Mitsubishi UFJ Financial Group, Inc. (MUFG): Business Model Canvas [Dec-2025 Updated]

You're looking for the nuts and bolts of how Mitsubishi UFJ Financial Group, Inc. (MUFG) is actually making money in late 2025, and honestly, the picture shows a giant navigating digital change while leaning on rock-solid stability. This isn't just about the massive ¥405.9 trillion consolidated balance sheet; it's about how they are driving digital transformation (DX) and using strategic plays, like their Morgan Stanley alliance, to hit a target profit of ¥2.1 trillion for the fiscal year, all while maintaining a strong 10.5% Common Equity Tier 1 ratio. We've broken down their nine building blocks-from their global network of 2,000 locations to their new integrated service brand, Emutto-so you can see exactly where the risks and growth levers are in this G-SIB's strategy. Dive into the canvas below for the precise mapping.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Key Partnerships

You're looking at the network that underpins Mitsubishi UFJ Financial Group, Inc. (MUFG)'s global reach and digital push. These aren't just names on a slide; they represent concrete financial commitments and operational integrations.

Strategic alliance with Morgan Stanley

The relationship with Morgan Stanley is deep, stemming from MUFG's $9 billion investment for a 20% stake in the Wall Street bank back in 2008. This alliance solidified with two securities joint ventures in Japan established in 2010: Morgan Stanley MUFG Securities Co., which is 51% owned by Morgan Stanley, and Mitsubishi UFJ Morgan Stanley Securities Co., which is 60% held by MUFG. More recently, in October 2025, the establishment of MUFG Morgan Stanley Credit Solutions Co., Ltd. was announced, building on earlier initiatives like the Morgan Stanley MUFG Loan Partners joint venture in the Americas. If The Bank of Tokyo-Mitsubishi UFJ and this JV combined their loan commitments to major US corporations, the total would exceed USD100bn. This deepening alliance remains a key part of MUFG's overseas strategy as of 2025.

Collaboration with FinTech and AI firms

Digital innovation is being driven through targeted investments and agreements. On November 12, 2025, Mitsubishi UFJ Financial Group, Inc. (MUFG) announced an investment and a Memorandum of Understanding (MOU) for strategic collaboration with Third Intelligence, Inc., an AI R&D company founded in March 2025. MUFG is actively exploring the application of Third Intelligence's 'Ubiquitous AGI' technology within its financial business. Furthermore, in November 2025, MUFG also made an additional investment in Sakana AI. The firm maintains an internal AI intelligence team, using these external partnerships to learn and advance its capabilities.

Partnerships with regional banks across Asia

Asia-Pacific is a vital region, contributing 45% of MUFG's international earnings, which itself accounts for roughly 60% of the Group's total earnings. The partnership with Krungsri (Bank of Ayudhya PCL) in Thailand is central to this, now approaching 12 years in 2025. Around half of MUFG's Asia-Pacific income is generated in Thailand via Krungsri. Krungsri has a specific goal to expand its Social and Sustainability Finance (SSF) portfolio to 250 billion baht by 2030, growing from 220 billion baht. In a past, significant collaboration in 2024, MUFG and Krungsri Finnovate led a $195 million investment into Thailand's Ascend Money. MUFG has a broader goal to provide ¥100 trillion in sustainable finance by 2030, with about 20% directed toward ASEAN.

Joint ventures for specialized financing

Specialized financing vehicles are a key component, exemplified by the aviation sector deal. In October 2025, MUFG acted as the Sole Structuring Agent and Lender for Blue Crest Aviation Partners, a joint venture involving Blue Owl Capital Inc. and Crestone Air Partners, providing a $53.7 million non-recourse, senior secured portfolio financing. This deal supported the acquisition of four aircraft: two Airbus A320-200s and two Boeing 737-800s. This builds on a track record, as Crestone and Blue Owl's Alternative Credit funds have jointly committed hundreds of millions of dollars to aviation assets since 2020.

The structure of these specialized deals is supported by various financial arrangements:

• Financing amount for Blue Crest Aviation Partners: $53.7 million.
• Aircraft financed: Two Airbus A320-200s and two Boeing 737-800s.
• Joint venture partners: Blue Owl Capital Inc. and Crestone Air Partners.
• Total joint commitment by Blue Owl/Crestone funds since 2020: hundreds of millions of dollars.

