Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group (MUFG) is one of the largest financial groups in the world and is based in Japan. Its main companies are MUFG Bank, Mitsubishi UFJ Trust and Banking, Mitsubishi UFJ Morgan Stanley Securities, Mitsubishi UFJ NICOS for cards and consumer finance, and Mitsubishi UFJ Asset Management. It also owns Krungsri in Thailand and Bank Danamon in Indonesia, and it held about 23.9% of the voting rights in Morgan Stanley at March 31, 2026. In April 2026, MUFG Bank bought a 20% stake in Shriram Finance in India.

Total assets were ¥425.8 trillion at September 30, 2026. Its fiscal year ends on March 31. Each American depositary share (ADS) on the New York Stock Exchange is one common share, and the shares also trade in Tokyo.

The market doubts that MUFG can keep its recent high returns. Profit attributable to owners of parent rose 30.3% to ¥2,427.2 billion in the year to March 31, 2026, and rose 26.1% to ¥1,630,897 million in the six months to September 30, 2026, mainly because higher yen interest rates raised lending margins in Japan. Investors ask how much of this gain stays when Japanese rate rises stop. Overseas credit costs can rise, and MUFG keeps extra allowances for geopolitical risk.

MUFG also paid ¥706.9 billion for a 20% stake in Shriram Finance in April 2026, which must earn its cost. For the gap to close, three things must be true. Profit must reach the raised target of ¥2,800.0 billion for the year to March 31, 2027, and first half profit was more than half of this target. ROE must stay near or above the target of about 12% on the Tokyo Stock Exchange basis, after 14.47% in the first half.

The CET1 ratio, 12.65% at September 30, 2026 on a preliminary basis, must support more buybacks and a dividend payout ratio of about 40%. The Q3 results, expected in February 2027, and the full-year results, expected in May 2027, are the next tests. The next medium-term business plan, which starts in the year to March 2028, gives a longer test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is lower Japanese rates, a weaker economy or a credit shock abroad.

1. Nov 13, 2026Passed

   First half results: profit against the targetFirst half profit at or above half of the ¥2,700.0 billion target, or a higher target, and a new buyback pass; a lower target or a sharp rise in credit costs fail.Outcome: First half profit was ¥1,630,897 million, more than half of the target, and MUFG raised the target to ¥2,800.0 billion and approved a buyback of up to ¥200 billion.
2. Feb 13, 2027 · est.Pending

   Q3 results: profit against the raised targetNine-month profit of about three quarters of the ¥2,800.0 billion target or more and stable credit costs pass; a lower target or large new credit provisions fail.
3. May 2027 · est.Pending

   New medium-term business planAn ROE target above the current target of about 12% and a clear shareholder return policy pass; a lower ROE target or lower payouts fail.

Every passed and failed checkpoint across all picks

• November 13, 2026MUFG reported first half results for the year to March 31, 2027. Profit attributable to owners of parent rose 26.1% to ¥1,630,897 million, and ordinary profits rose 29.4% to ¥2,260,957 million. Net interest income rose to ¥1,851,230 million from ¥1,440,026 million. ROE was 14.47% on the Japan Exchange Group basis. MUFG raised its profit target for the year to ¥2,800.0 billion from ¥2,700.0 billion, mainly because of progress in its customer segments and higher equity earnings related to Morgan Stanley. It raised its dividend forecast for the year to ¥100 per share from ¥96, with an interim dividend of ¥48 and a year-end dividend of ¥52.
• November 13, 2026MUFG approved a buyback of up to 70 million shares or ¥200 billion, from November 16, 2026 to January 29, 2027, through market purchases on the Tokyo Stock Exchange.
• October 2, 2026MUFG said that it will announce its first half results for the year to March 31, 2027 on November 13, 2026.

Next earnings

Expected about February 13, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Mar 31, 2026Filed July 6, 2026 · mufg-20260331
• 6-KInterim report for the period ended Sep 30, 2025Filed December 29, 2025 · mufg-20250930
• 20-FAnnual report for the period ended Mar 31, 2025Filed July 7, 2025 · mufg-20250331
• 6-KInterim report for the period ended Sep 30, 2024Filed December 26, 2024 · mufg-20240930

Every filing on SEC EDGAR (CIK 67088)

• Profit growth in 2025 and 2026 came mainly from higher yen interest rates. If the Bank of Japan stops raising rates or cuts them, or if deposit costs rise faster than loan rates, profit and ROE can fall. Higher rates also lower the value of bonds, and MUFG had net losses of ¥196,099 million on debt securities in the six months to September 30, 2026.
• MUFG lends around the world and holds banks in Thailand and Indonesia. Credit losses can rise in a downturn. At September 30, 2026, it held ¥29.9 billion of extra allowances for geopolitical risks, including the Middle East, and it says that significant additional provisions may be needed.
• Large stakes in Morgan Stanley and Shriram Finance add to profit, but their results and values can change. MUFG paid ¥706.9 billion for the Shriram Finance stake in April 2026.
• MUFG reports in yen, and the ADS trades in U.S. dollars. A weaker yen lowers the dollar value of the ADS and of the dividends.

MUFG is a bank group, so capital and credit quality matter more than net debt. Total assets were ¥425.8 trillion and total net assets were ¥24.3 trillion at September 30, 2026. Read more

The dividend data after March 31, 2025 is missing.

Latest ex-dividend date

March 31, 2025, $0.269 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 18.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.