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BW20030528002026 20030528T113424Z UTC
( BW)(MITSUBISHI-TOKYO-FIN)(MTF) Final Results - Part 5 of 5
Business Editors
UK REGULATORY NEWS
TOKYO--(BUSINESS WIRE)--May 28, 2003--
2. Allowance for Loan Losses
[Consolidated]
-------------------------------------- ------------ ----------- ------------
As of Increase/ Increase/ As of As of
March 31, (Decrease) (Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002(C)
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for loan losses 281,027 (118,950) (94,706) 399,978 375,733
-------------------------------------- ------------ ----------------------- ------------ ------------
Formura allowance for loan losses 141,442 (4,535) (20,422) 145,978 161,865
-------------------------------------- ------------ ----------------------- ------------ ------------
Specific allowance for loan losses 138,757 (113,561) (74,025) 252,319 212,782
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for loans to specific
foreign borrowers 827 (853) (258) 1,680 1,085
-------------------------------------- ------------ ----------------------- ------------ ------------
-------------------------------------- ------------ ----------------------- ------------ ------------
Reserve for losses on real estate-
collateralized loans sold - (342) (352) 342 352
-------------------------------------- ------------ ----------------------- ------------ ------------
[Non-Consolidated]
-------------------------------------- ------------ ----------------------- ------------ ------------
As of Increase/ Increase/ As of As of
March 31, (Decrease) (Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002(C)
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for loan losses 278,996 (118,061) (91,121) 397,058 370,118
-------------------------------------- ------------ ----------------------- ------------ ------------
Formula allowance for loan losses 141,453 (3,524) (20,044) 144,978 161,497
-------------------------------------- ------------ ----------------------- ------------ ------------
Specific allowance for loan losses 136,716 (113,683) (70,818) 250,399 207,534
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for loans to specific
foreign borrowers 827 (853) (258) 1,680 1,085
-------------------------------------- ------------ ----------------------- ------------ ------------
-------------------------------------- ------------ ----------------------- ------------ ------------
Reserve for financial assistance to
specific borrowers 531 93 281 437 250
-------------------------------------- ------------ ----------------------- ------------ ------------
Reserve for losses on real estate-collateralized
loans sold (342) (352) 342 352
-------------------------------------- ------------ ----------------------- ------------ ------------
[Trust
accounts]
-------------------------------------- ------------ ----------- ------------
As of Increase/ Increase/ As of As of
March 31, (Decrease) (Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002(C)
-------------------------------------- ------------ ----------- ------------ ------------ ------------
Special internal reserves 8,425 (4,678) (2,725) 13,104 11,151
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for bad debts 1,002 109 (86) 893 1,089
-------------------------------------- ------------ ----------------------- ------------ ------------
3. Coverage Ratio against Risk-Monitored
Loans
[Consolidated]
-------------------------------------- ------------ ----------------------- ------------
------------ As of Increase/ Increase/ As of
March 31, (Decrease) (Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002(C)
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for loan losses (a) 281,027 (118,950) (94,706) 399,978 375,733
-------------------------------------- ------------ ----------------------- ------------ ------------
Risk-monitored loans (b) 596,934 (291,213) (227,982) 888,147 824,916
-------------------------------------- ------------ ----------------------- ------------ ------------
Coverage ratio (a)/(b) 47.07% 2.04% 1.53% 45.03% 45.54%
-------------------------------------- ------------ ----------------------- ------------ ------------
[Non-Consolidated]
-------------------------------------- ------------ ----------------------- ------------
------------ As of Increase/ Increase/ As of
March 31, (Decrease) (Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002(C)
-------------------------------------- ------------ ----------------------- ------------ ------------
Allowance for loan losses (a) 278,996 (118,061) (91,121) 397,058 370,118
-------------------------------------- ------------ ----------------------- ------------ ------------
Risk-monitored loans (b) 597,420 (285,246) (218,202) 882,666 815,622
-------------------------------------- ------------ ----------------------- ------------ ------------
Coverage ratio (a)/(b) 46.70% 1.71% 1.32% 44.98% 45.37%
-------------------------------------- ------------ ----------------------- ------------ ------------
4. Disclosed Claims under the Financial Reconstruction Law (the "FRL")
(Banking : Non- Consolidated) (in millions of yen)
-------------------------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September 30,
2003 (A) (A) - (B)(A) - (C) 2002 (B) 2002 (C)
------------------------------------------------------------------------------------
Claims to bankrupt and
substantially
bankrupt debtors 83,148 6,868 40,031 76,279 43,117
-------------------------------------------------------------------------------------
Claims under
high risk 253,034 (226,301)(140,442) 479,335 393,477
-------------------------------------------------------------------------------------
Claims under close
observation 273,334 (74,062)(107,552) 347,396 380,887
-------------------------------------------------------------------------------------
Total
(1) 609,517 (293,494)(207,963) 903,012 817,481
-------------------------------------------------------------------------------------
Normal claims 8,093,237 (580,428)(344,891) 8,673,665 8,438,129
-------------------------------------------------------------------------------------
(Trust accounts) (in millions of yen)
-------------------------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
-------------------------------------------------------------------------------------
Claims to bankrupt and
substantially bankrupt
debtors 6,649 (13,806) (10,755) 20,455 17,404
Claims under
high risk 6,338 (5,825) (1,511) 12,164 7,850
-------------------------------------------------------------------------------------
Claims under close
observation 28,176 (4,975) (5,218) 33,152 33,395
-------------------------------------------------------------------------------------
Total
(1) 41,165 (24,607) (17,485) 65,773 58,650
-------------------------------------------------------------------------------------
Normal claims 842,336 (215,560) (67,881) 1,057,896 910,217
-------------------------------------------------------------------------------------
(Banking : Non-Consolidated and Trust
accounts) (in millions of yen)
-------------------------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
-------------------------------------------------------------------------------------
Claims to bankrupt and
substantially bankrupt
debtors 89,798 (6,937) 29,276 96,735 60,521
-------------------------------------------------------------------------------------
Claims under
high risk 259,373 (232,126)(141,953) 491,500 401,327
-------------------------------------------------------------------------------------
Claims under close
observation 301,511 (79,037)(112,771) 380,549 414,282
-------------------------------------------------------------------------------------
Total
(1) 650,682 (318,102)(225,448) 968,785 876,131
-------------------------------------------------------------------------------------
Normal claims 8,935,574 (795,988)(412,772) 9,731,562 9,348,346
-------------------------------------------------------------------------------------
5. Status of Secured Coverage on Disclosed
Claims under the FRL
(Banking :
Non-
Consolidated) (in millions of yen)
-----------------------------------------------------------------
As of Increase/ Increase/ As of As of
March (Decrease)(Decrease) March September
31, 31, 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
-----------------------------------------------------------------
Secured
coverage
amount (2) 478,732 (257,074) (158,469) 735,806 637,202
-----------------------------------------------------------------
Allowance for
loan losses 172,871 (121,774) (84,082) 294,646 256,953
-----------------------------------------------------------------
Reserve for financial
support to specific
borrowers 531 93 281 437 250
-----------------------------------------------------------------
Collateral,
guarantees, etc. 305,328 (135,393) (74,668) 440,722 379,997
-----------------------------------------------------------------
Secured
coverage ratio
(2)/(1) 78.54% (2.94)% 0.59% 81.48% 77.94%
-----------------------------------------------------------------
(Trust accounts)
(in millions of yen)
-----------------------------------------------------------------
As of Increase/ Increase/ As of As of
March (Decrease)(Decrease) March September
31, 31, 30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