Global financial institutions for large-scale loan syndications and capital markets access

MUFG's Global Corporate & Investment Banking (GCIB) core business line involves capital markets placements and loan syndications. Globally, the syndicated loan market is projected to reach $782.79 billion in 2025. Within the Asia-Pacific region for syndicated loans in 2025, MUFG holds a 7.2% market share. Revolving credit facilities remain the top structure, making up 42% of global syndicated loan structures in 2025.

Finance: draft 13-week cash view by Friday.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Key Activities

You're looking at the core engine room of Mitsubishi UFJ Financial Group, Inc. (MUFG) right now, focusing on what they actually do day-to-day to drive their strategy under the current Medium-term Business Plan (MTBP), which runs from fiscal year 2024 through fiscal year 2026.

Managing a consolidated balance sheet of approximately ¥405.9 trillion is the foundation. This scale dictates the scope of their activities across all segments. As of March 31, 2025, the Total Assets on the consolidated balance sheet stood at ¥405,940,211 million.

The execution of the MTBP centers on three main thrusts: Corporate Transformation, Growth, and Structural Reforms. The overarching financial goal tied to this plan is achieving a long-term Return on Equity (ROE) target of 12 percent. For the immediate fiscal year ending March 31, 2026, the management has set a target for profits attributable to owners of parent at ¥2,100.0 billion.

Here's a look at the specific operational activities driving this plan:

• Driving digital transformation (DX) to become an AI-native company.
• Global commercial and investment banking (GCIB) for large corporations.
• Providing transition finance to support clients' carbon neutrality (CN) goals by 2050.

The push for digital transformation is concrete. MUFG is actively implementing Artificial Intelligence (AI) solutions, including expanding the use of ChatGPT and forming collaborations on cutting-edge AI technologies. A key metric for this digital focus is the goal for digital businesses within the Global Commercial Banking (GCB) Business Group to account for roughly 20% of their net operating profits. To capture investment needs, they made WealthNavi a wholly owned subsidiary in February 2025 and Mitsubishi UFJ eSmart Securities (formerly au Kabucom Securities) a wholly owned subsidiary in January 2025.

In Global Commercial and Investment Banking (GCIB), the activity involves supporting large corporations through various means. The Global Commercial & Investment Banking Business Group (GCIB) activity has seen increased project finance fees, especially in the US, alongside higher net interest income from lending. The Japanese Corporate & Investment Banking Business Group (JCIB) also increased its Net Operating Profit (NOP) due to improved lending spreads and greater fee income derived from M&A activities and proposed solutions.

Supporting the energy transition is a major activity, with a stated commitment to achieving carbon neutrality by 2050. This is quantified through specific finance targets. MUFG aims to provide a cumulative total of 100 trillion yen in sustainable finance by fiscal year 2030, with 50 trillion yen specifically earmarked for the environmental sector. Furthermore, they are actively managing portfolio risk related to carbon-intensive assets, targeting a reduction in financing for coal-fired power generation projects by 50% from FY2019 levels by FY2030, with a goal to reduce this balance to zero by FY2040. They are also planning to publish the MUFG Transition Whitepaper 4.0 in December 2025.

Here's a quick snapshot of some of the performance and strategic numbers relevant to these key activities as of late 2025:

The bank's first-half performance for fiscal year 2025 (ending September 30, 2025) showed profits attributable to owners of parent at ¥1,292,955 million. This strong result, which was a 2.8% increase year-over-year, prompted the upward revision of the full-year target.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Key Resources

You're looking at the core assets Mitsubishi UFJ Financial Group, Inc. (MUFG) relies on to execute its strategy. These aren't just line items; they're the bedrock of their global operations, so let's break down the hard numbers that back up their position.

The financial stability of Mitsubishi UFJ Financial Group, Inc. (MUFG) is underpinned by a very strong capital buffer. As of late 2025 reporting, the Common Equity Tier 1 (CET1) ratio stood at a solid 10.5%, which keeps them comfortably within their target range and signals financial resilience.

The physical and digital footprint is massive, frankly. They maintain an extensive global network that spans over 40 countries, with approximately 2,000 locations worldwide. This reach is supported by a workforce of about 150,800 employees as of March 31, 2025. Also, having core banking and trust banking licenses in key financial hubs is a non-negotiable resource for a Global Systemically Important Bank (G-SIB) like MUFG.

