingent losses included in credit costs		(12,508	)		9,798			(22,307	)
Gains on loans written-off		26,722			20,450			6,271
Losses on sales of other loans, etc.		(12,887	)		(10,731	)		(2,155	)
Net operating profits before provision for general allowance for credit losses, excluding net gains (losses) on debt securities		1,350,498			1,281,465			69,033
Net operating profits before provision for general allowance for credit losses, excluding net gains (losses) on debt securities and investment trusts cancellation		1,333,729			974,269			359,459

4

Mitsubishi UFJ Financial Group, Inc.

TB Consolidated

	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2024 (A)			March 31, 2023 (B)			(Decrease)   (A) - (B)
Gross profits		591,268			549,851			41,417
Gross profits before credit costs for trust accounts		591,264			549,851			41,413
Trust fees		139,740			128,802			10,938
Trust fees before credit costs for trust accounts		139,736			128,802			10,933
Money trusts fees (Jointly operated designated money trusts before credit costs for trust account)		16,537			15,035			1,501
Other trust fees		123,198			113,766			9,432
Credit costs for trust accounts (1)		4			—			4
Net interest income		130,455			352,384			(221,929	)
Net fees and commissions		367,843			324,161			43,682
Net trading profits		(11,307	)		(20,155	)		8,848
Net other operating profits		(35,463	)		(235,340	)		199,877
Net gains (losses) on debt securities		(74,029	)		(291,736	)		217,707
General and administrative expenses		459,133			399,994			59,139
Amortization of goodwill		13,747			12,403			1,344
Net operating profits before credit costs for trust accounts, provision for general allowance for credit losses and amortization of goodwill		145,877			162,260			(16,382	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		132,130			149,856			(17,726	)
Provision for general allowance for credit losses (2)		—			(95	)		95
Net operating profits*		132,134			149,761			(17,626	)
Net non-recurring gains (losses)		8,362			55,481			(47,119	)
Credit costs (3)		(10	)		26			(37	)
Losses on loan write-offs		(10	)		(0	)		(10	)
Provision for specific allowance for credit losses		—			26			(26	)
Other credit costs		—			—			—
Reversal of allowance for credit losses (4)		75			—			75
Reversal of reserve for contingent losses included in credit costs (5)		—			—			—
Gains on loans written-off (6)		6			16			(9	)
Net gains (losses) on equity securities		77,666			61,721			15,945
Gains on sales of equity securities		81,967			65,912			16,055
Losses on sales of equity securities		(2,120	)		(1,913	)		(206	)
Losses on write-down of equity securities		(2,180	)		(2,277	)		96
Equity in earnings of equity method investees		2,676			1,695			980
Other non-recurring gains (losses)		(72,051	)		(7,978	)		(64,073	)
Ordinary profits		140,496			205,242			(64,745	)
Net extraordinary gains (losses)		(3,796	)		(5,733	)		1,937
Net gains (losses) on disposition of fixed assets		2,214			(328	)		2,542
Losses on impairment of fixed assets		(6,033	)		(5,404	)		(628	)
Profits before income taxes		136,700			199,508			(62,808	)
Income taxes-current		37,459			55,066			(17,606	)
Income taxes-deferred		1,712			3,845			(2,132	)
Total taxes		39,172			58,912			(19,739	)
Profits		97,527			140,596			(43,068	)
Profits attributable to non-controlling interests		571			524			46
Profits attributable to owners of parent		96,956			140,072			(43,115	)
Note:
* Net operating profits = Net operating profits of TB + 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
(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		76			(52	)		128
Number of consolidated subsidiaries		109			105			4
Number of affiliated companies accounted for under the equity method		5			4			1
TB Consolidated (combined operating results of TB and transferred entities to MUAH in the United States) TB transferred the interests in its subsidiaries in the United States to MUAH in United States which are owned by BK and MUFG. The combined operating results of TB and transferred entities are as follows (the operating results of transferred entities are prepared for managerial accounting purpose):
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		134,546			152,632			(18,085	)
Profits attributable to owners of parent		98,679			141,988			(43,309	)
Number of the entities transferred to MUAH		4			4			—