-----------------------------------------------------------------
Secured coverage
amount (2) 26,861 (25,352) (11,810) 52,214 38,671
-----------------------------------------------------------------
Allowance for
loan losses - - - - -
-----------------------------------------------------------------
Reserve for
financial
support to
specific borrowers - - - - -
-----------------------------------------------------------------
Collateral,
guarantees, etc. 26,861 (25,352) (11,810) 52,214 38,671
-----------------------------------------------------------------
Secured
coverage ratio
(2)/(1) 65.25% (14.13)% (0.68)% 79.38% 65.93%
-----------------------------------------------------------------
(Banking : Non-
Consolidated
and Trust
accounts) (in millions of yen)
-----------------------------------------------------------------
As of Increase/ Increase/ As of As of
March (Decrease)(Decrease) March September
31, 31, 30,
2003 (A) (A) - (B)(A) - (C) 2002 (B) 2002 (C)
-----------------------------------------------------------------
Secured coverage
amount (2) 505,593 (282,427) (170,280) 788,020 675,873
-----------------------------------------------------------------
Allowance for
loan losses 172,871 (121,774) (84,082) 294,646 256,953
-----------------------------------------------------------------
Reserve for
financial
support to
specific
borrowers 531 93 281 437 250
-----------------------------------------------------------------
Collateral,
guarantees, etc. 332,190 (160,745) (86,478) 492,936 418,669
-----------------------------------------------------------------
Secured coverage
ratio (2)/(1) 77.70% (3.63)% 0.55% 81.34% 77.14%
-----------------------------------------------------------------
Secured Coverage of each category of Disclosed
Claims under the FRL
(Banking :
Non-
Consolidated) (in millions of yen)
----------------------------------------------------------------------
Category Disclosed Allowance Reserve Collectable Coverage Coverage
amount (A) for loan for amount by ratio ratio
losses financial collateralized ((B)+(C)) ((B)+(C)+(D))
(B) support and guaranteed / ((A)- / (A
to loans (D) (D))
specific
borrowers
(C)
-------------------------------------------------------------------------------------
Claims to
bankrupt and
substantially
bankrupt
debtors 83,148 8,501 - 74,647 100.00% 100.00%
(76,279) (4,475) - (71,803) (100.00%) (100.00%)
-------------------------------------------------------------------------------------
Claims under
high risk 253,034 118,780 97,433 76.33% 85.44%
(479,335) (236,368) (437) (207,142) (86.99%) (92.61%)
-------------------------------------------------------------------------------------
Claims under close
observation 273,334 45,590 531 133,248 32.92% 65.62%
(347,396) (53,802) (161,776) (28.98%) (62.05%)
-------------------------------------------------------------------------------------
Sub total
(1) 609,517 172,871 531 305,328 57.00% 78.54%
(903,012) (294,646) (437) (440,722) (63.83%) (81.48%)
-------------------------------------------------------------------------------------
Normal claims 8,093,237
(8,673,665)
-------------------------------------------------------------------------------------
Total (2) 8,702,755
(9,576,677)
-------------------------------------------------------------------------------------
Sub total (1) /
Total (2) 7.00%
(9.42%)
-------------------------------------------------------------------------------------
Note:The upper figures are as of March 31, 2003. The lower figures
with bracket are as of March 31, 2002.
Coverage ratios for Claims under high risk and for Claims under
close observation are listed under allowance for possible loan losses,
following concurrent application of the discount cash flow method.
(Trust (in millions
accounts) of yen)
-------------------------------------------------------------------------------------
Category Disclosed AllowanceReserve Collectable Coverage Coverage ratio
amount (A) for loan for amount by ratio
losses financial collateralized ((B)+(C)) ((B)+(C)+(D))
(B) support and guaranteed / ((A)- / (A
to loans (D) (D))
specific
borrowers
(C)
-------------------------------------------------------------------------------------
Claims to bankrupt
and substantially
bankrupt debtors 6,649 - - 6,649 100.00%
(20,455) - - (20,451) (99.97%)
-------------------------------------------------------------------------------------
Claims under
high risk 6,338 - - 5,745 90.64%
(12,164) - - (10,318) (84.81%)
-------------------------------------------------------------------------------------
Claims under close
observation 28,176 - - 14,466 51.34%
(33,152) - - (21,445) (64.68%)
-------------------------------------------------------------------------------------
Sub total
(1) 41,165 26,861 65.25%
(65,773) (52,214) (79.38%)
-------------------------------------------------------------------------------------
Normal
claims 842,336
(1,057,896)
-------------------------------------------------------------------------------------
Total (2) 883,501
(1,123,669)
-------------------------------------------------------------------------------------
Sub total (1) /
Total (2) 4.65%
(5.85%)
-------------------------------------------------------------------------------------
Note:The upper figures are as of March 31, 2003. The lower figures
with bracket are as of March 31, 2002.
Allowance for possible loan losses are not booked for the trust
account, but the Bank executes the direct write-off of trust account
"Claims to bankrupt and substantial bankruptcy " and "Claims under
high risk" in accordance with standards applied to allowance for
possible loan losses in the banking account. The Bank allocated a
total of 9.4 billion yen to the special internal reserve and allowance
for bad debt in the trust account, as of March 31, 2003.
(Banking : Non-Consolidated and (in millions
Trust accounts) of yen)
-------------------------------------------------------------------------------------
Category Disclosed AllowanceReserve Collectable Coverage Coverage ratio
amount (A) for loan for amount by ratio
losses financial collateralized ((B)+(C)) ((B)+(C)+(D))
(B) support and guaranteed / ((A)- / (A
to loans (D) (D))
specific
borrowers
(C)
-------------------------------------------------------------------------------------
Claims to
bankrupt and
substantially
bankrupt
debtors 89,798 8,501 81,297 100.00%
(96,735) (4,475) (92,255) (99.99%)
-------------------------------------------------------------------------------------
Claims under
high risk 259,373 118,780 103,179 85.57%
(491,500) (236,368) (437) (217,460) (92.42%)
-------------------------------------------------------------------------------------
Claims under
close observation 301,511 45,590 531 147,714 64.28%
(380,549) (53,802) (183,221) (62.28%)
-------------------------------------------------------------------------------------
Sub total
(1) 650,682 172,871 531 332,190 77.70%
(968,785) (294,646) (437) (492,936) (81.34%)
-------------------------------------------------------------------------------------
Normal claims 8,935,574
(9,731,562)
-------------------------------------------------------------------------------------
Total (2) 9,586,256
(10,700,347)
-------------------------------------------------------------------------------------
Sub total (1) /
Total (2) 6.78%
(9.05%)
-------------------------------------------------------------------------------------
Note:The upper figures are as of March 31, 2003. The lower figures
with bracket are as of March 31, 2002.
6. Progress in the Disposal of Problem
Assets (Banking and Trust accounts)
(excluding claims under
close observation)
(1) Assets categorized as problem assets
as of September 30, 2000 based on the FRL (in billions of yen)
-------------------------------------------------------------------------------------------
As of As of As of As of As of As of
September March 31,September March 31, September March (b)-(a)
30, 30, 30, 31,
2000 2001 2001 2002 2002 (a) 2003 (b)
-------------------------------------------------------------------------------------------
Claims to
bankrupt and
substantially
bankrupt
debtors 239.2 136.2 123.5 68.9 42.7 30.0 (12.7)
-------------------------------------------------------------------------------------------
Claims under
high risk 526.7 455.5 382.9 301.7 184.8 23.8 (161.0)
-------------------------------------------------------------------------------------------
Total 766.0 591.8 506.4 370.7 227.6 53.8 (173.7)
-------------------------------------------------------------------------------------------
(A)
Progress in the disposal of
problem assets
(in billions of yen)
---------------------------
Second half of
fiscal 2002
---------------------------
Disposition by borrowers'
liquidation 22.3
---------------------------
Re- constructive
disposition 0.4
---------------------------
Improvements
in financial
status due
to re-
constructive
disposition 0.8
---------------------------
Loan sales to
secondary
market 53.0
---------------------------
Charge-off 30.2
---------------------------
Other 66.7
---------------------------
Collection of
claims 30.7
---------------------------
Improvements
in financial
status 35.9
---------------------------
Total 173.7 (B)
---------------------------
Above (A) includes the following figures which facilitates the
final disposal of problem loans.
