UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February, 2004
----------
MITSUBISHI TOKYO FINANCIAL GROUP, INC.
(Translation of registrant's name into English)
4-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-6326, Japan
(Address of principal executive offices)
----------
[Indicate by check mark whether the registrant files or
will file annual reports under cover Form 20-F or Form 40-F.]
Form 20-F __X__ Form 40-F _____
[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.]
Yes ____ No __X__
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: February 5, 2004
MITSUBISHI TOKYO FINANCIAL GROUP, INC.
By: /s/ Atsushi Inamura
-------------------------------------
Name: Atsushi Inamura
Title: Chief Manager, General Affairs
Corporate Administration Division
Interim Consolidated Summary Report
(under US GAAP)
for the Fiscal Year Ending March 31, 2004
Date: February 5, 2004
Company name (code number): Mitsubishi Tokyo Financial Group, Inc. (8306)
(URL http://www.mtfg.co.jp)
Stock exchange listings: Tokyo, Osaka, New York, London
Headquarters: Tokyo
Representative: Shigemitsu Miki, President & CEO
For inquiry: Katsuhiko Ishizuka, Chief Manager - Financial
Policy Division
(Phone) +81-3-3240-8211
Consolidated financial data for the six months ended September 30, 2003
(1) Operating results
(in millions of yen, except per share data and percentages)
--------------------------------------------------------------
For the six months ended September 30, For the year ended
--------------------------------------------------------------
2003 2002 March 31, 2003
------------------------------------------------------------------------------------------------------------------------------------
Total revenue 1,459,205 1,389,916 2,432,004
Change from the previous year 5.0% (9.2)%
------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes and cumulative 780,650 267,875 246,697
effect of a change in accounting principle
Change from the previous year 191.4% --
------------------------------------------------------------------------------------------------------------------------------------
Net income 528,856 103,721 203,288
Change from the previous year 409.9% --
------------------------------------------------------------------------------------------------------------------------------------
Basic earnings per common share--net income 83,825.00 17,096.50 33,963.40
available to common shareholders (in yen)
------------------------------------------------------------------------------------------------------------------------------------
Diluted earnings per common share--net income 80,512.47 15,057.33 31,137.71
available to common shareholders (in yen)
------------------------------------------------------------------------------------------------------------------------------------
Notes:
1. Equity in earnings (loss) of affiliates:
For the six months ended September 30, 2003: 736 million yen
For the six months ended September 30, 2002: (13,023) million yen
For the year ended March 31, 2003: (11,746) million yen
2. Average number of shares outstanding:
For the six months ended September 30, 2003: (Common stock) 6,259 thousand shares
(Preferred stock--Class 1) 81 thousand shares
(Preferred stock--Class 2) 90 thousand shares
For the six months ended September 30, 2002: (Common stock) 5,579 thousand shares
(Preferred stock--Class 1) 81 thousand shares
(Preferred stock--Class 2) 100 thousand shares
For the year ended March 31, 2003: (Common stock) 5,617 thousand shares
(Preferred stock--Class 1) 81 thousand shares
(Preferred stock--Class 2) 100 thousand shares
-1-
(2) Financial condition
(in millions of yen, except per share data and percentages)
----------------------------------------------------------------
As of September 30, As of
----------------------------------------
2003 2002 March 31, 2003
------------------------------------------------------------------------------------------------------------------------------------
Total assets 101,848,779 92,316,029 96,531,713
------------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity 3,223,478 2,346,139 2,552,937
------------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity as a percentage of total assets 3.2% 2.5% 2.6%
------------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity per common share (in yen) 451,086.57 340,578.65 338,538.88
------------------------------------------------------------------------------------------------------------------------------------
Note: Number of shares outstanding as of:
September 30, 2003: (Common stock) 6,355 thousands of shares
(Preferred stock--Class 1) 81 thousands of shares
(Preferred stock--Class 2) 56 thousands of shares
September 30, 2002: (Common stock) 5,584 thousands of shares
(Preferred stock--Class 1) 81 thousands of shares
(Preferred stock--Class 2) 100 thousands of shares
March 31, 2003: (Common stock) 6,229 thousands of shares
(Preferred stock--Class 1) 81 thousands of shares
(Preferred stock--Class 2) 100 thousands of shares
(3) Cash flows
(in millions of yen)
----------------------------------------------------------------
For the six months ended September 30, For the year ended
----------------------------------------
2003 2002 March 31, 2003
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities (447,696) 1,070,233 780,982
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) investing activities (2,579,855) 801,902 (399,773)
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities 4,829,399 (1,387,256) 2,124,608
------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period 6,146,842 2,248,902 4,288,581
------------------------------------------------------------------------------------------------------------------------------------
Formulas for computing ratios for the six months ended September 30, 2003 are as
follows.
