Distributions of retained earnings of MUFG Bank and Mitsubishi UFJ Trust and Banking are restricted in order to meet the minimum capital adequacy requirements under the Banking Law. Additionally, retained earnings of these banking subsidiaries are restricted, except for approximately ¥6,159 billion and ¥6,225 billion, in accordance with the statutory reserve requirements under the Companies Act at March 31, 2024 and 2025, respectively. See Notes 19 and 21 for further information.

The Banking Law and related regulations restrict the ability of these banking subsidiaries to extend loans or credit to the parent company. Such loans or credits to the parent company are generally limited to 15% of the banking subsidiary’s consolidated total capital, as determined by the capital adequacy guidelines.


	As of March 31,
	2024 (As Adjusted)		2025
	(in millions)
Assets:
Cash and interest-earning deposits with banking subsidiaries	¥	147,740	¥	351,224
Investments in subsidiaries and affiliated companies	18,849,567		19,152,808
Banking subsidiaries	12,819,890		12,206,015
Non-banking subsidiaries and affiliated companies	6,029,677		6,946,793
Loans to subsidiaries	14,198,572		12,205,955
Banking subsidiaries	13,651,662		11,740,181
Non-banking subsidiaries	546,910		465,774
Other assets	178,222		179,703
Total assets	¥	33,374,101	¥	31,889,690
Liabilities and Shareholders’ equity:
Short-term borrowings from banking subsidiaries	¥	1,285,635	¥	1,127,981
Long-term debt from non-banking subsidiaries and affiliated companies	21,902		16,113
Long-term debt	14,163,977		12,224,151
Other liabilities	226,850		235,959
Total liabilities	15,698,364		13,604,204
Total shareholders’ equity	17,675,737		18,285,486
Total liabilities and shareholders’ equity	¥	33,374,101	¥	31,889,690


	Fiscal years ended March 31,
	2023 (As Adjusted)		2024 (As Adjusted)		2025
	(in millions)
Income:
Dividends from subsidiaries and affiliated companies	¥	605,115	¥	774,211	¥	1,306,837
Banking subsidiaries	407,630		545,886		1,035,465
Non-banking subsidiaries and affiliated companies	197,485		228,325		271,372
Management fees from subsidiaries	35,052		34,393		35,633
Interest income from subsidiaries	273,536		371,860		374,230
Foreign exchange gains (losses)—net	3,465		451		(2,700)
Trading account profits (losses)—net	28,970		(40,379)		(50,367)
Gains on sales of investment in subsidiaries and affiliated companies—net	17,748		—		—
Other income	13,255		15,374		16,242
Total income	977,141		1,155,910		1,679,875
Expense:
Operating expenses	44,149		47,600		47,706
Interest expense to subsidiaries and affiliated companies	15,442		15,673		18,082
Interest expense	256,333		355,781		351,368
Other expense	6,496		6,229		1,804
Total expense	322,420		425,283		418,960
Equity in undistributed net income (loss) of subsidiaries and affiliated companies—net	(253,967)		589,812		6,408
Income before income tax expense	400,754		1,320,439		1,267,323
Income tax expense (benefit)	18,956		(5,430)		390
Net income	¥	381,798	¥	1,325,869	¥	1,266,933


	Fiscal years ended March 31,
	2023		2024		2025
	(in millions)
Operating activities:
Net cash provided by operating activities	609,641		839,937		1,316,469
Investing activities:
Proceeds from sales and dispositions of investments in subsidiaries and affiliated companies	41,125		865		—

Net decrease (increase) in loans to subsidiaries	(2,204,831)		(231,891)		1,916,662
Other—net	(7,791)		(8,787)		(13,231)
Net cash provided by (used in) investing activities	(2,171,497)		(239,813)		1,903,431
Financing activities:
Net increase (decrease) in short-term borrowings from subsidiaries	145,513		(6,025)		(157,654)
Proceeds from issuance of long-term debt	3,833,878		1,809,416		1,609,505
Repayment of long-term debt	(1,630,695)		(1,578,887)		(3,526,431)
Proceeds from sales of treasury stock	—		1		1
Payments for acquisition of treasury stock	(450,019)		(400,037)		(400,042)
Dividends paid	(380,447)		(439,755)		(532,977)
Other—net	(14,160)		(10,700)		(8,818)
Net cash provided by (used in) financing activities	1,504,070		(625,987)		(3,016,416)
Net increase (decrease) in cash and cash equivalents	(57,786)		(25,863)		203,484
Cash and cash equivalents at beginning of fiscal year	231,389		173,603		147,740
Cash and cash equivalents at end of fiscal year	¥	173,603	¥	147,740	¥	351,224