(in
billions
of yen)
---------------------------
Second half of
fiscal 2002
---------------------------
Legal
liquidation 14.6
---------------------------
Quasi-legal
liquidation 0.6
---------------------------
Split-off of
problem
loans 11.5
---------------------------
Partial
charge-off of
smaller
balance loans 4.1
---------------------------
Entrust through
the managed trust
method to the
Resolution and
Collection
Corporation 22.9
---------------------------
Total 53.8
---------------------------
(2) Assets newly categorized as problem assets (in billions of yen)
during second half of fiscal 2000 based on the FRL
---------------------------------------------------------------------------------
As of As of As of As of As of
March 31, September March 31, September March 31, (b)-(a)
30, 30,
2001 2001 2002 2002 (a) 2003 (b)
---------------------------------------------------------------------------------
Claims to
bankrupt and
substantially
bankrupt
debtors 11.0 5.5 4.8 2.8 9.9 7.0
-------------------------------------------------------------------
Claims under
high risk 133.7 117.5 91.4 76.7 6.8 (69.9)
-------------------------------------------------------------------
Total 144.8 123.0 96.3 79.6 16.7 (62.8)
-------------------------------------------------------------------
(C) (D)
Progress in the disposal of
problem assets (in billions
of yen)
---------------------------
Second half of
fiscal 2002
---------------------------
Disposition by
borrowers'
liquidation -
---------------------------
Re-constructive
disposition 3.2
---------------------------
Improvements
in financial
status due
to re-constructive
disposition -
---------------------------
Loan sales to
secondary
market 0.0
---------------------------
Charge-off 58.7
---------------------------
Other 0.8
---------------------------
Collection of claims 0.8
---------------------------
Improvements in
financial status -
---------------------------
Total 62.8 (D)
---------------------------
Above (C) includes the following figures which facilitates the
final disposal of problem loans.
(in billions of yen)
---------------------------
Second half of
fiscal 2002
---------------------------
Legal
liquidation 2.9
---------------------------
Quasi-legal
liquidation -
---------------------------
Split-off of problem
loans -
---------------------------
Partial charge-off
of smaller balance
loans 0.6
---------------------------
Entrust through the
managed trust
method to the
Resolution and
Collection
Corporation -
---------------------------
Total 3.5
---------------------------
(3) Assets newly categorized as problem assets during first half
of fiscal 2001 based on the FRL?(in billions of yen)
---------------------------------------------------------------------------------
As of As of As of As of
September 30, March 31, September March 31, (b) - (a)
30,
2001 2002 2002 (a) 2003 (b)
---------------------------------------------------------------------------------
Claims to bankrupt and
substantially bankrupt
debtors 3.0 16.4 1.5 1.4 (0.1)
--------------------------------------------------------------------------------
Claims under high
risk 80.0 30.2 21.6 6.4 (15.2)
--------------------------------------------------------------------------------
Total 83.1 46.7 23.2 7.8 (15.3)
--------------------------------------------------------------------------------
(E) (F)
Progress in the disposal of problem assets
(in billions of yen)
-----------------------------------------------
Second half of fiscal
2002
-----------------------------------------------
Disposition by borrowers' liquidation
-------------------------------------
Re-constructive
disposition 0.4
-------------------------------------
Improvements in
financial status due
to re-constructive
disposition 4.5
-------------------------------------
Loan sales to secondary
market 0.0
-------------------------------------
Charge-off 0.0
-------------------------------------
Other 10.1
-------------------------------------
Collection of
claims 9.6
---------------------------------
Improvements in
financial status 0.5
-------------------------------------
Total 15.3 (F)
-------------------------------------
Above (E) includes the following figures which facilitates the
final disposal of problem loans.
(in billions of yen)
-------------------------------------
Second half
of fiscal 2002
-------------------------------------
Legal liquidation 0.3
-------------------------------------
Quasi-legal
liquidation -
-------------------------------------
Split-off of problem
loans -
-------------------------------------
Partial charge-off of
smaller balance loans 1.6
-------------------------------------
Entrust through the
managed trust method to
the Resolution and
Collection Corporation -
-------------------------------------
Total 1.9
-------------------------------------
(4) Assets newly categorized as problem assets during second half of
fiscal 2001 based on the FRL
(in billions of yen)
----------------------------------------------------------------------
As of As of As of
March 31, September March 31, (b)-(a)
30,
2002 2002 (a) 2003 (b)
----------------------------------------------------------------------
Claims to bankrupt and
substantially bankrupt
debtors 6.3 8.9 7.5 (1.3)
----------------------------------------------------------------------
Claims under high
risk 68.0 28.4 9.5 (18.8)
----------------------------------------------------------------------
Total 74.4 37.3 17.1 (20.2)
----------------------------------------------------------------------
(G) (H)
Progress in the disposal of
problem assets (in
billions of yen)
-------------------------------------
Second half
of fiscal 2002
-------------------------------------
Disposition by
borrowers' liquidation 0.0
-------------------------------------
Re-constructive
disposition 0.8
-------------------------------------
Improvements in financial
status due to
re-constructive
disposition -
-------------------------------------
Loan sales to secondary
market 1.3
-------------------------------------
Charge-off 8.7
-------------------------------------
Other 9.3
-------------------------------------
Collection of
claims 9.2
-------------------------------------
Improvements in
financial status 0.0
-------------------------------------
Total 20.2 (H)
-------------------------------------
Above (G) includes the following
figures which facilitates the
final disposal of problem loans.
(in billions of yen)
-------------------------------------
Second half
of fiscal 2002
-------------------------------------
Legal liquidation 2.1
-------------------------------------
Quasi-legal
liquidation -
-------------------------------------
Split-off of problem
loans -
-------------------------------------
Partial charge-off of
smaller balance loans 2.6
-------------------------------------
Entrust through the managed
trust method to the
Resolution and Collection
Corporation -
-------------------------------------
Total 4.7
-------------------------------------
(5) Assets newly categorized as problem assets during
first half of fiscal 2002 based on the FRL
(in billions of yen)
----------------------------------------------------------
As of As of
September 30, March 31, (b)-(a)
2002 (a) 2003 (b)
----------------------------------------------------------
Claims to bankrupt and
substantially bankrupt
debtors 4.3 15.4 11.1
----------------------------------------------------------
Claims under high risk 89.5 35.9 (53.6)
----------------------------------------------------------
Total 93.9 51.3 (42.5)
----------------------------------------------------------
(I) (J)
Progress in the disposal of
problem assets (in
billions of yen)
------------------------------------------
Second half
of fiscal 2002
------------------------------------------
Disposition by borrowers'
liquidation -
------------------------------------------
Re-constructive
disposition 0.1
------------------------------------------
Improvements in
financial status due
to re-constructive
disposition 9.7
------------------------------------------
Loan sales to secondary
market 2.0
------------------------------------------
Charge-off 13.2
------------------------------------------
Other 17.3
------------------------------------------
Collection of
claims 14.6
------------------------------------------
Improvements in
financial status 2.6
------------------------------------------
Total 42.5 (J)
------------------------------------------
Above (I) includes the following figures which facilitates the
final disposal of problem loans.
