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First of all, I would like to express my deepest sympathy and condolences to those affected by the Great East Japan Earthquake, and convey my hope for the rapid recovery of the regions that have suffered damage.
On November 14, MUFG announced its interim results for fiscal 2011. Our consolidated interim net income was ¥696.0 billion, up by ¥339.3 billion from the interim period of last fiscal year mainly due to Morgan Stanley negative goodwill (approx. ¥290 billion), strong performance from our Global Markets segment, and improvement in credit expense. Additionally our efforts to restore major group companies are steadily making progress as Mitsubishi UFJ Securities Holdings, Mitsubishi UFJ NICOS and ACOM each returned to profit following the losses recorded last fiscal year. Considering this strong performance in the first half of the fiscal year, we have raised our target from ¥600 billion to ¥900 billion for fiscal 2011 consolidated net income.
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President and CEO Katsunori Nagayasu
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This fiscal year marks the completion of the medium-term plan that we commenced in fiscal 2009 and is also the year in which we prepare our next medium-term plan. During the first half of fiscal 2011, we have built the foundations for growth through making Morgan Stanley an affiliated company (an equity-method affiliate), and enhancing our global network, especially in Asia. We have also strengthened businesses in project finance, solutions business, foreign exchange, and investment product sales. We aim to achieve sustained growth by continued strengthening of our business platform, active injection of operational resources into priority business areas.
At the Cannes Summit held in November, MUFG was included in the list of G-SIFIs (Global Systemically Important Financial Institutions). This means that we will be asked to maintain a higher capital ratio than that of a non G-SIFIs in the future. However, we believe that we can fully meet the requirement through accumulation of retained earnings by strengthening our profitability.
MUFG will exert all its efforts to fulfill its social mission to provide financial support that will contribute to Japan's recovery from the disaster, and we aim to grow and expand MUFG's corporate value through realization of our goal of becoming a "sound financial group with strong profitability and integrity". We look forward to your continued support.
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November 2011
President and CEO
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