Japan’s largest bank MUFG posts 95% jump in first-half profit, BFSI News, ET BFSI

TOKYO, – Mitsubishi UFJ Financial Group Inc (MUFG) reported a 95% jump in half-year net profit due to the release of cash from pandemic-related provisions as well as a drop in other credit-related costs.

April-September net profit for Japan‘s largest lender came in at 781.4 billion yen ($6.86 billion), compared to 400.8 billion yen a year earlier.

MUFG, which owns 24% of Wall Street bank Morgan Stanley , raised its profit forecast for the full year to 1.05 trillion yen from 850 billion yen.

That compares with an average Refinitiv estimate of 982 billion yen from 11 analysts. ($1 = 113.9500 yen) (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)