Digitally, the focus is clearly on integration to boost customer lifetime value (LTV). Mitsubishi UFJ Financial Group, Inc. (MUFG) launched its new integrated service brand, Emutto, in June 2025, designed to connect disparate services like the MUFG Bank app, credit cards, and online securities under a common ID and loyalty program. This proprietary digital platform aims to realize lifetime value management across payments, investments, and inheritance services.

To give you a sense of the sheer scale that backs up their deposit-taking and lending power, consider the balance sheet size. While the specific deposit figure isn't isolated here, their consolidated assets were reported at approximately ¥405.9 trillion as of March 31, 2025, which speaks directly to the large, stable customer base they command, particularly in the domestic Japanese market.

Here's a quick table summarizing these core quantitative resources:

These resources enable specific operational capabilities, which you can see listed here:

• Core banking and trust banking licenses in major global financial centers.
• The integrated Emutto platform for retail customer lifecycle management.
• Expertise in areas like Global Corporate & Investment Banking (GCIB) and Global Markets (GM) in the U.S.
• The ability to leverage significant gains from strategic shareholdings sales.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Value Propositions

You're looking at the core value MUFG delivers to its diverse client base, which is deeply rooted in its sheer scale and regulatory standing. This isn't just about being big; it's about being a trusted anchor in the global financial system.

Global Systemically Important Bank (G-SIB) status, offering high-trust and stability

Being on the Financial Stability Board's list of Global Systemically Important Banks means something tangible to your counterparties: stability. This designation comes with higher regulatory scrutiny, which translates to a stronger capital base for clients to rely on. As of March 31, 2025, Mitsubishi UFJ Financial Group, Inc. (MUFG) reported consolidated assets of approximately ¥405.9 trillion. This size underpins the trust you expect when dealing with complex, cross-border transactions.

Here's a quick look at the capital strength that backs this stability, based on Q1 2025 figures:

The regulatory framework requires a G-SIB surcharge of 1.5%, which MUFG maintains as part of its commitment to global financial stability.

Comprehensive financial solutions across banking, trust, securities, and asset management

The value proposition here is the breadth of the platform. You aren't just getting a loan; you're accessing a full spectrum of financial services integrated under one roof. This means fewer third-party dependencies for your enterprise needs.

• Commercial banking and corporate/investment banking services.
• Trust banking and securities operations.
• Credit card and consumer finance offerings.
• Asset management capabilities through various subsidiaries.

The group supports this with a physical footprint of approximately 2,000 offices and roughly 150,800 employees across more than 40 countries as of early 2025. That's defintely global reach.

Integrated, multi-product offerings to maximize customer Life Time Value (LTV)

MUFG actively works to create a virtuous cycle by increasing fee income and promoting asset turnover across its businesses. This integration is visibly enhanced through strategic alliances, such as the one with Morgan Stanley, which operates the largest Wealth manager in the United States. The goal is to cross-sell and deepen relationships so that as your needs evolve-from basic deposits to complex capital markets access-MUFG remains your primary financial partner, maximizing the value derived from that relationship over time.

Expertise in complex project finance and capital markets access globally

For large-scale, capital-intensive projects, MUFG offers non-recourse and limited recourse financing with deep sector expertise in power, renewables, infrastructure, and natural resources. This isn't a new capability; they have been providing project finance solutions for over 20 years. The results speak to this focus: MUFG Americas has been ranked as the #1 project finance bank in the Americas in the Project Finance International (PFI) league tables for the past 12 consecutive years. Globally, they have been consistently ranked at the top of Project Finance League tables over the last 10 years. Their Structured Project Finance team alone has more than 320 individuals worldwide dedicated to these complex arrangements.

Commitment to social value through ESG and Transition Finance leadership

Mitsubishi UFJ Financial Group, Inc. is positioning itself as a leader in financing the real economy's transition. They have set an ambitious goal to provide 100 trillion yen in sustainable finance by Fiscal Year 2030, with 50 trillion yen specifically earmarked for the environmental sector. This is a near threefold increase from the prior goal of 35 trillion yen. Furthermore, the group has declared a commitment to achieve net zero emissions in its finance portfolio by 2050 and in its own operations by 2030.