(in billions of yen)
------------------------------------------
Second half
of fiscal 2002
------------------------------------------
Legal liquidation 15.1
------------------------------------------
Quasi-legal
liquidation -
------------------------------------------
Split-off of problem
loans -
------------------------------------------
Partial charge-off of
smaller balance loans 0.9
------------------------------------------
Entrust through the
managed trust method to
the Resolution and
Collection Corporation -
------------------------------------------
Total 16.0
------------------------------------------
(6) Assets newly categorized as problem assets during second half
of fiscal 2002 based on the FRL
(in billions of yen)
------------------------------------------
As of March 31, 2003
------------------------------------------
Claims to bankrupt and
substantially bankrupt
debtors 25.3
------------------------------------------
Claims under high
risk 176.6
------------------------------------------
Total 202.0
------------------------------------------
Histrical trend of problem assets
based on the FRL
----------------------------------------------------------------------
As of As of As of As of As of
September March 31, September March 31, September
30, 30, 30,
2000 2001 2001 2002 2002 (a)
----------------------------------------------------------------------
Claims to bankrupt
and substantially
bankrupt debtors 239.2 147.3 132.0 96.7 60.5
----------------------------------------------------------------------
Claims under high
risk 526.7 589.2 580.5 491.5 401.3
----------------------------------------------------------------------
Total 766.0 736.6 712.6 588.2 461.8
----------------------------------------------------------------------
7. Classification
of Loans by Type
of Industry
(1) Loans by type of
industry (Banking:Non-
Consolidated) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic offices
(excluding loans
booked at offshore
markets) 7,759,202 (471,637) (425,592) 8,230,839 8,184,795
----------------------------------------------------------------------
Manufacturing 1,168,150 (73,567) (24,264) 1,241,717 1,192,414
Agriculture 1,547 83 173 1,464 1,374
Forestry 100 - - 100 100
Fishery 22,639 10,272 6,201 12,367 16,438
Mining 6,044 (1,231) (679) 7,275 6,723
Construction 271,847 (33,391) (22,301) 305,238 294,148
Utilities 151,750 27,330 24,359 124,420 127,391
Media and
Communication 846,527 227,261 77,822 619,266 768,705
Wholesale and
Retail 689,170 (149,292) (111,755) 838,462 800,925
Banks and
other financial
institutions 1,960,579 80,641 (145,976) 1,879,938 2,106,555
Real estate 1,032,902 (272,296) (149,942) 1,305,198 1,182,844
Services 676,374 (241,910) (176,744) 918,284 853,118
Municipal
government 343,804 118,577 83,133 225,227 260,671
Other industries 587,761 (164,113) 14,378 751,874 573,383
----------------------------------------------------------------------
Overseas offices
and loans booked
at offshore
markets 502,520 (307,676) (105,161) 810,197 607,681
----------------------------------------------------------------------
Total 8,261,722 (779,314) (530,754) 9,041,037 8,792,477
----------------------------------------------------------------------
(2) Domestic consumer loans
(Banking:Non-Consolidated) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Total domestic
consumer loans 265,406 25,686 26,271 239,719 239,135
----------------------------------------------------------------------
Housing loans 247,515 41,223 27,056 206,292 220,458
---------------------------------------------------------------------
Others 17,890 (15,536) (785) 33,427 18,676
----------------------------------------------------------------------
(3) Domestic loans to
small and medium-
sized companies
(Banking:Non-
Consolidated) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic loans to
small and medium-
sized companies 2,719,462 (917,461) (893,551) 3,636,923 3,613,013
----------------------------------------------------------------------
Percentage to
total domestic
loans 35.04% (9.13)% (9.09)% 44.18% 44.14%
----------------------------------------------------------------------
(4) Loans by type of
industry (Trust
accounts) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic offices
(excluding loans
booked at offshore
markets) 1,107,555 (275,882 (71,418) 1,383,437 1,178,974
----------------------------------------------------------------------
Manufacturing 76,795 (26,700) (2,681) 103,495 79,476
Agriculture - - - - -
Forestry 30 (7) (3) 37 33
Fishery 1,572 230 615 1,342 957
Mining 129 (192) (94) 321 223
Construction 7,872 (10,062) (3,965) 17,934 11,837
Utilities 135,204 (42,325) (17,029) 177,529 152,233
Media and
Communication 124,560 (47,833) (35,524) 172,393 160,084
Wholesale and
Retail 17,190 (7,959) 1,921 25,149 15,269
Banks and
other
financial
institutions 197,722 135,747 48,835 61,975 148,887
Real estate 77,800 (33,979) (11,361) 111,779 89,161
Services 52,767 (32,308) (15,228) 85,075 67,995
Municipal
government 37,773 (3,571) (2,680) 41,344 40,453
Other
industries 378,134 (206,922) (34,225) 585,056 412,359
----------------------------------------------------------------------
Overseas offices
and loans booked at
offshore markets - - - - -
----------------------------------------------------------------------
Total 1,107,555 (275,882) (71,418) 1,383,437 1,178,974
----------------------------------------------------------------------
(5) Domestic
consumer loans
(Trust
accounts) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Total domestic
consumer loans 268,405 (48,207) (22,957) 316,612 291,362
----------------------------------------------------------------------
Housing loans 265,050 (47,171) (22,474) 312,222 287,524
---------------------------------------------------------------------
Others 3,354 (1,035) (482) 4,390 3,837
----------------------------------------------------------------------
(6) Domestic loans to
small and medium-
sized companies
(Trust accounts) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic loans to
small and medium-
sized companies 666,401 (117,204) (3,601) 783,605 670,002
----------------------------------------------------------------------
Percentage to total
domestic loans 60.16% 3.52% 3.33% 56.64% 56.82%
----------------------------------------------------------------------
(7) Loans by type of industry
(Banking:Non-Consolidated and Trust
accounts) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic offices
(excluding loans
booked at offshore
markets) 8,866,758 (747,519) (497,011) 9,614,277 9,363,769
----------------------------------------------------------------------
Manufacturing 1,244,946 (100,267) (26,944) 1,345,213 1,271,890
Agriculture 1,547 83 173 1,464 1,374
Forestry 130 (7) (3) 137 133
Fishery 24,211 10,502 6,816 13,709 17,395
Mining 6,173 (1,424) (774) 7,597 6,947
Construction 279,720 (43,453) (26,265) 323,173 305,985
Utilities 286,955 (14,995) 7,330 301,950 279,625
Media and
Communication 971,088 179,428 42,298 791,660 928,790
Wholesale and
Retail 706,361 (157,252) (109,834) 863,613 816,195
Banks and
other
financial
institutions 2,158,302 216,388 (97,141) 1,941,914 2,255,443
Real estate 1,110,703 (306,274) (161,302) 1,416,977 1,272,005
Services 729,141 (274,219) (191,973) 1,003,360 921,114
Municipal
government 381,577 115,005 80,452 266,572 301,125
Other
industries 965,895 (371,036) (19,848) 1,336,931 985,743
----------------------------------------------------------------------
Overseas offices
and loans booked
at offshore
markets 502,520 (307,676) (105,161) 810,197 607,681
----------------------------------------------------------------------
Total 9,369,278(1,055,196) (602,172)10,424,475 9,971,451
----------------------------------------------------------------------
(8) Domestic consumer loans
(Banking:Non-Consolidated and Trust
accounts) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease) (Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Total domestic
consumer loans 533,812 (22,520) 3,314 556,332 530,497
----------------------------------------------------------------------
Housing loans 512,566 (5,948) 4,582 518,514 507,983
---------------------------------------------------------------------
Others 21,245 (16,571) (1,268) 37,817 22,514
----------------------------------------------------------------------
(9) Domestic loans to small and medium-sized
companies (Banking:Non-Consolidated and Trust
accounts) (in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease) (Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic loans to
small and medium-
sized companies 3,385,863(1,034,666) (897,152) 4,420,529 4,283,015
----------------------------------------------------------------------
Percentage to total
domestic loans 38.18% (7.79)% (7.55)% 45.97% 45.74%
----------------------------------------------------------------------
8. Loans and Deposits (Non- Consolidated)
(in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31, (Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Deposits
(ending
balance) 11,143,611 (132,019) (22,810)11,275,630 11,166,422
----------------------------------------------------------------------
Deposits
(average
balance) 11,172,642 337,583 78,477 10,835,059 11,094,165
---------------------------------------------------------------------
Loans (ending
balance) 8,261,722 (779,314) (530,754) 9,041,037 8,792,477
---------------------------------------------------------------------
Loans (average
balance) 8,859,128 (215,459) 37,646 9,074,587 8,821,481
---------------------------------------------------------------------
9. Domestic Deposits (Non- Consolidated)
(in millions of yen)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31, (Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Individuals 6,681,259 435,788 176,786 6,245,471 6,504,473
Corporations and
others 3,059,461 (266,012) (118,183) 3,325,474 3,177,644
----------------------------------------------------------------------
Domestic
deposits 9,740,721 169,775 58,603 9,570,945 9,682,118
----------------------------------------------------------------------
Note: Amounts do not include negotiable certificates of deposit,
deposits of overseas offices and JOM accounts.
