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Japanese bank MUFG posts 53% profit drop on credit-related costs

Japanese bank MUFG posts 53% profit drop on credit-related costs

Mitsubishi UFJ Financial Group Inc (MUFG), Japan's largest lender by assets, on Tuesday said its net profit fell 52.9% in its first quarter to June 30 after creditrelated costs ballooned during the coronavirus pandemic.

TOKYO Mitsubishi UFJ Financial Group Inc (MUFG), Japan’s largest lender by assets, on Tuesday said its net profit fell 52.9% in its first quarter to June 30 after credit-related costs ballooned during the coronavirus pandemic.

MUFG reported profit of 183.5 billion yen ($1.73 billion) for the three-month period, against 389.2 billion yen a year earlier.

The bank retained its full-year profit forecast of 550 billion yen. That compared with an average estimate of 594.1 billion yen from 10 analyst forecasts compiled by Refinitiv.

($1 = 106.0500 yen)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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  • First Published: August 4, 2020, 1:05 PM IST
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