Finance: draft 13-week cash view by Friday.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Customer Relationships

You're looking at how Mitsubishi UFJ Financial Group, Inc. (MUFG) manages its connections with its vast client base as of late 2025. It's a mix of old-school, deep-rooted service and aggressive digital expansion.

For your largest clients, the relationship is intensely personal. Dedicated relationship managers are the backbone for the Global Corporate & Investment Banking (GCIB) and Japanese Corporate Banking (JCB) segments. This high-touch approach is crucial for maintaining the long-term, trust-based relationships, especially with major Japanese corporations, which form a core part of the group's stability. This focus is part of the strategy to evolve the GCIB-GM integrated business model.

In the wealth management (WM) and asset management spaces, the service model remains high-touch and advisory-led. You see this focus reflected in client migration: customers moving from the mass-affluent segment (AFL) to the WM segment in fiscal year 2024 accounted for about 6% of the total WM segment customers as of the end of March 2025.

The digital push is centered around personalization. Mitsubishi UFJ Financial Group, Inc. (MUFG) launched its new service brand, Emutto, in June 2025, which is designed to integrate various functions and build a framework to support customers with all their financial needs. This is a direct response to the need to capture the younger generation and increase convenience.

The entire group strategy hinges on maximizing the Life Time Value (LTV) across all segments by encouraging multiple transaction usage. The data clearly shows the power of this cross-selling effect; customers who engage in two or more transactions have a 13 times higher LTV over 10 years compared to those who only hold an account. Even low-profitability transactions, like a salary deposit, significantly increase the likelihood of a customer purchasing other products, such as investment trusts.

Here's a snapshot of the scale of the customer base and digital engagement as of the latest reported figures:

The drive to improve the customer base and LTV is a key performance indicator (KPI) for the group. This focus on deepening relationships is expected to help achieve the medium- to long-term Return on Equity (ROE) target of about 12%.

The relationship strategy involves several key service dimensions:

• Maintain deep coverage for Japanese corporate clients via dedicated RMs.
• Systematically monitor client input from relationship management teams.
• Connect the stable commercial bank customer base with digital finance players.
• Increase the ratio of customers engaging through multiple transactions.
• Utilize the Emutto brand to build a framework supporting all financial needs.

The success of the overall customer segment is visible in the financial results; net operating profits in the customer segment saw substantial growth, adding ¥287.4 billion (over 30%) year-over-year in the first half of fiscal year 2025.

Finance: draft the Q3 2025 LTV impact analysis by next Tuesday.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Channels

The global reach of Mitsubishi UFJ Financial Group, Inc. (MUFG) is channeled through a vast physical and digital infrastructure.

Global network of bank branches, agencies, and representative offices.

Mitsubishi UFJ Financial Group, Inc. (MUFG) maintains a significant international footprint to serve its global clientele.

Digital banking platforms and mobile applications for retail and commercial clients.

Digital channels are critical for reaching the massive customer base in Japan and expanding reach in Asia.

• Japan Retail Customer Base: Approximately 34 million retail accounts.
• Japan Corporate Client Base: Approximately 1 million corporate clients.
• Mitsubishi UFJ Direct (Internet Banking) MAU (FY2024): 8.8 million.
• Digital Finance Users in Asia (through strategic investments): 67 million.
• Global Online Banking Users (Reported 2025): More than 3.6 billion people.

MUFG Securities Inc. and other subsidiaries for capital markets and investment banking.

Capital markets access is channeled via specialized subsidiaries, including Mitsubishi UFJ Securities Holdings Co. Ltd. (MUSHD).

The Group actively trades in fixed income, equity, and structured finance products, serving financial institutions, corporations, and central banks.

Extensive ATM network, primarily in Japan, for basic banking services.

Physical access points in Japan are being optimized alongside digital adoption.

• MUFG Bank Domestic Branches (FY2024): 324 branches.
• Planned Domestic ATM Network Cut (Target through FY2023): Reduction by 20% to around 6,700 machines.

Dedicated sales and trading desks for Global Markets clients.

Global Markets operations utilize dedicated desks for client flows in fixed income and equity businesses across domestic and overseas subsidiaries.