5

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

	(in millions of yen)
	For the fiscal year ended						Increase
	March 31, 2024 (A)			March 31, 2023 (B)			(Decrease)    (A) - (B)
Gross profits		282,289			306,476			(24,186	)
Gross profits before credit costs for trust accounts		282,284			306,476			(24,191	)
Domestic gross profits		283,186			286,614			(3,427	)
Trust fees		120,757			111,924			8,833
Trust fees before credit costs for trust accounts		120,753			111,924			8,828
Money trusts fees (Jointly operated designated money trusts before credit costs for trust account)		16,537			15,035			1,501
Other trust fees		104,216			96,889			7,326
Credit costs for trust accounts (1)		4			—			4
Net interest income		55,558			59,499			(3,940	)
Net fees and commissions		106,909			104,638			2,271
Net trading profits		(9,637	)		(12,252	)		2,615
Net other operating profits		9,596			22,803			(13,206	)
Net gains (losses) on debt securities		(13,191	)		(4,339	)		(8,851	)
Non-domestic gross profits		(896	)		19,862			(20,759	)
Net interest income		65,538			311,406			(245,868	)
Net fees and commissions		2,002			967			1,034
Net trading profits		(4,222	)		(9,910	)		5,687
Net other operating profits		(64,214	)		(282,601	)		218,386
Net gains (losses) on debt securities		(60,813	)		(287,291	)		226,478
General and administrative expenses		211,795			197,317			14,477
Personnel expenses		69,901			63,182			6,719
Non-personnel expenses		133,715			125,465			8,249
Taxes		8,178			8,670			(491	)
Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses		70,489			109,158			(38,669	)
Provision for general allowance for credit losses (2)		—			(40	)		40
Net operating profits		70,493			109,118			(38,624	)
Net non-recurring gains (losses)		10,089			62,020			(51,930	)
Credit costs (3)		(255	)		(189	)		(65	)
Reversal of allowance for credit losses (4)		85			—			85
Reversal of reserve for contingent losses included in credit costs (5)		—			—			—
Gains on loans written-off (6)		1			0			0
Net gains (losses) on equity securities		77,330			61,819			15,511
Gains on sales of equity securities		81,950			65,912			16,038
Losses on sales of equity securities		(2,120	)		(1,899	)		(221	)
Losses on write-down of equity securities		(2,499	)		(2,193	)		(306	)
Other non-recurring gains (losses)		(67,071	)		390			(67,462	)
Ordinary profits		80,583			171,138			(90,555	)
Net extraordinary gains (losses)		(5,453	)		(5,348	)		(104	)
Net gains (losses) on disposition of fixed assets		354			(385	)		739
Losses on impairment of fixed assets		(5,908	)		(5,081	)		(826	)
Income before income taxes		75,130			165,790			(90,659	)
Income taxes-current		13,599			35,838			(22,238	)
Income taxes-deferred		3,727			5,406			(1,679	)
Total taxes		17,326			41,244			(23,917	)
Net income		57,803			124,545			(66,742	)
(Reference)
Total credit costs (1)+(2)+(3)+(4)+(5)+(6)		(164	)		(229	)		65
Credit costs for trust accounts		4			—			4
Provision for general allowance for credit losses		85			(40	)		125
Provision for special allowance for credit losses		0			(6	)		6
Allowance for credit to specific foreign borrowers		—			—			—
Losses on loans write-offs		(0	)		—			(0	)
Provision for contingent losses included in credit costs		(255	)		(183	)		(71	)
Gains on loans written-off		1			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		144,493			400,790			(256,296	)
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		62,458			152,223			(89,765	)

6

Mitsubishi UFJ Financial Group, Inc.

