MUFG sees full-year profit falling 11% amid negative rates

Tokyo

MITSUBISHI UFJ Financial Group Inc (MUFG) sees full-year profit falling 11 per cent as negative interest rates squeeze loan profitability and bad-loan costs increase.

Japan's largest bank is targeting net income of 850 billion yen (S$11 billion) in the year ending March 2017, it said in a statement on Monday. That is lower than the 982 billion-yen average estimate of nine analysts surveyed by Bloomberg.