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Mitsubishi UFJ (MUFG) Repurchases 37M Shares Under 80M Plan
ZACKS· 2024-06-26 15:46
Since May 2017, Mitsubishi UFJ has completed several share repurchase programs to strengthen investors' confidence in the stock. In total, the company repurchased 62.7 million shares since the authorization through Jun 21, 2024, for approximately ¥100 billion. Over the past six months, shares of MUFG have gained 20.3% on the NYSE compared with the industry's 0.7% growth. Share Buyback Plans of Other Financial Services Firms Last Month, Cathay General Bancorp. (CATY) announced a new share repurchase program. ...
Mitsubishi (MUFG) Units Get Business Improvement Order by FSA
ZACKS· 2024-06-25 16:45
In the past six months, many other banks, including JPMorgan (JPM) and Barclays PLC (BCS) , have been subject to legal action. In February 2024, a class-action lawsuit was filed by five customers against JPMorgan, claiming that the bank charged unconscionable fees for unintentionally depositing checks that bounced. Per the suit filed in the White Plains, New York federal court, JPM charged customers up to $30 for a "deposited item return fee" after checks they tried to deposit bounced for no fault of theirs ...
MUFG(MUFG) - 2025 Q1 - Quarterly Report
2024-06-25 10:05
(c) Hedge accounting for stock price fluctuation risks (19) Amortization of goodwill (21) Consumption taxes –20– If the financial statements of foreign subsidiaries are prepared in accordance with the International Financial Reporting Standards ("IFRS") or the Generally Accepted Accounting Principles in the United States ("U.S. GAAP"), such financial statements are used in the consolidated accounting process. Significant Accounting Estimates The estimation of such future cash flows is based on a borrower-sp ...
Mitsubishi (MUFG) Units Penalized for Client Data Breach in Japan
ZACKS· 2024-06-24 14:46
Mitsubishi UFJ Financial Group, Inc.'s (MUFG) banking and securities units have been penalized by Japan's financial regulator for breaching the regulations governing client confidentiality. MUFG Bank Ltd., Morgan Stanley MUFG Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co. units are directed by the Financial Services Agency ("FSA") to reinforce its compliance measures, per Reuters. This order came to light following an investigation that identified several breaches of "firewall" regulations. ...
Mitsubishi (MUFG) Penalized for Breaching Client Confidentiality
ZACKS· 2024-06-17 15:25
SESC mentioned that MUFG Bank Ltd., Morgan Stanley MUFG Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co. shared confidential customer details on at least 10 occasions to attract more business. The exchange breached the regulatory firewalls that were established to prevent commercial and investment banking units from sharing client data. According to the SESC, the three firms knowingly shared non-public client data, including material information that could influence investment decisions, desp ...
Mitsubishi UFJ (MUFG) Repurchases Shares Under 80M Buyback Plan
ZACKS· 2024-06-04 16:31
Mitsubishi UFJ Financial Group, Inc. (MUFG) announced progress on its previously announced share repurchase plan. The company repurchased 25,639,300 shares of its common stock at an aggregate price of ¥40.2 billion between May 16, 2024 and May 31, 2024. The repurchases were carried out under the company's ¥100-billion share repurchase program announced on May 15, 2024. The plan allows MUFG to repurchase up to 80,000,000 shares, representing 0.68% of the total shares outstanding, excluding treasury stock. Si ...