2. Average Interest Rate Spread

BK Non-consolidated

	(percentage per annum)
(Domestic business segment)	For the fiscal year ended March 31, 2024 (A)		Increase  (Decrease)  (A) - (B)			For the fiscal year ended March 31, 2023 (B)
Total average interest rate on interest-earning assets (a)		0.52		0.03			0.49
Average interest rate on loans and bills discounted (b)		0.81		0.05			0.75
Average interest rate on securities		0.52		0.03			0.49
Total average interest rate on interest-bearing liabilities (c)
<including general and administrative expenses>		0.32		(0.00	)		0.32
Average interest rate on deposits and NCD (d)		0.00		0.00			0.00
Average interest rate on other liabilities		0.17		0.06			0.11
Overall interest rate spread (a)-(c)		0.19		0.03			0.16
Interest rate spread (b)-(d)		0.81		0.05			0.75
(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted (e)		0.83		0.05			0.77
Interest rate spread (e)-(d)		0.83		0.05			0.77
TB Non-consolidated
	(percentage per annum)
(Domestic business segment)	For the fiscal year ended March 31, 2024 (A)		Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2023 (B)
Total average interest rate on interest-earning assets (a)		0.69		0.03			0.66
Average interest rate on loans and bills discounted (b)		0.56		0.16			0.39
Average interest rate on securities		2.66		0.35			2.31
Total average interest rate on interest-bearing liabilities (c)		0.20		0.04			0.16
Average interest rate on deposits and NCD (d)		0.02		0.00			0.01
Overall interest rate spread (a)-(c)		0.49		(0.00	)		0.50
Interest rate spread (b)-(d)		0.54		0.16			0.37
(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted (e)		0.72		(0.02	)		0.75
Interest rate spread (e)-(d)		0.69		(0.03	)		0.73
(Reference)
BK and TB Combined
	(percentage per annum)
(Domestic business segment)	For the fiscal year ended March 31, 2024 (A)		Increase (Decrease) (A) - (B)			For the fiscal year ended March 31, 2023 (B)
Average interest rate on loans and bills discounted (a)		0.80		0.06			0.74
Average interest rate on deposits and NCD (b)		0.00		0.00			0.00
Interest rate spread (a)-(b)		0.80		0.05			0.74
(After excluding loans to the Japanese government and governmental organizations)
Average interest rate on loans and bills discounted (c)		0.83		0.05			0.77
Interest rate spread (c)-(b)		0.82		0.05			0.77

7

Mitsubishi UFJ Financial Group, Inc.

3. Notional Principal by the Remaining Life of the Interest Rate Swaps for Hedge-Accounting

MUFG Consolidated

	(in billions of yen)
	As of March 31, 2024
	within 1 year		1 year to 5 years		over 5 years		Total
Receive-fix/pay-floater		3,836.9		27,047.4		10,212.0		41,096.4
Receive-floater/pay-fix		1,415.2		1,795.8		4,789.8		8,000.9
Receive-floater/pay-floater		—		—		—		—
Receive-fix/pay-fix		—		—		—		—
Total		5,252.2		28,843.3		15,001.8		49,097.4
BK Consolidated
	(in billions of yen)
	As of March 31, 2024
	within 1 year		1 year to 5 years		over 5 years		Total
Receive-fix/pay-floater		3,540.2		26,049.4		10,038.5		39,628.1
Receive-floater/pay-fix		1,188.7		321.7		3,536.1		5,046.6
Receive-floater/pay-floater		—		—		—		—
Receive-fix/pay-fix		—		—		—		—
Total		4,728.9		26,371.1		13,574.6		44,674.7
TB Consolidated
	(in billions of yen)
	As of March 31, 2024
	within 1 year		1 year to 5 years		over 5 years		Total
Receive-fix/pay-floater		296.7		843.1		142.3		1,282.2
Receive-floater/pay-fix		216.4		1,395.9		1,215.0		2,827.5
Receive-floater/pay-floater		—		—		—		—
Receive-fix/pay-fix		—		—		—		—
Total		513.1		2,239.1		1,357.3		4,109.7

8

Mitsubishi UFJ Financial Group, Inc.

4. 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”.