In the first half of fiscal year 2025, overseas subsidiaries monetized multiple derivative deals within Global Markets. The Retail / Middle Markets segment saw recovery in the second quarter of fiscal year 2025 following market firming.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Customer Segments

You're mapping out the customer base for Mitsubishi UFJ Financial Group, Inc. (MUFG), one of the world's largest banks, and the sheer scale is what hits you first. As of March 31, 2025, the firm held consolidated total assets of approximately ¥405.9 trillion. For the first half of fiscal year 2025, the net operating profits across all customer segments saw substantial growth, adding over 30% year-over-year. This bank serves a massive, diversified set of clients, from domestic retail to global institutions.

The customer segments are clearly delineated across their business groups, reflecting a strategy to maximize Life Time Value (LTV) domestically while capturing high growth overseas.

Large Japanese Corporations (JCB) requiring global banking and investment services.

This group falls under the Japanese Corporate & Investment Banking Business Group (JCIB) and is a bedrock for MUFG. The strategy here involves leveraging the global platform to support these large Japanese entities both at home and abroad. The integration with Global Markets (GM) helps provide a unified offering for these clients.

Global Corporate & Investment Banking (GCIB) clients in key sectors (e.g., technology, infrastructure).

The Global Corporate & Investment Banking (GCIB) segment serves large non-Japanese corporate customers globally. MUFG Americas, for instance, offers expertise across industries like Automotive, Energy, and Technology, Media, and Telecommunications (TMT). This segment is identified as one of the Core Business Lines (CBLs) for MUFG's U.S. operations.

Retail customers in Japan, with a focus on acquiring the young generation.

Strengthening the domestic retail customer base is a key strategic focus, aiming to maximize the LTV of this enormous community. MUFG launched the new service brand, M-tto, in June 2025, designed to connect various retail products for increased convenience and value across all age groups. The data shows that customers engaging in multiple transactions have a 13 times higher LTV compared to those with only a single account. This focus on deeper engagement is crucial as the Japanese economy navigates a new trajectory.

High-net-worth individuals and institutional investors (Asset Management & Investor Services).

The Asset Management & Investor Services (AM/IS) group targets institutional investors and high-net-worth individuals. MUFG Investor Services, a division of MUFG, reported having over $1 trillion in client assets under administration (AUA). The broader asset management business has a stated goal to double its Assets Under Management (AUM) from the current 100 trillion yen to 200 trillion yen by the end of fiscal year 2029.

Commercial banking clients across the ASEAN region (e.g., Krungsri, Bank Danamon).

The Global Commercial Banking (GCB) group captures growth in Asia through collaborations with partner banks. Krungsri (Bank of Ayudhya) in Thailand and Bank Danamon in Indonesia are key consolidated subsidiaries. Krungsri's ASEAN business, which includes five consumer finance businesses and one commercial banking business, has a combined customer base of approximately 19 million across five ASEAN countries. Furthermore, MUFG reinforced its retail presence in Indonesia and the Philippines by acquiring Home Credit BV units, which brought in a cumulative total of 13 million loan customers.

Here is a quick snapshot of the scale across some of these key segments as of the latest reporting periods:

The focus on deepening relationships within the existing base is clear, as evidenced by the LTV differential:

• Strengthen the domestic retail customer base to maximize Life Time Value (LTV).
• Increase the ratio of customers who engage through multiple transactions.
• Build relationships with the community preparing for asset transfer to the next generation.
• Expand the 'MUFG Economic Sphere' in Asia through partner bank collaboration.

The integration of digital and conventional platforms is central to serving these diverse segments effectively.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Cost Structure

You're looking at the expense side of Mitsubishi UFJ Financial Group, Inc. (MUFG)'s operations as of late 2025. The cost structure is heavily influenced by its global scale and necessary investments in the future.

Significant General and Administrative (G&A) expenses are a major component. For the first half of Fiscal Year 2025/2026, these expenses rose by JPY 127.9 billion. This increase reflects the ongoing impact of overseas acquisitions, inflationary pressures, and strategic allocation of funds for growth initiatives, even as the expense ratio remained below the control target of around 60% set in the mid-term business plan.

A key driver of future costs is the high investment in Digital Transformation (DX) and AI development. This is not just a line item; it's a structural shift. For instance, Research & Development (R&D) expenses, which capture some of these technology costs, showed an increase of +¥8.2 billion in Net Operating Profit (NOP) breakdown for H1 FY2025 compared to the prior year period. Strategic investments are being made across the group, including the rollout of tools like ChatGPT Enterprise for employees and examining new products leveraging generative AI and machine learning.