10. Number of Employees (Non- Consolidated)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31, (Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Number of
Employees 6,188 (353) (263) 6,541 6,451
----------------------------------------------------------------------
11. Number of Offices
(Non- Consolidated)
----------------------------------------------------------------------
As of Increase/ Increase/ As of As of
March 31,(Decrease)(Decrease) March 31, September
30,
2003 (A) (A) - (B) (A) - (C) 2002 (B) 2002 (C)
----------------------------------------------------------------------
Domestic: 53 (2) (2) 55 55
----------------------------------------------------------------------
Head office
and Branches 49 (2) (2) 51 51
Sub Branches &
Agencies 4 - - 4 4
----------------------------------------------------------------------
Overseas: 8 - - 8 8
----------------------------------------------------------------------
Branches 5 - - 5 5
Sub - branches - - - - -
Representative
offices 3 - - 3 3
----------------------------------------------------------------------
Total 61 (2) (2) 63 63
----------------------------------------------------------------------
12. Earning Projections for the Fiscal Year Ending March 31, 2004
(Consolidated) (in billions of yen)
-------------------------------------------------------------------
For the year ending For the year ended
March 31, 2004 March 31, 2003
-------------------------------------------------------------------
Ordinary income 580.0 609.6
-------------------------------------------------------------------
Ordinary income
(loss) 70.0 (200.5)
-------------------------------------------------------------------
Net income (loss) 35.0 (97.3)
-------------------------------------------------------------------
(Non-Consolidated) (in billions of yen)
-------------------------------------------------------------------
For the year ending For the year ended
March 31, 2004 March 31, 2003
-------------------------------------------------------------------
Ordinary income 550.0 573.8
-------------------------------------------------------------------
Net business profits
before credit costs
for trust accounts
and provision for
formula allowance
for loan losses 160.0 178.4
-------------------------------------------------------------------
Ordinary income
(loss) 70.0 (204.5)
-------------------------------------------------------------------
Net income (loss) 35.0 (95.3)
-------------------------------------------------------------------
Financial Highlights of FY 2002 Results
---------------------------------------
I. Financial Highlights of Fiscal Year 2002 Results (Japanese GAAP)
II. Progress in Addressing Key Issues
III. Consolidated Management of the Group
Mitsubishi Tokyo Financial Group, Inc.
I. Financial Highlights under Japanese GAAP for the Fiscal Year Ended March 31, 2003
1. Highlights of Consolidated Statements of Operations
-------------------------------------------------------------------------------
(in billions of yen except percentages)
---------------------------------------------------------------------------------------------------------------
For the year ended For the year ended
March 31, 2002 (A) March 31, 2003 (B) (B) - (A)
---------------------------------------------------------------------------------------------------------------
1 Gross profits 1,711.6 1,747.3 35.6
--------------------------------------------------------------------------------------------------------------
2 Net interest income 1,108.0 1,058.8 (49.2)
3 Trust fees 122.7 101.4 (21.3)
4 Credit costs for trust accounts (19.3) (8.1) 11.1
5 Net fees and commissions 338.3 354.7 16.3
6 (% of Net fees and commissions to Gross profits) (19.7%) (20.3%) (0.6%)
7 Net trading profits 54.5 79.9 25.3
8 Net other business income 87.8 152.4 64.6
9 Net gains on debt securities 7.8 68.2 60.3
(% of Net trading profits and Net other business
10 income to Gross profits) (8.3%) (13.2%) (4.9%)
---------------------------------------------------------------------------------------------------------------
11 General and administrative expenses 966.8 991.2 24.3
12 Mitsubishi Securities Co., Ltd. 20.7 76.5 55.7
---------------------------------------------------------------------------------------------------------------
Net business profits before credit costs for trust
accounts and provision for formula
13 allowance for loan losses 764.1 764.2 0.1
---------------------------------------------------------------------------------------------------------------
14 Provision for formula allowance for loan losses 33.8 38.2 4.3
---------------------------------------------------------------------------------------------------------------
15 Net business profits 710.9 717.8 6.9
---------------------------------------------------------------------------------------------------------------
16 Net non-recurring gains (losses) (1,000.2) (1,078.1) (77.8)
--------------------------------------------------------------------------------------------------------------
17 Credit related costs (721.2) (492.3) 228.8
18 Losses on loan charge-offs (283.6) (211.0) 72.6
19 Provision for specific allowance for loan losses (346.1) (117.7) 228.3
Losses on sales of loans to the Resolution and
20 Collection Corporation (6.1) (75.2) (69.1)
21 Other credit related costs (85.2) (88.3) (3.0)
Net gains (losses) on equity
22 securities (224.8) (488.0) (263.1)
Gains on sales of equity
23 securities 136.8 80.3 (56.5)
Losses on sales of equity
24 securities (217.0) (219.6) (2.6)
25 Losses on write down of equity securities (144.6) (348.7) (204.0)
26 Other (54.1) (97.6) (43.5)
27 Foreign exchange loss on convertible bond - (43.6) (43.6)
---------------------------------------------------------------------------------------------------------------
28 Ordinary loss (289.3) (360.2) (70.9)
---------------------------------------------------------------------------------------------------------------
29 Net special gains (losses) (7.7) 19.5 27.2
---------------------------------------------------------------------------------------------------------------
30 Loss before income taxes and others (297.0) (340.7) (43.6)
---------------------------------------------------------------------------------------------------------------
31 Income taxes (163.4) (181.1) (17.6)
---------------------------------------------------------------------------------------------------------------
32 Minority interest 18.7 1.8 (16.8)
---------------------------------------------------------------------------------------------------------------
33 Net loss (152.3) (161.4) (9.1)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
34 Total credit costs (4+14+17) (774.4) (538.7) 235.6
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Net business profits after total
35 credit costs (13-34) (10.3) 225.4 235.7
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Risk-monitored loans at fiscal year
36 end 4,046.6 2,569.4 (1,477.1)
---------------------------------------------------------------------------------------------------------------
Operating Results of Significant Subsidiaries for the Year Ended March 31, 2003
------------------------------------------------------------------------------------------------------------------
Gross profits Efficiency ratio Net business profits Net income
before credit costs (loss)
---------------------------------------------------------------------------------------------------------------
37 The Bank of Tokyo-Mitsubishi, Ltd. 978.0 47.69% 511.5 (92.1)
---------------------------------------------------------------------------------------------------------------
Mitsubishi Trust and Banking
38 Corporation 326.4 47.84% 178.4 (95.3)
---------------------------------------------------------------------------------------------------------------
39 UnionBanCal Corporation 262.4 56.72% 113.5 63.2
---------------------------------------------------------------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc.