Fair Value Information on Securities

	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses
Debt securities being held to maturity		24,843,961		(286,447	)		13,719		300,167		21,520,080		(133,925	)		49,237		183,163
Domestic bonds		17,310,411		(107,223	)		6,886		114,109		15,052,012		8,012			35,612		27,599
Government bonds		14,643,055		(90,759	)		4,592		95,351		13,513,972		12,778			32,129		19,351
Municipal bonds		1,999,181		(14,279	)		2,047		16,327		1,144,825		(5,334	)		2,473		7,808
Short-term corporate bonds		—		—			—		—		—		—			—		—
Corporate bonds		668,174		(2,184	)		245		2,430		393,214		568			1,009		440
Other		7,533,549		(179,224	)		6,832		186,057		6,468,068		(141,938	)		13,625		155,563
Foreign bonds		4,952,083		(176,384	)		3,151		179,536		3,913,345		(92,148	)		13,606		105,754
Other		2,581,465		(2,839	)		3,681		6,520		2,554,723		(49,790	)		18		49,809
	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on consolidated balance sheet		Unrealized gains (losses)			Gains		Losses
Available-for-sale securities		61,736,341		2,725,841			4,178,443		1,452,602		65,121,075		1,420,165			3,056,638		1,636,472
Domestic equity securities		5,101,691		3,758,884			3,765,175		6,291		4,271,923		2,720,728			2,745,235		24,506
Domestic bonds		25,074,644		(129,949	)		9,488		139,438		29,751,905		(120,020	)		22,256		142,277
Government bonds		21,365,241		(70,791	)		3,631		74,423		23,518,832		(86,365	)		9,112		95,477
Municipal bonds		1,045,990		(9,573	)		226		9,799		2,759,940		(13,808	)		2,062		15,871
Short-term corporate bonds		—		—			—		—		—		—			—		—
Corporate bonds		2,663,412		(49,584	)		5,630		55,215		3,473,132		(19,846	)		11,081		30,928
Other		31,560,005		(903,093	)		403,779		1,306,872		31,097,247		(1,180,541	)		289,146		1,469,688
Foreign equity securities		709,565		12,752			47,829		35,076		408,377		(65,604	)		23,090		88,695
Foreign bonds		20,990,483		(997,307	)		69,045		1,066,353		21,710,161		(1,116,208	)		61,205		1,177,413
Other		9,859,956		81,461			286,904		205,442		8,978,707		1,271			204,850		203,579
Redemption schedule of Available-for-sale securities with maturities and debt securities being held to maturity
	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	within 1 year		1 year to 5 years			5 years to 10 years		over 10 years		within 1 year		1 year to 5 years			5 years to 10 years		over 10 years
Domestic bonds		23,237,264		11,328,117			6,018,587		1,801,087		21,506,334		14,905,051			5,983,826		2,408,704
Government bonds		22,398,893		8,721,368			4,279,478		608,555		20,839,280		11,024,384			4,063,028		1,106,111
Municipal bonds		343,811		1,317,183			1,384,177		—		294,616		2,076,089			1,534,060		—
Short-term corporate bonds		—		—			—		—		—		—			—		—
Corporate bonds		494,559		1,289,564			354,931		1,192,532		372,438		1,804,578			386,737		1,302,593
Other		4,976,257		11,792,107			5,810,612		12,124,762		4,583,721		12,560,637			6,276,327		10,762,201
Foreign equity securities		12,113		20,079			—		—		6,690		27,734			—		—
Foreign bonds		3,741,605		8,640,847			3,955,393		9,604,622		3,759,532		9,126,577			4,383,117		8,354,116
Other		1,222,537		3,131,181			1,855,218		2,520,139		818,601		3,411,810			1,928,496		2,408,084
Total		28,213,521		23,120,225			11,829,199		13,925,850		26,091,159		27,471,175			12,295,440		13,170,906

9

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”.