The sheer size of the global workforce dictates substantial personnel and compensation costs. As of March 31, 2025, Mitsubishi UFJ Financial Group, Inc. (MUFG) had 150,800 employees, an increase of 10,800 or 7.71% from the previous year. This figure aligns with the general description of a global workforce of about 150,000 employees.

The core banking operations incur significant funding costs. These are tied directly to the liabilities side of the balance sheet, specifically deposits and market borrowings. The movement in these funding sources heavily impacts cash flow. For the six months ended September 30, 2025, the operating cash flow reflected a large outflow of ¥15,366,696 million, a substantial increase from the outflow of ¥5,956,177 million in the same period last year, mainly driven by movements in loans, trading positions, and wholesale funding.

As a designated Global Systemically Important Bank (G-SIB), Mitsubishi UFJ Financial Group, Inc. (MUFG) faces mandatory, non-negotiable regulatory compliance and risk management costs. These costs cover everything from adhering to international standards to maintaining robust internal controls. Key risks identified by the Risk Committee in October 2025 included capital pressure from higher global interest rates, foreign currency liquidity management, and managing rising credit costs. Furthermore, the bank is subject to regulatory actions in Japan, such as business improvement orders related to information sharing and solicitation practices. At September 30, 2025, problem loans (bankrupt, doubtful, special attention, and restructured) stood at ¥1,414,679 million.

Here's a look at some related financial metrics impacting the cost base:

The strategic focus on growth also involves specific personnel adjustments in key areas. For example, the global corporate and investment banking group plans to increase the number of people working on securitization to over 100 from around 80 currently by early next fiscal year, representing a headcount increase of about 25% in that specialized function.

The overall expense management strategy is tied to maintaining a disciplined capital approach, targeting a dividend payout ratio of approximately 40% while balancing capital accumulation with strategic investment for growth.

Finance: draft 13-week cash view by Friday.

Mitsubishi UFJ Financial Group, Inc. (MUFG) - Canvas Business Model: Revenue Streams

The revenue streams for Mitsubishi UFJ Financial Group, Inc. (MUFG) are anchored in core banking operations, supplemented by significant contributions from global markets and strategic investments.

The stated target for profits attributable to owners of parent for the fiscal year ending March 31, 2026, is set at JPY 2.1 trillion. This target was upwardly revised by JPY 100 billion from the initial forecast.

For the first half of the fiscal year ending September 30, 2025, Profits Attributable to Owners of Parent reached 1,292.955 billion yen, representing a 64.6% progress toward the full-year target. Net Operating Profits (NOP) for the same six-month period were ¥1,287.0 billion, marking an increase of ¥61.3 billion year-over-year.

Key components contributing to revenue include:

• Equity in earnings of equity method investees, which increased significantly year-on-year, mainly due to the performance of Morgan Stanley.
• The 23.5% ownership stake in Morgan Stanley contributed JPY 500.1 billion, representing 27% of MUFG's consolidated net income in a recent reporting period.
• The Bank is benefiting from a gradual increase in domestic interest rates. The Bank of Japan policy rate outlook as of April 2025 was approximately 0.50%.
• JPMorgan's revised view incorporates a weaker yen assumption for 2026 at ¥150/$, up from the previous ¥139/$.

Fee and commission income is a critical theme, with JPMorgan noting the high credibility of MUFG's fee income growth potential. The focus on increasing fees through strengthened solution offering capabilities resulted in historically high fees and commissions in the fiscal year ended March 2025.

Performance data for specific revenue lines from recent quarters (FY2025) shows variability:

The table above uses data points from the quarterly performance summaries.

Investment Banking saw strong performance from bond underwriting and M&A deal monetization in the first quarter of FY2025. For instance, in the first quarter ended June 30, 2025, the Global Corporate & Investment Banking Business Group recorded Net Revenue of ¥245,138 million (or ¥245.14 billion).

The Retail / Middle Markets segment recorded Net Operating Revenue of ¥40.0 billion in 1Q FY2025 and ¥50.5 billion in 2Q FY2025. The Wholesale segment recorded Net Operating Revenue of ¥71.0 billion in 1Q FY2025 and ¥88.1 billion in 2Q FY2025.

Here's a quick look at the profit target versus recent performance:

The FY2025 target of ¥2.0 trillion was a record high at the time of its announcement.