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.

REUTERS