Japans Largest Lender, Mitsubishi UFJ Records 70.5% Slump in Net Profit

Japan’s largest lender by assets, Mitsubishi UFJ Financial Group posted a 70.5 per cent decline in second-quarter net profit.

The huge loss can be attributed to another one-off loss related to the sale of U.S. unit MUFG Union Bank.

The Japanese bank maintained its full-year profit forecast of 1 trillion yen, a 12 per cent drop from the previous year when it posted a record profit.

Meanwhile, Refinitiv had gathered the forecast estimates from analysts that the average estimate is around 1.04 trillion yen.

Mitsubishi UFJ posted a net profit of 117.41 billion yen (USD841.83 million) for the July-September period, as compared to 398.4 billion yen a year earlier.

The lender also owns Morgan Stanley 22% of Morgan Stanley.

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