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MUFG 6-month profit jumps on smaller bad loan costs, stock sales
November 14, 2017 / 7:29 AM / 11 days ago

MUFG 6-month profit jumps on smaller bad loan costs, stock sales

TOKYO, Nov 14 (Reuters) - Mitsubishi UFJ Financial Group (MUFG) on Tuesday reported a 27.8 percent rise in net profit for the six months ended September, as smaller bad loan costs and gains from selling equity holdings helped offset a weak lending business.

Japan’s largest lender by assets said its net profit came in at 626.9 billion yen ($5.5 billion) for the April-September period, up from 490.5 billion yen a year earlier.

For the full-year through March, the bank kept it net profit forecast at 950 billion yen, up 2.5 percent from the previous year but below an average estimate of 986.9 billion yen from 16 analysts polled by Thomson Reuters.

MUFG and other Japanese banks have been hit by diminishing returns from lending under the Bank of Japan’s massive monetary easing, which has pushed down interest rates on mortgages, car loans and corporate borrowings. ($1 = 113.6400 yen) (Reporting by Taiga Uranaka; Editing by Himani Sarkar)

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