Japan’s biggest bank Mitsubishi UFJ reports 70% dive in Q1 profit
2022.08.02 10:25
FILE PHOTO: A signboard of MUFG Bank is seen in Tokyo, Japan April 3, 2018. REUTERS/Toru Hanai/File Photo
TOKYO (Reuters) – Mitsubishi UFJ (NYSE:MUFG) Financial Group Inc (MUFG), Japan’s largest lender by assets, on Tuesday reported a 70.3% plunge in first-quarter net profit due to a one-off loss related to the sale of MUFG Union Bank.
Mitsubishi UFJ, which owns 21.5% of Wall Street bank Morgan Stanley (NYSE:MS), reported net profit of 113.7 billion yen ($869.1 million) for the April-June period, against 383.1 billion yen a year earlier.
The Japanese bank maintained its full-year profit forecast of one trillion yen, a 12% drop from the previous year when it posted a record profit. The outlook compared with an average forecast of 1.05 trillion yen from 13 analyst estimates compiled by Refinitiv.
($1 = 130.8300 yen)