Basic earnings per common share - net income available to common shareholders
Net income - Total dividends on preferred stock
------------------------------------------------------
Average number of common stock during the period *
Diluted earnings per common share - net income available to common shareholders
Net income - Total dividends on preferred stock + Adjustments in
net income assuming dilution
---------------------------------------------------------------------------
Average number of common stock during the period * + Number of dilutive
potential common stock
Shareholders' equity per common share
Shareholders' equity at end of period - Number of preferred stock
at end of period x Issue price
---------------------------------------------------------------------------
Number of common stock at end of period *
* excluding treasury stock and parent's common stock owned by subsidiaries
The foregoing forward-looking statements may be materially affected by
regulatory developments or changes in governmental policies, laws,
regulations, voluntary code of practice and interpretations, including
those anticipated to be announced soon in Japan, changes in the level of
Japanese stock prices, the occurrence of material new corporate
bankruptcies, further developments in the Japanese or world economic
environment, and other factors outside MTFG's control. These
forward-looking statements are not guaranties of future performance, and
actual results may differ materially. Please see our latest annual report
for additional information regarding the risks in our business.
-2-
(US GAAP)
Condensed Consolidated Balance Sheets
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
----------------------------------------------------------------------------------------------------------------------------------
As of September 30,
---------------------------
2003 (A) 2002(B) (A) - (B) As of (A) - (C)
March 31,
(Unaudited) (Unaudited) 2003 (C)
(in millions of yen) (Condensed)
----------------------------------------------------------------------------------------------------------------------------------
Assets:
Cash and due from banks 6,146,842 2,248,902 3,897,940 4,288,581 1,858,261
Interest-earning deposits in other banks 3,632,526 4,148,565 (516,039) 4,009,986 (377,460)
Call loans, funds sold, and
receivables under resale agreements 2,548,561 2,359,578 188,983 1,765,046 783,515
Receivables under securities borrowing transactions 4,767,886 1,990,738 2,777,148 1,848,124 2,919,762
Trading account assets 9,711,675 7,327,701 2,383,974 8,363,383 1,348,292
Investment securities:
Securities available for sale 22,613,343 23,394,650 (781,307) 24,364,066 (1,750,723)
Securities being held to maturity 275,587 242,168 33,419 191,132 84,455
Other investment securities 186,149 138,289 47,860 145,431 40,718
----------------------------------------------------------------------------------------------------------------------------------
Total investment securities 23,075,079 23,775,107 (700,028) 24,700,629 (1,625,550)
----------------------------------------------------------------------------------------------------------------------------------
Loans, net of unearned income and deferred loan fees 47,969,643 48,091,245 (121,602) 48,465,569 (495,926)
Allowance for credit losses (1,069,044) (1,571,232) 502,188 (1,360,136) 291,092
----------------------------------------------------------------------------------------------------------------------------------
Net loans 46,900,599 46,520,013 380,586 47,105,433 (204,834)
----------------------------------------------------------------------------------------------------------------------------------
Premises and equipment--net 612,963 635,139 (22,176) 643,794 (30,831)
Accrued interest 155,991 181,262 (25,271) 173,351 (17,360)
Customers' acceptance liability 20,555 30,775 (10,220) 28,261 (7,706)
Intangible assets 231,448 200,341 31,107 186,898 44,550
Goodwill 51,488 41,070 10,418 48,143 3,345
Deferred tax assets 1,329,689 1,254,430 75,259 1,640,046 (310,357)
Other assets 2,663,477 1,602,408 1,061,069 1,730,038 933,439
----------------------------------------------------------------------------------------------------------------------------------
Total 101,848,779 92,316,029 9,532,750 96,531,713 5,317,066
----------------------------------------------------------------------------------------------------------------------------------
Liabilities and Shareholders' Equity:
Deposits:
Domestic offices:
