MUFG Files 20-F Annual Report for FY2024

Ticker: MBFJF · Form: 20-F · Filed: Jul 30, 2024 · CIK: 67088

Mitsubishi Ufj Financial Group INC 20-F Filing Summary
FieldDetail
CompanyMitsubishi Ufj Financial Group INC (MBFJF)
Form Type20-F
Filed DateJul 30, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: annual-report, sec-filing, financials

Related Tickers: MUFG

TL;DR

MUFG's 20-F is in! Check out their FY24 financials and NYSE listings.

AI Summary

Mitsubishi UFJ Financial Group, Inc. (MUFG) filed its annual report on Form 20-F for the fiscal year ended March 31, 2024. The filing details its registration with the SEC and lists its common stock and American depositary shares traded on the New York Stock Exchange under the symbol MUFG. The report covers its principal executive offices in Tokyo, Japan, and provides contact information for Masahisa Takahashi.

Why It Matters

This filing provides investors and regulators with a comprehensive overview of MUFG's financial performance and corporate structure for the past fiscal year, crucial for understanding the company's stability and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual report filing for a major financial institution, providing routine disclosures rather than indicating new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 20-F filing?

The primary purpose is to serve as an annual report for Mitsubishi UFJ Financial Group, Inc. for the fiscal year ended March 31, 2024, and to fulfill registration requirements with the U.S. Securities and Exchange Commission.

On which exchange are MUFG's American depositary shares traded?

MUFG's American depositary shares are traded on the New York Stock Exchange.

What is the trading symbol for MUFG's American depositary shares?

The trading symbol for MUFG's American depositary shares is MUFG.

Where are MUFG's principal executive offices located?

MUFG's principal executive offices are located at 4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan.

Who is listed as the company contact person for this filing?

Masahisa Takahashi is listed as the company contact person, with contact details including a phone number and email address.

Filing Stats: 4,475 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-07-30 16:43:01

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Table of Contents EXPLANATORY NOTE This annual report includes a restatement of our consolidated financial statements for the fiscal year ended March 31, 2023, which were included in our annual report on Form 20-F for the fiscal year ended March 31, 2023, filed with the U.S. Securities and Exchange Commission, or the SEC, on July 24, 2023. The restatement relates to a correction of an error related to the accounting treatment for the elimination of the three-month reporting lag in connection with our sale of MUFG Union Bank, N.A. that was completed on December 1, 2022. Investors and other readers should rely only on the financial information and other related disclosures regarding the fiscal year ended March 31, 2023 in this annual report and in any other future filings with the SEC (as applicable) and should not rely on any previously issued or filed reports, press releases, presentations or similar communications containing financial information and other related disclosures regarding the same reporting period. More specifically, prior to the sale of MUFG Union Bank, we treated the December 31 fiscal year end of MUFG Union Bank as coterminous with MUFG's fiscal year end of March 31 and consolidated the subsidiary on a three-month lag pursuant to ASC 810-10-45-12. Upon deconsolidation of MUFG Union Bank, the profit, loss and other comprehensive income for the three-month period preceding the sale date were not reflected on our consolidated statements of operations and comprehensive income but instead were recognized as direct adjustments to the retained earnings and accumulated other comprehensive income, respectively, as a reduction of the carrying value of MUFG Union Bank, as previously reported in our consolidated financial statements for the fiscal year ended March 31, 2023. Subsequent

Forward-Looking Statements

Forward-Looking Statements 3 Item 1. Identity of Directors, Senior Management and Advisers 5 Item 2. Offer Statistics and Expected Timetable 5 Item 3. Key Information 5 Item 4. Information on the Company 18 Item 4A. Unresolved Staff Comments 50 Item 5. Operating and Financial Review and Prospects 50 Item 6. Directors, Senior Management and Employees 96 Item 7. Major Shareholders and Related Party Transactions 118 Item 8. Financial Information 119 Item 9. The Offer and Listing 120 Item 10. Additional Information 121 Item 11.

Quantitative and Qualitative Disclosures about Credit, Market and Other Risk

Quantitative and Qualitative Disclosures about Credit, Market and Other Risk 130 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 149 Item 13. Defaults, Dividend Arrearages and Delinquencies 151 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 151 Item 15.