Fair Value Information on Securities

	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Debt securities being held to maturity		22,209,137		(260,977	)		10,038		271,015		19,047,385		(78,497	)		49,199		127,696
Stocks of subsidiaries and affiliates		685,292		563,814			572,794		8,979		610,147		482,330			482,914		584
	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Available-for-sale securities		45,454,390		2,491,997			3,340,687		848,693		50,631,570		1,276,158			2,374,166		1,098,007
Domestic equity securities		4,310,320		3,134,194			3,138,838		4,643		3,566,081		2,212,225			2,232,823		20,598
Domestic bonds		23,310,014		(71,482	)		7,994		79,477		28,013,980		(79,159	)		21,133		100,292
Other		17,834,055		(570,714	)		193,854		764,571		19,051,508		(856,907	)		120,209		977,117
Foreign equity securities		669,182		1,235			36,309		35,076		367,745		(73,953	)		15,072		89,026
Foreign bonds		10,234,364		(554,058	)		43,155		597,214		12,565,104		(672,998	)		48,517		721,516
Other		6,930,507		(17,891	)		114,390		132,281		6,118,658		(109,954	)		56,619		166,573
Redemption schedule of Available-for-sale securities with maturities and debt securities being held to maturity
	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	within 1 year		1 year to 5 years			5 years to 10 years		over 10 years		within 1 year		1 year to 5 years			5 years to 10 years		over 10 years
Domestic bonds		23,194,822		10,452,409			5,689,499		1,283,696		21,479,460		14,127,226			5,612,956		1,846,349
Government bonds		22,382,849		8,019,918			4,045,541		207,081		20,827,187		10,418,215			3,819,123		670,500
Municipal bonds		342,305		1,218,778			1,291,205		—		292,101		2,002,924			1,413,467		—
Short-term corporate bonds		—		—			—		—		—		—			—		—
Corporate bonds		469,666		1,213,712			352,752		1,076,614		360,171		1,706,086			380,365		1,175,849
Other		3,543,953		6,204,463			2,326,644		8,099,827		2,668,272		9,065,937			2,182,686		7,468,702
Foreign equity securities		12,113		20,079			—		—		6,690		27,734			—		—
Foreign bonds		2,695,045		3,350,904			1,869,018		6,839,540		2,180,275		5,989,003			1,525,102		6,370,025
Other		836,793		2,833,480			457,625		1,260,286		481,305		3,049,198			657,584		1,098,677
Total		26,738,775		16,656,873			8,016,143		9,383,523		24,147,732		23,193,164			7,795,642		9,315,052

10

Mitsubishi UFJ Financial Group, Inc.

TB Non-consolidated

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

Fair Value Information on Securities

	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Debt securities being held to maturity		2,634,823		(25,470	)		3,681		29,151		2,472,695		(55,428	)		38		55,466
Stocks of subsidiaries and affiliates		15,136		(1,477	)		—		1,477		11,636		(758	)		—		758
	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	Amount on balance sheet		Unrealized gains (losses)			Gains		Losses		Amount on balance sheet		Unrealized gains (losses)			Gains		Losses
Available-for-sale securities		12,453,511		348,078			806,876		458,797		10,871,284		208,580			626,109		417,529
Domestic equity securities		858,572		619,081			619,850		769		745,387		467,925			472,431		4,506
Domestic bonds		1,746,579		(58,581	)		1,493		60,074		1,705,587		(40,984	)		1,114		42,098
Other		9,848,360		(212,421	)		185,532		397,953		8,420,308		(218,360	)		152,563		370,923
Foreign equity securities		126		77			77		—		81		63			63		—
Foreign bonds		7,819,817		(306,146	)		20,037		326,183		6,367,896		(334,590	)		9,436		344,026
Other		2,028,416		93,647			165,417		71,769		2,052,330		116,165			143,062		26,897
Redemption schedule of Available-for-sale securities with maturities and debt securities being held to maturity
	(in millions of yen)
	As of March 31, 2024									As of March 31, 2023
	within 1 year		1 year to 5 years			5 years to 10 years		over 10 years		within 1 year		1 year to 5 years			5 years to 10 years		over 10 years
Domestic bonds		26,386		873,712			329,088		517,391		14,781		759,692			368,758		562,355
Government bonds		—		699,455			233,937		401,473		—		588,036			243,905		435,611
Municipal bonds		1,505		98,405			92,972		—		2,515		73,164			120,593		—
Short-term corporate bonds		—		—			—		—		—		—			—		—
Corporate bonds		24,880		75,851			2,179		115,917		12,266		98,491			4,260		126,743
Other		248,926		3,702,030			2,851,138		4,019,724		1,039,868		1,450,370			3,517,807		3,293,498
Foreign equity securities		—		—			—		—		—		—			—		—
Foreign bonds		242,784		3,445,064			2,767,252		3,999,539		1,006,548		1,268,451			3,424,962		3,140,629
Other		6,142		256,966			83,886		20,184		33,320		181,918			92,844		152,868
Total		275,312		4,575,742			3,180,227		4,537,116		1,054,649		2,210,062			3,886,565		3,855,853

