You are here

Japan's top bank MUFG posts 34% drop in H1 profit

[TOKYO] Mitsubishi UFJ Financial Group (MUFG) reported on Friday a 34 per cent drop in its half-year net profit due to a rise in credit-related costs amid the Covid-19 pandemic.

Net profit in April-September at Japan's largest lender by assets, which owns 24 per cent of Wall Street bank Morgan Stanley , came in at 400.8 billion yen (S$5.14 billion), compared to 607 billion yen a year earlier, according a stock exchange filing.

MUFG raised its profit forecast for the year to end-March to 600 billion yen from 550 billion yen, compared with the 618.9 billion yen average of 11 analyst estimates, according to Refinitiv data.


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to