Japan’s biggest bank Mitsubishi UFJ reports 70.5% slump in Q2 profit
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MITSUBISHI UFJ Financial Group (MUFG), Japan’s largest lender by assets, on Monday (Nov 14) reported a 70.5 per cent slide in second-quarter net profit because of another one-off loss related to the sale of US unit MUFG Union Bank.
Mitsubishi UFJ, which owns about 22 per cent of Morgan Stanley, posted a net profit of 117.41 billion yen (S$1,151 million) for the July-September period, against 398.4 billion yen a year earlier, according to Reuters’ calculations based on six-month cumulative figures disclosed in a filing.
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. The outlook compared with an average forecast of 1.04 trillion yen from 12 analyst estimates compiled by Refinitiv. REUTERS
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