11

Mitsubishi UFJ Financial Group, Inc.

5. ROE

MUFG Consolidated

	(%)
	For the fiscal year ended March 31, 2024 (A)		Increase (Decrease) (A) - (B)		For the fiscal year ended March 31, 2023 (B)
ROE (MUFG basis) *1		8.59		1.55		7.03
ROE (JPX basis) *2		8.10		1.58		6.52

Note:

*1 ROE (MUFG basis) is computed as follows:

Profits attributable to owners of parent	×	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

*2 Japan Exchange Group

12

Mitsubishi UFJ Financial Group, Inc.

6. Risk-Adjusted Capital Ratio

MUFG Consolidated

	(in billions of yen)									(in billions of yen)
	As of March 31, 2024 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2023 (B)			As of September 30, 2023
(1)   Total capital ratio (4)/(7)		17.82	%		3.91	%		13.91	%		14.02	%
(2)   Tier 1 capital ratio (5)/(7)		15.72	%		3.67	%		12.04	%		12.13	%
(3)   Common Equity Tier 1 capital ratio (6)/(7)		13.53	%		2.76	%		10.76	%		10.61	%
(4)   Total capital		19,817.8			2,651.7			17,166.1			18,734.8
(5)   Tier 1 capital		17,479.7			2,616.0			14,863.7			16,212.7
(6)   Common Equity Tier 1 capital		15,041.3			1,760.4			13,280.8			14,176.5
(7)   Risk weighted assets		111,160.1			(12,203.2	)		123,363.3			133,561.4
(8)   Required Capital (7)×8%		8,892.8			(976.2	)		9,869.0			10,684.9
BK Consolidated
	(in billions of yen)									(in billions of yen)
	As of March 31, 2024 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2023 (B)			As of September 30, 2023
(1)   Total capital ratio (4)/(7)		18.11	%		5.53	%		12.58	%		12.70	%
(2)   Tier 1 capital ratio (5)/(7)		16.11	%		5.06	%		11.04	%		11.17	%
(3)   Common Equity Tier 1 capital ratio (6)/(7)		13.80	%		3.90	%		9.89	%		9.78	%
(4)   Total capital		15,915.0			1,707.2			14,207.8			15,609.5
(5)   Tier 1 capital		14,153.6			1,684.3			12,469.2			13,729.1
(6)   Common Equity Tier 1 capital		12,126.4			954.2			11,172.1			12,029.5
(7)   Risk weighted assets		87,833.0			(25,037.4	)		112,870.4			122,878.2
(8)   Required Capital (7)×8%		7,026.6			(2,002.9	)		9,029.6			9,830.2
TB Consolidated
	(in billions of yen)									(in billions of yen)
	As of March 31, 2024 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2023 (B)			As of September 30, 2023
(1)   Total capital ratio (4)/(7)		20.42	%		(0.24	)%		20.67	%		19.89	%
(2)   Tier 1 capital ratio (5)/(7)		17.83	%		(0.10	)%		17.93	%		17.27	%
(3)   Common Equity Tier 1 capital ratio (6)/(7)		15.56	%		(0.85	)%		16.41	%		15.50	%
(4)   Total capital		2,121.6			80.1			2,041.5			2,174.4
(5)   Tier 1 capital		1,852.1			81.2			1,770.9			1,888.6
(6)   Common Equity Tier 1 capital		1,616.4			(4.4	)		1,620.8			1,694.5
(7)   Risk weighted assets		10,387.4			512.1			9,875.3			10,930.8
(8)   Required Capital (7)×8%		830.9			40.9			790.0			874.4
BK Non-consolidated
	(in billions of yen)									(in billions of yen)
	As of March 31, 2024 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2023 (B)			As of September 30, 2023
(1)   Total capital ratio (4)/(7)		16.29	%		5.57	%		10.71	%		10.68	%
(2)   Tier 1 capital ratio (5)/(7)		14.38	%		5.08	%		9.30	%		9.25	%
(3)   Common Equity Tier 1 capital ratio (6)/(7)		11.77	%		3.66	%		8.11	%		7.80	%
(4)   Total capital		12,279.1			1,163.8			11,115.3			12,108.8
(5)   Tier 1 capital		10,839.0			1,194.9			9,644.1			10,489.5
(6)   Common Equity Tier 1 capital		8,872.4			462.1			8,410.2			8,844.5
(7)   Risk weighted assets		75,363.3			(28,324.4	)		103,687.7			113,281.9
(8)   Required Capital (7)×8%		6,029.0			(2,265.9	)		8,295.0			9,062.5
TB Non-consolidated
	(in billions of yen)									(in billions of yen)
	As of March 31, 2024 Preliminary (A)			Increase (Decrease) (A) - (B)			As of March 31, 2023 (B)			As of September 30, 2023
(1)   Total capital ratio (4)/(7)		19.03	%		(0.56	)%		19.60	%		18.61	%
(2)   Tier 1 capital ratio (5)/(7)		16.72	%		(0.39	)%		17.11	%		16.21	%
(3)   Common Equity Tier 1 capital ratio (6)/(7)		14.71	%		(1.03	)%		15.74	%		14.58	%
(4)   Total capital		2,209.6			78.6			2,131.0			2,210.1
(5)   Tier 1 capital		1,941.1			79.9			1,861.1			1,925.2
(6)   Common Equity Tier 1 capital		1,707.6			(4.0	)		1,711.6			1,731.7
(7)   Risk weighted assets		11,605.9			734.7			10,871.2			11,873.8
(8)   Required Capital (7)×8%		928.4			58.7			869.6			949.9

