Japan's MUFG sets $10bn profit target in fresh 3-year plan

Key banking group switches to offensive on growth investments

Now that the Bank of Japan has ended negative interest rates, Mitsubishi UFJ Financial Group is targeting higher earnings over the next three fiscal years. © Reuters

YUKI NAKAMURA, Nikkei staff writer

May 15, 2024 05:15 JST

TOKYO -- Leading Japanese bank Mitsubishi UFJ Financial Group aims to earn 1.6 trillion yen ($10.2 billion) or more in net profit for fiscal 2026, Nikkei has learned, raising the bar for its performance in response to higher interest rates.

The group will detail its new three-year business plan in an earnings presentation Wednesday. The old medium-term plan through fiscal 2023, which ended this March, had targeted a consolidated net profit of 1 trillion yen or more.