Controls and Procedures

Controls and Procedures 151 Item 16A. Audit Committee Financial Expert 154 Item 16B. Code of Ethics 154 Item 16C. Principal Accountant Fees and Services 154 Item 16D. Exemptions from the Listing Standards for Audit Committees 155 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 155 Item 16F. Change in Registrant's Certifying Accountant 156 Item 16G. Corporate Governance 156 Item 16H. Mine Safety Disclosure 158

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 16I Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 158 Item 16J Insider Trading Policies 158 Item 16K Cybersecurity 158 Item 17.

Financial Statements

Financial Statements 160 Item 18.

Financial Statements

Financial Statements 160 Item 19. Exhibits 160 Selected Statistical Data A-1 Consolidated Financial Statements F-1 For purposes of this Annual Report, we have presented our consolidated financial statements in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, except for risk-adjusted capital ratios, capital components, risk-weighted assets, business segment financial information and some other specifically identified information. In this Annual Report, unless otherwise indicated or the context otherwise requires, all figures are rounded to the figures shown except for the capital ratios, capital components, risk-weighted assets, leverage ratios, liquidity coverage ratios and net stable funding ratios of MUFG and its domestic subsidiaries, which are rounded down and truncated to the figures shown. In some cases, figures presented in tables are adjusted to match the sum of the figures with the total amount, and such figures are also referred to in the related text. When we refer in this Annual Report to "MUFG," "we," "us," "our" and the "Group," we generally mean Mitsubishi UFJ Financial Group, Inc. and its consolidated subsidiaries, but from time to time as the context requires, we mean Mitsubishi UFJ Financial Group, Inc. as an individual legal entity. In addition, our "commercial banking subsidiaries" refers to MUFG Bank, Ltd. and, as the context requires, its consolidated subsidiaries engaged in the commercial banking business. Our "trust banking subsidiaries" refers to Mitsubishi UFJ Trust and Banking Corporation and, as the context requires, its consolidated subsidiaries engaged in the trust 1 Table of Contents banking business. Our "banking subsidiaries" refers to MUFG Bank and Mitsubishi UFJ Trust and Banking and, as the context requires, their respective consolidated subsidiaries engaged in the banking business. Our "securities subsidiaries" refers to Mitsubishi UFJ Securities Holdings Co., Ltd., a

Forward-Looking Statements

Forward-Looking Statements We may from time to time make written or oral forward-looking statements. Written forward-looking statements may appear in documents filed with, or submitted to, the U.S. Securities and Exchange Commission, or SEC, including this Annual Report, and other reports to shareholders and other communications. The U.S. Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking information to encourage companies to provide prospective information about themselves. We rely on this safe harbor in making these forward-looking statements. Forward-looking statements appear in a number of places in this Annual Report and include statements regarding our current intent, business plan, targets (including, but not limited to, our sustainability-related targets), belief or expectations or the current belief or current expectations of our management with respect to our results of operations and financial condition, including, among other matters, our problem loans and loan losses. In many, but not all cases, we use words such as "anticipate," "aim," "believe," "estimate," "expect," "intend," "plan," "probability," "risk," "will," "may" and similar expressions, as they relate to us or our management, to identify forward-looking statements. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those which are aimed, anticipated, believed, estimated, expected, intended or planned, or otherwise stated. Our forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those in the forward-looking statements as a result of various factors. Important factors that could cause such differences include, without limitation, deterior

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers. Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable. Not applicable.

Key Information

Item 3. Key Information. A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the risks described in this section, which is intended to disclose all of the risks that we consider material based on the information currently available to us, as well as all the other information in this Annual Report, including our consolidated financial statements and related notes, "Item 5. Operating and Financial Review and Prospects," "Item 11. Quantitative and Qualitative Disclosures about Credit, Market and Other Risk" and "Selected Statistical Data." Our business, operating results and financial condition could be materially and adversely affected by any of the factors discussed below. The trading price of our securities could decline due to any of these factors. This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those described in this section and elsewhere in this Annual Report. See "Forward-Looking Statements." Risks Related to Our Business Environment Because a large portion of our assets as well as our business operations are in Japan, we may incur losses if economic conditions in Japan worsen. Our performance is particularly affected by the general economic conditions of Japan where we are headquartered and conduct a significant amount of our business. As of March 31, 2024, 64.8% of our total assets were related to Japanese domestic assets, including Japanese national government and Japanese government agency bonds, which accounted for 61.5% of our total investment securities portfolio and 9.7% of our total assets, respectively. Interest and non-interest income in Japan represented 38.3% of our tot

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