Non-interest-bearing 4,923,055 3,544,419 1,378,636 3,987,854 935,201
Interest-bearing 53,311,678 49,743,486 3,568,192 52,257,085 1,054,593
Overseas offices, principally interest-bearing 11,621,863 10,556,215 1,065,648 11,058,739 563,124
----------------------------------------------------------------------------------------------------------------------------------
Total deposits 69,856,596 63,844,120 6,012,476 67,303,678 2,552,918
----------------------------------------------------------------------------------------------------------------------------------
Debentures 517,499 1,198,007 (680,508) 636,060 (118,561)
Call money, funds purchased, and
payables under repurchase agreements 7,528,704 6,504,990 1,023,714 7,113,927 414,777
Payables under securities lending transactions 2,080,340 2,222,914 (142,574) 2,205,943 (125,603)
Due to trust account and other short-term borrowings 5,520,915 4,491,849 1,029,066 4,255,646 1,265,269
Trading account liabilities 3,466,253 2,656,621 809,632 3,603,153 (136,900)
Obligations to return securities received as collateral 1,746,315 742,487 1,003,828 950,138 796,177
Bank acceptances outstanding 20,555 30,775 (10,220) 28,261 (7,706)
Accrued interest 112,296 152,248 (39,952) 132,655 (20,359)
Long-term debt 5,407,370 5,323,484 83,886 5,159,132 248,238
Other liabilities 2,368,458 2,802,395 (433,937) 2,590,183 (221,725)
----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 98,625,301 89,969,890 8,655,411 93,978,776 4,646,525
----------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity:
Capital stock:
Preferred stock--Class 1 122,100 122,100 - 122,100 -
Preferred stock--Class 2 56,200 100,000 (43,800) 100,000 (43,800)
Common stock 1,028,508 873,156 155,352 984,708 43,800
Capital surplus 1,057,916 908,461 149,455 1,058,611 (695)
Retained earnings:
Appropriated for legal reserve 239,454 237,474 1,980 237,474 1,980
Unappropriated 665,828 72,637 593,191 168,036 497,792
Accumulated other changes in equity from
nonowner sources, net of taxes 55,545 115,067 (59,522) (114,790) 170,335
----------------------------------------------------------------------------------------------------------------------------------
Total 3,225,551 2,428,895 796,656 2,556,139 669,412
Less treasury stock, at cost 2,073 82,756 (80,683) 3,202 (1,129)
----------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity--net 3,223,478 2,346,139 877,339 2,552,937 670,541
----------------------------------------------------------------------------------------------------------------------------------
Total 101,848,779 92,316,029 9,532,750 96,531,713 5,317,066
----------------------------------------------------------------------------------------------------------------------------------
-3-
(US GAAP)
Condensed Consolidated Statements of Income
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
------------------------------------------------------------------------------------------------------------------------------------
For the six months
ended September 30,
----------------------------
2003 (A) 2002 (B) (A) - (B) For the year ended
March 31, 2003
(in millions of yen) (Unaudited) (Unaudited) (Condensed)
------------------------------------------------------------------------------------------------------------------------------------
Interest income:
Loans, including fees 473,211 544,972 (71,761) 1,047,420
Deposits in other banks 25,533 41,077 (15,544) 72,623
Investment securities 205,589 196,536 9,053 391,426
Trading account assets 15,296 4,706 10,590 12,045
Call loans, funds sold, and receivables under resale
agreements and securities borrowing transactions 25,609 31,173 (5,564) 61,844
------------------------------------------------------------------------------------------------------------------------------------
Total 745,238 818,464 (73,226) 1,585,358
------------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Deposits 91,012 130,277 (39,265) 243,755
Debentures 2,313 5,657 (3,344) 8,508
Call money, funds purchased, and payables under repurchase
agreements and securities lending transactions 51,826 53,949 (2,123) 107,421
Due to trust account, other short-term borrowings,
and trading account liabilities 22,687 18,928 3,759 39,993
Long-term debt 58,703 76,937 (18,234) 140,240
------------------------------------------------------------------------------------------------------------------------------------
Total 226,541 285,748 (59,207) 539,917