2. Highlights of Consolidated Balance Sheets
---------------------------------------------------------
(in billions of yen)
------------------------------------------------------------------------------------------------------------------
As of March 31, As of March 31,
2002 (A) 2003 (B) (B) - (A)
------------------------------------------------------------------------------------------------------------------
1 Loans and bills discounted 49,062.7 46,950.3 (2,112.4)
-----------------------------------------------------------------------------------------------------------------
2 Overseas branches 6,579.8 5,570.4 (1,009.3)
-----------------------------------------------------------------------------------------------------------------
Overseas subsidiaries (UnionBanCal Corporation
3 and Bank of Tokyo-Mitsubishi Trust Company) 3,725.6 3,442.2 (283.3)
-----------------------------------------------------------------------------------------------------------------
4 Domestic housing loans 6,376.0 6,941.1 565.1
------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Book value of loans sold during the fiscal year
5 (total of the two Banks *) (210.7) (486.9) (276.1)
------------------------------------------------------------------------------------------------------------
Sold to the Resolution and Collection
6 Corporation (the "RCC") (14.3) (234.9) (220.6)
-----------------------------------------------------------------------------------------------------------
7 (Sold to the RCC before charge-offs) ((56.9)) ((647.8)) ((590.9))
-----------------------------------------------------------------------------------------------------------
8 Other loans sold (196.4) (251.9) (55.5)
-----------------------------------------------------------------------------------------------------------------
Charge-offs during the fiscal year (total of
9 the two Banks *) (271.5) (292.5) (21.0)
-----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
% of disclosed claims under the Financial
10 Reconstruction Law to total claims 8.1 % 5.3 % (2.8)%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
11 Investment securities 23,109.7 24,158.3 1,048.6
-----------------------------------------------------------------------------------------------------------------
12 Domestic equity securities 5,138.6 3,231.3 (1,907.2)
-----------------------------------------------------------------------------------------------------------------
Japanese Government Bonds (total of the two
13 Banks *) 9,347.6 10,591.7 1,244.1
-----------------------------------------------------------------------------------------------------------------
14 Foreign bonds (total of the two Banks *) 4,590.3 6,657.5 2,067.1
------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Book value of investment securities sold during
15 the fiscal year (total of the two Banks *) (916.7) (1,279.6) (362.9)
------------------------------------------------------------------------------------------------------------
16 Transferred to an exchange-traded fund (450.9) (366.1) 84.8
-----------------------------------------------------------------------------------------------------------
17 Sold in the market or by other means (465.8) (913.5) (447.7)
-----------------------------------------------------------------------------------------------------------------
Write down during the fiscal year (total of the
18 two Banks *) (219.1) (356.5) (137.4)
-----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
19 Deferred tax assets 1,032.1 1,362.6 330.5
20 (% of Deferred tax assets to Tier I) (32.4%) (43.5%) (11.1%)
-----------------------------------------------------------------------------------------------------------------
21 Total of the two Banks * 995.2 1,372.8 377.5
22 Allowance for loan losses 757.0 532.3 (224.6)
23 Write down of investment securities 111.5 11.7 (99.8)
24 Net operating loss carryforwards 76.8 725.2 648.4
Other (primarily accrued severance indemnities
25 and pension liabilities) 49.8 103.5 53.6
------------------------------------------------------------------------------------------------------------------
26 Total assets 99,496.8 99,175.3 (321.5)
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
27 Deposits 59,907.3 62,624.3 2,716.9
-----------------------------------------------------------------------------------------------------------------
28 Total of the two Banks * 56,617.6 58,970.7 2,353.1
29 Overseas branches 7,079.4 5,943.5 (1,135.8)
30 Individuals 29,509.8 32,164.4 2,654.5
31 Corporations and others 19,325.2 19,903.8 578.5
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Weighted average rate on domestic loans (total of
32 the two banks *) 1.66 % 1.58 % (0.08)%
------------------------------------------------------------------------------------------------------------------
Weighted average rate on domestic deposits (total of
33 the two banks *) 0.18 % 0.09 % (0.09)%
------------------------------------------------------------------------------------------------------------------
Spread between domestic loans and domestic deposits
34 (total of the two banks *) 1.48 % 1.50 % 0.02 %
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
35 Total shareholders' equity 3,324.4 3,046.4 (278.0)
------------------------------------------------------------------------------------------------------------------
36 Capital stock 1,146.5 1,258.0 111.5
-----------------------------------------------------------------------------------------------------------------
37 Capital surplus 834.6 932.0 97.3
38 Capital increase - 111.5 111.5
-----------------------------------------------------------------------------------------------------------------
39 Retained earnings 1,189.7 962.3 (227.3)
-----------------------------------------------------------------------------------------------------------------
Unrealized gains (losses) on securities
40 available for sale 84.0 (223.4) (307.4)
-----------------------------------------------------------------------------------------------------------------
41 Less treasury stock (105.3) (4.4) 100.9
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
42 BIS risk-adjusted capital ratio 10.30 % 10.84 % 0.53 %
-----------------------------------------------------------------------------------------------------------------
43 Tier I ratio 5.27 % 5.68 % 0.41 %
------------------------------------------------------------------------------------------------------------------
44 Tier I capital 3,181.1 3,128.6 (52.4)
------------------------------------------------------------------------------------------------------------------
45 Risk-adjusted assets 60,335.8 55,049.6 (5,286.2)
------------------------------------------------------------------------------------------------------------------
* "Total of the two Banks" represents the aggregated
non-consolidated figures of The Bank of Tokyo-Mitsubishi, Ltd. and
The Mitsubishi Trust and Banking Corporation.
