Daily Management Review

Mitsubishi UFJ's net profit falls for the second fiscal quarter


The second fiscal quarter of the largest bank in Japan by assets, Mitsubishi UFJ Financial Group Inc, ended with a 70.5% decrease in net income.

Ming Xia
Ming Xia
The sale of MUFG Union Bank's U.S. division resulted in another one-time loss, which is why the incident occurred.

According to calculations made by Reuters based on the bank's half-year results, Mitsubishi UFJ reported net income of 117.41 billion yen ($841.83 million) for the months of July through September as opposed to 398.4 billion yen a year earlier.

The Japanese lender maintained its 1 trillion yen full-year profit forecast, a 12 percent decrease from the previous year's record-breaking profits. Refinitiv polled 12 analysts, and their average expectation for full-year profits was 1.04 trillion yen.

Mitsubishi UFJ owns about 22% of Morgan Stanley.

source: cnbc.com