------------------------------------------------------------------------------------------------------------------------------------
Net interest income 518,697 532,716 (14,019) 1,045,441
Provision (credit) for credit losses (130,675) 232,632 (363,307) 455,630
------------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision (credit) for credit losses 649,372 300,084 349,288 589,811
------------------------------------------------------------------------------------------------------------------------------------
Non-interest income:
Fees and commissions 267,627 251,841 15,786 528,108
Foreign exchange gains--net 259,704 113,511 146,193 25,558
Trading account profits--net 17,983 145,548 (127,565) 266,816
Investment securities gains (losses)--net 148,916 28,870 120,046 (21,293)
Other non-interest income 19,737 31,682 (11,945) 47,457
------------------------------------------------------------------------------------------------------------------------------------
Total 713,967 571,452 142,515 846,646
------------------------------------------------------------------------------------------------------------------------------------
Non-interest expense:
Salaries and employee benefits 252,813 241,732 11,081 499,470
Occupancy expenses--net 59,639 60,418 (779) 121,080
Other non-interest expenses 270,237 301,511 (31,274) 569,210
------------------------------------------------------------------------------------------------------------------------------------
Total 582,689 603,661 (20,972) 1,189,760
------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes and cumulative effect of a change
in accounting principle 780,650 267,875 512,775 246,697
Income taxes 251,794 163,622 88,172 42,877
------------------------------------------------------------------------------------------------------------------------------------
Income before cumulative effect of a change in accounting
principle 528,856 104,253 424,603 203,820
Cumulative effect of a change in accounting principle,
net of tax - (532) 532 (532)
------------------------------------------------------------------------------------------------------------------------------------
Net income 528,856 103,721 425,135 203,288
------------------------------------------------------------------------------------------------------------------------------------
Income allocable to preferred shareholders 4,168 8,336 (4,168) 12,504
------------------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 524,688 95,385 429,303 190,784
------------------------------------------------------------------------------------------------------------------------------------
(in yen)
Amounts per share:
Basic earnings per common share--income available to
common shareholders before cumulative effect of a change
in accounting principle 83,825.00 17,191.86 66,633.14 34,058.11
Basic earnings per common share--net income available to
common shareholders 83,825.00 17,096.50 66,728.50 33,963.40
Diluted earnings per common share--income available to
common shareholders before cumulative effect of a change
in accounting principle 80,512.47 15,147.97 65,364.50 31,228.45
Diluted earnings per common share--net income available to
common shareholders 80,512.47 15,057.33 65,455.14 31,137.71
-4-
(US GAAP)
Credit Quality Data
Mitsubishi Tokyo Financial Group, Inc., and Subsidiaries
----------------------------------------------------------------------------------------------------------------------------
As of September 30, As of
2003 (A) 2002 (B) (A) - (B) March 31, (A) - (C)
(in millions of yen) (Unaudited) (Unaudited) 2003 (C)
----------------------------------------------------------------------------------------------------------------------------
Nonaccrual loans 1,049,397 1,779,190 (729,793) 1,413,559 (364,162)
Restructured loans 1,167,186 1,778,659 (611,473) 1,319,068 (151,882)
Accruing loans contractually past due
90 days or more 17,682 13,969 3,713 20,399 (2,717)
----------------------------------------------------------------------------------------------------------------------------
Total 2,234,265 3,571,818 (1,337,553) 2,753,026 (518,761)
----------------------------------------------------------------------------------------------------------------------------
Loans 47,969,643 48,091,245 (121,602) 48,465,569 (495,926)
Allowance for credit losses 1,069,044 1,571,232 (502,188) 1,360,136 (291,092)
----------------------------------------------------------------------------------------------------------------------------
-5-