c. Six months results ending March 31, 2002 (in billions of yen)
---------------------------------------------------------------------------------------------------------------------
As of Inflows Outflows As of Net
increase
September 30, 2001 March 31, 2002
(A) (B) (C) (A)+(B)-(C) (B)-(C)
-------------------------------------------------------------------------------------------------------------------
1 Claims to bankrupt and
substantially bankrupt debtors 408.1 63.6 (52.7) 419.0 10.9
-------------------------------------------------------------------------------------------------------------------
2 Claims under high risk 2,171.4 384.0 (621.9) 1,933.5 (237.9)
-------------------------------------------------------------------------------------------------------------------
3 Total 2,579.6 447.7 (674.7) 2,352.6 (227.0)
d. Six months results ending September 30, 2001 (in billions of yen)
--------------------------------------------------------------------------------------------------------------------
As of March 31, Infows Outflows As of Net increase
2001 September 30, 2002
(A) (B) (C) (A)+(B)-(C) (B)-(C)
------------------------------------------------------------------------------------------------------------------
4 Claims to bankrupt and
substantially bankrupt debtors 398.5 30.2 (20.6) 408.1 9.5
------------------------------------------------------------------------------------------------------------------
5 Claims under high risk 2,169.4 337.1 (335.1) 2,171.4 1.9
------------------------------------------------------------------------------------------------------------------
6 Total 2,568.0 367.3 (355.8) 2,579.6 11.5
(3) Status of Secured Coverage on Disclosed Claims under the FRL (prompt report) (in billions of yen)
------------------------------------------------------------------------------------------------------------------------
Disclosed Collateral, Unsecured Reserves Coverage Ratio Coverage Ratio
amount Guarantees, etc (A) (B) (B)/(A) (March 31, 2002)
------------------------------------------------------------------------------------------------------------------------
7 Claims to bankrupt and
substantially bankrupt debtors 226.4 206.4 19.9 19.9 100.0% 99.9%
------------------------------------------------------------------------------------------------------------------------
8 Claims under high risk 1,031.3 467.5 563.8 386.3 68.5% 67.4%
------------------------------------------------------------------------------------------------------------------------
9 Claims under close observation 1,357.4 624.8 732.6 266.0 36.3% 28.4%
------------------------------------------------------------------------------------------------------------------------
10 Total 2,615.2 1,298.9 1,316.3 672.3 51.0% 50.7%
------------------------------------------------------------------------------------------------------------------------
11 (Change from March 31, 2002) (1,654.2) (883.4) (770.7) (387.3) 0.3% -
12 Normal claims 46,335.9 - - - -
(4) Status of Secured Coverage on Self-Assessment of Assets (prompt report)
-----------------------------------------------------------------------------------------------------------------------
As of As of As of
March 31, 2002 September 30, 2002 March 31, 2003
(A) (B) (C) (C)-(A) (C)-(B)
-----------------------------------------------------------------------------------------------------------------------
13 Normal 0.18% 0.19% 0.17% (0.00%) (0.01%)
-----------------------------------------------------------------------------------------------------------------------
14 Close Watch 8.11% 8.75% 9.30% 1.19% 0.54%
-----------------------------------------------------------------------------------------------------------------------
15 Close Watch 3.97% 3.57% 3.31% (0.65%) (0.26%)
-----------------------------------------------------------------------------------------------------------------------
16 Borrowers with Credit
under Close Observation 14.39% 17.44% 21.16% 6.78% 3.72%
-----------------------------------------------------------------------------------------------------------------------
17 Likely to become Bankrupt
(excluding secured assets) 67.54% 66.51% 67.44% (0.08%) 0.93%
Note: Above figures exclude certain mortgage and consumer loans.
4. Earning Projections for the Fiscal Year Ending March 31, 2004
----------------------------------------------------------------
(Non-consolidated) (in billions of yen)
----------------------------------------------------------------------------------------------------------
For the year ended For the year ending For the six months ending
March 31, 2003 (actual) March 31, 2004 September 30,
2003
1 Operating income 27.2 44.0 42.0
2 Ordinary profit 22.4 40.0 40.0
3 Net income 23.3 40.0 40.0
(Cash dividends) (in yen per share)
----------------------------------------------------------------------------------------------------------
Annual dividends per share Annual dividends per share Interim dividends
for the year ended for the year ending per share
March 31, 2003 March 31, 2004
4 Common stock 4,000 4,000 -
(Consolidated) (in billions of yen)
----------------------------------------------------------------------------------------------------------
For the year ended For the year ending For the six months ending
March 31, 2003 (actual) March 31, 2004 September 30,
2003
5 Ordinary income 2,772.5 2,880.0 1,395.0
6 Ordinary profit (loss) (360.2) 370.0 150.0
7 Net income (loss) (161.4) 190.0 70.0
II. Progress in Addressing Key Issues
Medium-Term Business Plan: Highlights of progress made in fiscal 2002
1. Addressing the problem loan issue
Rapid removal from the balance sheet of loans categorized as "Under
high risk of bankruptcy" or below
-- Concentrated effort to remove outstanding loans within two years
and newly arising problem loans within three years
Rapid reduction of problem loan ratio
-- Aim to reduce the ratio by approximately half by the end of fiscal
year 2004 from the level at the end of fiscal year 2001
-- Through aggressive utilization of the Resolution and
Collection Corp. (RCC) and other measures, and rapidly
removing from the balance sheet loans to customers categorized
as "Under high risk of bankruptcy" or below, the total amount
of problem loans held by the Group as of March 31, 2003
decreased by 1.65 trillion yen compared to one year earlier.
This was achieved in spite of continued high levels of newly
arising problem loans.
-- The ratio of problem loans as of March 31, 2003 fell 2.8
percentage points from the year before to 5.34%.
Disclosed Claims under the Financial Reconstruction Law (in billions of yen)
-----------------------------------------------------------------------------------------------------------
As of As of Increase /
March 31, 2002 March 31, 2003 (decrease)
-------------------------------------------------- ------------------ ------------------ ------------------
Total 4,269.4 2,615.2 (1,654.2)
------------------ ------------------ ------------------
Claims to bankrupt and substantially
bankrupt debtors 419.0 226.4 (192.6)
--------------------------------------------- ------------------ ------------------ ------------------
Claims under high risk 1,933.5 1,031.3 (902.1)
--------------------------------------------- ------------------ ------------------ ------------------
Claims under close observation 1,916.8 1,357.4 (559.3)
============================================= ================== ================== ==================
Ratio of problem loans 8.14% 5.34% (2.80%)
2. Reduction of equity portfolio
As of March 31, 2003, the balance of equity holdings had been reduced
to around the level of tier one capital.
From the standpoint of overall risk management, the Group plans to
sell a further 750 billion yen of equity holdings during fiscal 2003.
-- The Group disposed of approximately 1.28 trillion yen of
equity holdings during fiscal 2002, including transfers to
exchange-traded funds and sales to the Bank of Japan.
Balance of equity holdings (on MTFG's consolidated balance sheet) (in billions of yen)
------------------------------------------ -------------------- -------------------- ---------------------
As of March 31, As of March 31, Increase /
2002 2003 (decrease)
------------------------------------------ -------------------- -------------------- ---------------------
Securities available for sale -
marketable stock 5,027.6 3,124.2 (1,903.4)
------------------------------------------ -------------------- -------------------- ---------------------
Tier 1 Capital 3,181.1 3,128.6 (52.4)
------------------------------------------ -------------------- -------------------- ---------------------
3. Cost cuts
(1) Personnel cuts
-- Forecast 18,000-18,500 staff* at the end of March 2005
(reduction of 4,000 - 4,500 from March 2001 level)
Number of staff*
----------------- --------------------- --------------------- --------------------- ----------------------
As of March 31, 2001 As of March 31, 2002 As of March 31, 2003 Change from March
2001
--------------------- --------------------- --------------------- ----------------------
MTFG 22,438 21,385 20,603 (1,835)
----------------- --------------------- --------------------- --------------------- ----------------------
BTM 16,556 15,720 15,179 (1,377)
---------- --------------------- --------------------- --------------------- ----------------------
MTBC 5,882 5,665 5,424 (458)
*Total of BTM and MTBC full-time, domestic staff (non-consolidated)
(2) Reduction in the number of branch offices
-- Plan to reduce number of domestic branches by around 50 by
the end of March 2005
(Compared to end of September 2001 level)
Number of offices (Head office and domestic branches, sub-branches and agencies)
---------------- --------------------- --------------------- -------------------------------------------
As of Sept. 30, 2001 As of March 31, 2002 As of March 31, 2003 Change from Sept.
2001
---------------- --------------------- --------------------- --------------------- ---------------------
MTFG 361 351 335 (26)
--------------------- --------------------- --------------------- ---------------------
BTM 302 296 282 (20)
---------- --------------------- --------------------- --------------------- ---------------------
MTBC 59* 55 53 (6)
---------- --------------------- --------------------- --------------------- ---------------------
*For MTBC, the number of branches as of Oct. 1, 2001 (after merger of the three trust banks)
For reference: Medium-Term Business Plan (2003)
-----------------------------------------------
We have revised our assumptions for the outlook for interest rates
etc., and made Medium-Term Business Plan (2003) for the fiscal periods
from 2003 to 2005 *1. The financial plan for fiscal 2005 is as
follows:
Consolidated (in billions of yen)
------------------------------------ ---------------------- --------------------- ----------------------
Fiscal 2002 Fiscal 2005 Change
Actual Target
------------------------------------ ---------------------- --------------------- ----------------------
Net operating profit *2 764.2 1,140 +380 (approx.)
