Mitsubishi UFJ Financial Group (8306): 1Q results: No guidance revision, as expected, but core businesses strong

研报英文原文证据摘录

Mitsubishi UFJ Financial Group (8306): 1Q results: No guidance revision, as expected, but core businesses strong

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Mitsubishi UFJ Financial Group

(8306) Overweight

8306.T, 8306 JP

1Q results: No guidance revision, as expected, but core Price (03 Aug 26):¥3,567

businesses strong Price Target (Dec-26):¥3,870

Somewhat positive: 1Q FY2026 net profit grew 48% YoY and 32% QoQ to Japan Equity Research

¥809.4 billion, exceeding our estimate of ¥568.1 billion. Mitsubishi UFJ Financial

Banks

Group (MUFG) has already factored in a BoJ rate hike into guidance for FY2026,

and as we had expected, it did not change guidance or take any additional Takahiro Yano, CFA AC

shareholder return actions in 1Q. The results did not include any particularly (81-3) 6736-8616

takahiro.yano@jpmorgan.com

notable headlines, but core businesses were quite strong, including trends in

Kohichi Takano

domestic loans and deposit yields. As of today, management has not disclosed the (81-3) 6736 8621

closely watched CET1 ratio. kohichi.takano@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Fee income and market-related operations exceeded our expectations in

1Q: See Figure 1 for quarterly earnings trends. Compared with our estimates,

fee income was stronger than expected (MUFG +21% YoY, Sumitomo Mitsui

Financial Group (SMFG) +19%, Mizuho +20%), and market-related

operations significantly outperformed our forecasts. Within fee income,

growth in solution-related fees in domestic operations was particularly

notable. We believe LBOs and other transactions contributed to earnings. The

results also confirmed fee growth in overseas operations, and MUFG's global

CIB business secured YoY growth in operating profit at the segment level.