Note: Risk-adjusted capital ratio of MUFG is computed in accordance with the Notification of the Financial Services Agency No.20, 2006.

  Risk-adjusted capital ratio of BK and TB are computed in accordance with the Notification of the Financial Services Agency No.19, 2006.

13

Mitsubishi UFJ Financial Group, Inc.

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

MUFG Consolidated

(1) Loans to Be Disclosed under the Banking Act and the FRA (after write-offs)

								(in millions of yen)
								As of March 31, 2024			As of March 31, 2023			Increase (Decrease)
Bankrupt or De facto Bankrupt									239,004			198,312			40,692
Doubtful									1,134,503			746,207			388,296
Special Attention									634,023			618,892			15,131
Accruing loans contractually past due 3 months or more									26,869			23,679			3,189
Restructured loans									607,154			595,212			11,942
Subtotal (A)									2,007,531			1,563,411			444,120
Normal(B)									130,602,373			121,766,210			8,836,163
Total loans (C=A+B)									132,609,905			123,329,622			9,280,283
Non-performing loans ratio (A)/(C)									1.51	%		1.26	%		0.24	%
Write-offs									217,701			216,625			1,075
(2) Allowance for Credit Losses
	(in millions of yen)
	As of March 31, 2024		Coverage ratio (D)/(A)			As of March 31, 2023		Coverage ratio (D)/(A)			Increase (Decrease)			Coverage ratio (D)/(A)
Allowance for credit losses (D)		1,535,253		76.47	%		1,245,727		79.68	%		289,526			(3.20	)%
General allowance for credit losses		848,536					799,536					49,000
Specific allowance for credit losses		665,305					414,026					251,279
Allowance for credit to specific foreign borrowers		21,412					32,165					(10,752	)
(3) Classification of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)
								(in millions of yen)
Classified by Geographic Area								As of March 31, 2024			As of March 31, 2023			Increase (Decrease)
Domestic									813,702			935,849			(122,147	)
Overseas									1,193,829			627,561			566,268
Asia									420,715			370,222			50,492
Indonesia									50,117			40,496			9,620
Singapore									12,752			25,067			(12,314	)
Thailand									280,757			231,386			49,370
Other									77,088			73,272			3,816
Americas									601,518			102,130			499,388
Europe, Middle East and Other									171,595			155,209			16,386
Total									2,007,531			1,563,411			444,120
								(in millions of yen)
Classified by Industry								As of March 31, 2024			As of March 31, 2023			Increase (Decrease)
Domestic									813,702			935,849			(122,147	)
Manufacturing									283,777			355,468			(71,691	)
Construction									8,226			8,467			(241	)
Wholesale and retail									87,732			90,725			(2,992	)
Finance and insurance									14,109			8,119			5,990
