Best bank: MUFG
MUFG, Japan’s largest bank, had an excellent financial year in the 12 months to March 2024, setting new records for the group.
AfE 2024
Net profit rose by an impressive 33% to ¥1.49 trillion ($9.5 billion), with income growing at the same pace. MUFG has set its sights on further growth, aiming to raise profits to more than ¥1.6 trillion by March 2027, the final year of its new medium-term business plan.
The banking giant’s net operating profit before provision surpassed its competitors, securing the top position among the three megabanks for the first time in six years – and the award for Japan’s best bank.
MUFG’s growth can be attributed to its structural reforms in a low interest rate environment. The bank has significantly reduced its domestic branch network from 515 in March 2018 to approximately 320 currently, while also taking a leading role in widening lending margins for businesses.
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