.................................... ...................... ..................... ......................
Net Income (loss) (161.4) 460 +620 (approx.)
.................................... ...................... ..................... ......................
ROE *3 (5.9%) 13%+ +19% (approx.)
.................................... ...................... ..................... ......................
BIS Capital Adequacy Ratio 10.84% Around 12% +1.2% (approx.)
(Tier 1 Capital) (5.68%) (Around 7%) (+1.3%)(approx.)
(Reference) Non-consolidated aggregates (in billions of yen)
------------------------------------ ---------------------- ---------------------- ---------------------
Fiscal 2002 Fiscal 2005 Change
Actual Target
------------------------------------ ---------------------- ---------------------- ---------------------
Gross Operating profit 1,312.6 1,565 +250 (approx.)
.................................... ...................... ...................... .....................
Operating Expenses 622.7 613 (10) (approx.)
(Expense ratio) (47%) (39%) (8%)
.................................... ...................... ...................... .....................
Net Operating Profit *4 689.9 952 +260 (approx.)
.................................... ...................... ...................... .....................
Net Income (187.4) 385 +570 (approx.)
------------------------------------ ---------------------- ---------------------- ---------------------
*1. For fiscal 2005 we assume the following: A three-month euro-yen
rate averaging 0.6% over the period, an exchange rate of 120 yen /
dollar as of March 31, 2006, and growth in Japanese GDP in real
term of 1.8%.
*2. Before trust account write-offs and general provision for loan losses.
*3. (Net income - non-convertible preferred share dividends) /
(average capital (excluding the value of non-convertible preferred
shares, appraisal gains)).
*4. Before trust account write-offs and general provision etc. for loan losses.
III. Consolidated Management of the Group
Through a further reform of its profit structure, the Group seeks to
build swiftly a business structure that can achieve stable growth.
As we strive to achieve this target, we will implement the additional
initiatives listed below. Taking this opportunity, we aim to
restructure the business model of the entire Group, by shifting to a
more consolidated and integrated management of the Group.
In rebuilding the business model, Bank of Tokyo-Mitsubishi (BTM),
Mitsubishi Trust & Banking Corporation (MTBC) and Mitsubishi
Securities will seek to reallocate their resources, including
personnel and facilities, to further enhance the expertise of each
Group company, and to create a structure that can provide customers
with higher quality and more comprehensive financial services.
1. Retail Business: Strengthening Strategy and Improving Efficiency
Strengthen operations and raise efficiency in the growing retail
business area.
By developing strategies and through integrating operations
group-wide, we aim to achieve rapid and customer-friendly delivery of
the best products and services to each customer through efficient
channels.
(1) Establish MTFG Plaza*, a new comprehensive financial services
channel for retail customers
-- MTFG Plaza will be a new delivery channel providing
comprehensive financial services from BTM, MTBC and Mitsubishi
Securities.
-- Providing integrated and comprehensive financial services and
products in a one-stop location, MTFG Plaza will offer BTM's
banking services, MTBC's trust banking services and securities
services from Mitsubishi Securities.
-- Growth of MTFG Plaza outlets will lead to further development
of joint branches between BTM and Mitsubishi Securities, the
streamlining of certain existing MTBC branches and the
establishment of new, streamlined MTBC branches. We aim to
fully integrate and raise the efficiency of our group-wide
channels for retail customers.
(2) Utilize IT and telecommunications to develop Virtual MTFG Plaza*
-- In addition to MTFG Plaza outlets, we will diversify our
channels through the development of a Virtual MTFG Plaza. This
channel will utilize IT and telecommunications technology to
provide products and services from each Group company.
-- For example, we are considering the introduction of automated
contracting machines at non-MTFG Plaza branches, through which
customers can access banking, trust and securities services.
*(Provisional name)
(3) Develop a Group operational strategy
-- Develop as a Group an overall strategy for business with
individuals (mass market, high net worth and workplace based)
and increase efficiency through common use of infrastructure
and resources.
-- In order to provide comprehensive service to individuals as a
Group, we will revamp our product line up to attract
individuals' funds, and will also consider the development of
composite banking, trust and securities services and products.
2. Standardizing and Integrating Operations and Systems
Further develop the standardization and integration of office
operations and systems, and pursue reduction of total group costs
while maintaining a high level of functionality, quality and
dependability.
(1) Continue concentration and integration of large volume operations
-- The concentration and integration of delivery operations for
cash and bills etc. between BTM and MTBC is now complete. We
are also examining jointly how to streamline office operations
and reduce running costs through concentration and integration
of back-office operational centers.
(2) Consider the standardization and integration of system platforms
-- Start to consider standardizing the banking business IT
systems of BTM and MTB based on BTM's existing systems.
-- We aim to reduce costs across the Group by sharing open system
assets for services such as online banking and ATM's in
convenience stores, by integrating systems maintenance, and by
sharing network platforms.
(3) Combine and integrate facilities, resources and outsourcing
-- Accelerate the integration and sharing of operational and
system sites between the two banks.
-- Examine the joint outsourcing of operations and systems
functions.
3. Increasing expertise and operational efficiency
Consolidate skills and functions within the Group to further increase
expertise and raise operational efficiency and productivity.
(1) Strengthen investment banking
-- In strengthening our Group's investment banking business in
response to our clients' sophisticated needs, we will
concentrate our specialized skills and business capabilities
to deliver high-level services and raise business efficiency.
-- In concrete terms, we will bring together group-wide human
resources to strengthen our syndicated loans function, and
will consider shifting the mergers & acquisition and
derivatives business of MTBC to Mitsubishi Securities as well
as other measures.
(2) Pursue a Group strategy in asset management and asset
administration businesses
-- In order to raise competitiveness, we will restructure the
growing asset management business and the highly competitive
asset administration business on a Group basis.
-- In concrete terms, we will fully utilize the know-how of MTBC
in the investment trust, 401K and custody businesses etc.
(3) Launch a comprehensive solution business for corporate clients
-- Through cooperation and collaboration among BTM, MTBC and
Mitsubishi Securities, the Group will provide a fully
integrated and comprehensive solutions service to corporate
clients. In addition, we will radically raise our business
efficiency through an allocation of roles that meets the needs
of corporate clients.
(4) Concentrate corporate center functions to increase expertise and
raise efficiency
-- Through concentration of corporate center functions within the
Group and their joint use by each Group company, we aim to
raise efficiency through shared policy, know-how and
infrastructure, and to enhance the management systems for risk
management, internal audit and compliance etc.
These materials contain forward-looking statements relating to us
including, among other things, current projections, targets with
respect to the results of operations, financial conditions and other
future events.
These forward-looking statements are not a guarantee of future results
and involve risks and uncertainties. Actual results may differ from
those in the forward-looking statements as a result of various
factors. For a detailed discussion of these risks and other risks,
uncertainties, and possible changes, please see our latest financial
summary report, annual report or other public filings.
Short Name: Mitsubishi Tokyo Fin
Category Code: FR
Sequence Number: 00005199
Time of Receipt (offset from UTC): 20030526T085822+0100
--30--sm/uk*
CONTACT: Mitsubishi Tokyo Financial Group Inc
KEYWORD: JAPAN UNITED KINGDOM INTERNATIONAL ASIA PACIFIC EUROPE
INDUSTRY KEYWORD: BANKING
SOURCE: Mitsubishi Tokyo Financial Group Inc
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