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MUFG 9-month net profit falls 7.7 pct, low interest rates drag
February 3, 2017 / 7:10 AM / 10 months ago

MUFG 9-month net profit falls 7.7 pct, low interest rates drag

TOKYO, Feb 3 (Reuters) - Mitsubishi UFJ Financial Group on Friday reported a 7.7 percent drop in profits for the nine months ended December, joining other Japanese banks who have also posted weak results for the period as low interest rates dragged on lending incomes.

Japan’s largest lender by assets said its net profit came in at 786.9 billion yen ($6.7 billion) for the April-December period, down from 852.3 billion yen a year earlier.

Net interest income, or profits from lending business, fell to 1.47 trillion yen, down from 1.6 billion yen a year earlier.

For the full-year through March, MUFG kept its net profit forecast at 850 billion yen, down 10.7 percent from the previous year. Seventeen analysts on an average expect a net profit of 923.1 billion yen for the period, Thomson Reuters data shows. ($1 = 113.0800 yen) (Reporting by Taiga Uranaka; Editing by Himani Sarkar)

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