MUFG(MUFG) - 2024 Q4 - Earnings Call Transcript
2024-05-18 07:38
Financial Data and Key Indicator Changes - The profits attributable to owners of the parent increased by ¥374.2 billion year-on-year to ¥1,490.7 billion, marking the highest profit in MUFG history [10] - The net operating profit increased by ¥249.4 billion to ¥1,843.7 billion, a record high, offsetting the impact of the sale of MUB [58] - The CET1 ratio on a finalized and fully implemented Basel III basis is 10.1%, which is around the middle of the new MTBP target range [62] Business Line Data and Key Indicator Changes - In Customer segments, total net operating profit rose sharply by ¥470.3 billion, mainly due to an increase in lending and deposit interest income and fee income [4] - Global Markets posted a decrease in profit due to increased foreign currency funding costs and the significant impact of portfolio rebalancing [4] - The net fees and commissions increased approximately ¥130 billion, mainly due to an increase in fees related to foreign loans and the AM/IS business and Wealth Management business [3] Market Data and Key Indicator Changes - Domestic corporate lending spreads showed improvement, particularly for large corporations, while SMEs indicated a gradual improvement [5] - The overseas lending spreads maintained an improving trend, reflecting efforts to enhance profitability [33] Company Strategy and Development Direction - The new medium-term business plan (MTBP) focuses on expanding and refining growth strategies, driving social and environmental progress, and accelerating transformation and innovation [36] - The company aims to achieve a net operating profit of over ¥2.1 trillion by FY '26, targeting an increase of 30% compared to FY '23 [15] - The company plans to maintain a disciplined management approach with an expense ratio target of around 60% in FY '26 [17] Management's Comments on Operating Environment and Future Outlook - Management expects the yen to strengthen year-on-year, which will offset the negative impact on profits [13] - The company anticipates that the timing of interest rate changes will provide a positive effect on profits, although limited in FY '24 [43] - Management acknowledged the challenges posed by credit costs, particularly in the Americas, but does not expect them to increase at the same pace going forward [88] Other Important Information - The company announced a share repurchase of up to ¥100 billion, aiming for a payout ratio of 40% [21][63] - The target for equity holdings reduction in the new MTBP is set at ¥350 billion, with the aim of reducing the ratio of market value to consolidated net assets to less than 20% [34][50] Q&A Session Summary Question: Thoughts on the ¥1.5 trillion profit target - Management discussed the ambitious target of ¥1.5 trillion, which is slightly higher than market consensus, and emphasized the potential upside driven by interest rate changes [40][43] Question: Factors behind the CET1 ratio decline - Management explained that the decline was due to small retained earnings and technical factors related to foreign currency translation reserves [48][49] Question: Shareholder return policy in the new MTBP - Management confirmed that the shareholder return policy remains unchanged, aiming for a dividend payout ratio of around 40% [69] Question: Credit costs and their implications - Management provided insights into rising credit costs, particularly in the Americas, and projected a total credit cost of ¥400 billion for FY '24 [88] Question: Achievability of NOP target through organic growth - Management indicated that the NOP target of over ¥2.1 trillion includes contributions from both organic growth and announced deals [91]
Mitsubishi UFJ (MUFG) Earnings Improve Y/Y in Fiscal 2023
zacks.com· 2024-05-16 17:40
Mitsubishi UFJ Financial Group, Inc. (MUFG) reported fiscal 2023 (ended Mar 31, 2024) diluted earnings per share of ¥124.33. This compared favorably with the ¥90.41 reported in the year-ago quarter. Its profits attributable to the owners of the parent for fiscal 2023 of ¥1.5 trillion ($10.4 billion) increased from ¥1.12 trillion reported in the prior-year quarter. The improvement was driven by a rise in customer unit revenues, a change in Morgan Stanley's accounting period and the impact of the depreciation ...
Mitsubishi UFJ (MUFG) Announces 80M Share Repurchase Plan
zacks.com· 2024-05-16 17:16
MUFG seeks to continuously improve shareholders' returns and increase capital efficiency. Since fiscal 2019, it has completed several share repurchase programs. While no shares were repurchased in fiscal 2020, in 2019, 2021, 2022 and 2023, the company repurchased shares worth ¥50 billion, ¥150 billion, ¥450 billion and ¥400 billion. For fiscal 2024, MUFG's dividend per common stock forecast increases to ¥50 from ¥41 paid out in fiscal 2023. Notably, the company's dividends witnessed a four-year (ended March ...
Mitsubishi UFJ (MUFG) Closes Link Administration Buyout
zacks.com· 2024-05-16 17:11
Mitsubishi UFJ Financial Group, Inc.'s (MUFG) subsidiary, Mitsubishi UFJ Trust and Banking Corporation, completes the previously announced buyout of Link Administration Holdings Limited by acquiring all issued shares of the latter. The new name of the company will be MUFG Pension & Market Services Holdings Limited. Link Administration Holdings is the leading Australian pension administration firm that serves around 40% (10 million accounts) of Australian private pension members. The company also offers stoc ...