April 10, 2018 / 8:49 AM / 9 months ago

MUFG to book half-billion-dlr writedown on branch closings-sources

TOKYO, April 10 (Reuters) - Mitsubishi UFJ Financial Group (MUFG) plans to book a nearly half-billion-dollar charge to write down the value of branches as the Japanese megabank seeks to consolidate retail outlets in a shrinking domestic market, two people with direct knowledge of the matter said on Tuesday.

The 50 billion yen ($470 million) charge for the year ended in March comes as Japan’s largest lender prepares to close or merge unprofitable domestic branches as part of a broader cost-cutting drive. MUFG has about 500 branches in Japan.

An MUFG spokesman declined to comment.

The bank had forecast a net profit of 950 billion yen for the financial year. At the end of the first nine months, it had already earned 90 percent of the full-year profit forecast. The bank is scheduled to announce its annual results in May.

$1 = 107.0200 yen Reporting by Taro Fuse Writing by Taiga Uranaka Editing by William Mallard

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