Japan’s MUFG lifts profit forecasts after Q2 net income nearly doubles

TOKYO (Reuters) – Mitsubishi UFJ (NYSE:) Financial Group, Japan’s top lender by assets, on Thursday raised its annual net profit forecast to a record 1.75 trillion yen ($11.23 billion) after second-quarter profit surged on higher interest rates and the sale of cross-held shares.

Group net profit for the July-September period came to 702 billion yen, up 90% from 369 billion yen in the year-earlier quarter. It had previously forecast a full-year net profit of 1.5 trillion yen.

($1 = 155.8400 yen)