Real estate, goods rental and leasing									37,388			36,097			1,291
Services									80,749			99,295			(18,545	)
Other industries									48,708			77,598			(28,889	)
Consumer									253,008			260,078			(7,069	)
Overseas									1,193,829			627,561			566,268
Financial institutions									3,104			2,601			502
Commercial and industrial									1,021,074			502,318			518,755
Other									169,650			122,640			47,009
Total									2,007,531			1,563,411			444,120

14

Mitsubishi UFJ Financial Group, Inc.

BK and TB Combined including Trust Account

“Trust account” represents trust account with contracts indemnifying the principal amounts.

(1) Loans to Be Disclosed under the Banking Act and the FRA (after write-offs)

									(in millions of yen)
									As of March 31, 2024			As of March 31, 2023			Increase (Decrease)
Bankrupt or De facto Bankrupt										77,265			74,448			2,817
Doubtful										904,052			546,567			357,484
Special Attention										478,331			464,199			14,131
Accruing loans contractually past due 3 months or more										19,163			17,167			1,996
Restructured loans										459,167			447,032			12,135
Subtotal (A)										1,459,649			1,085,215			374,433
Normal(B)										116,726,530			109,665,679			7,060,850
Total loans (C=A+B)										118,186,179			110,750,895			7,435,283
Non-performing loans ratio (A)/(C)										1.23	%		0.97	%		0.25	%
Write-offs										181,926			182,181			(254	)
(2) Status of Coverage of Loans to Be Disclosed under the Banking Act and the FRA (excluding Normal Loans)
	(in millions of yen)
	As of March 31, 2024		Coverage ratio [(D)+(E)]/(A)			As of March 31, 2023			Coverage ratio [(D)+(E)]/(A)			Increase (Decrease)			Coverage ratio [(D)+(E)]/(A)
Covered amount		1,042,471		71.41	%		805,937			74.26	%		236,534			(2.84	)%
Allowance for credit losses(D)		609,945					333,135						276,809
Collateral, guarantees, etc.(E)		432,525					472,801						(40,275	)
(3) Coverage Ratio
			(in millions of yen)
Category			Loan amount (A)			Allowance for credit losses (D)			Covered by collateral and/ or guarantees (E)			Allowance coverage ratio for unsecured portion (D) / [(A) - (E)]			Coverage ratio [(D)+(E)]/(A)
Bankrupt or De facto Bankrupt				77,265			5,358			71,907						100.00	%
				[74,448	]		[5,000	]		[69,448	]					[100.00	%]
Doubtful				904,052			441,031			161,324						66.62	%
				[546,567	]		[224,271	]		[215,061	]					[80.38	%]
Special Attention				478,331			163,555			199,294						75.85	%
				[464,199	]		[103,864	]		[188,292	]					[62.93	%]
Total				1,459,649			609,945			432,525						71.41	%
				[1,085,215	]		[333,135	]		[472,801	]					[74.26	%]
Note: The upper figures are as of March 31, 2024. The lower figures with brackets are as of March 31, 2023. (4) Classification of Loans to Be Disclose