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Mitsubishi income more than doubles
Source: Agencies |
November 16, 2010, Tuesday
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MITSUBISHI UFJ Financial Group, Japan's biggest bank, said first-half profit more than doubled and raised its full-year earnings forecast.
Mitsubishi UFJ said yesterday that April-September profit totaled 356.7 billion yen (US$4.3 billion), up from 140.9 billion yen a year earlier.
Its global business improved on cost cuts, strong bond trading and the benefits coming from a global recovery, Mitsubishi UFJ said.
The Tokyo-based bank expects 500 billion yen net profit for the full year through March 2011, up from its earlier projection of 400 billion yen profit.
Mitsubishi UFJ had reported a 388.7 billion yen profit for the year ended March 2010.
The results are further evidence of recovery at Japan's "Big Three" banks, which were hit by the global financial crisis but have managed to hold up better than some of their Western counterparts.
Last week, Mizuho Financial Group raised its full year forecast to 500 billion yen in profit, about 70 billion yen better than the previous projection.
Mitsubishi UFJ said yesterday that April-September profit totaled 356.7 billion yen (US$4.3 billion), up from 140.9 billion yen a year earlier.
Its global business improved on cost cuts, strong bond trading and the benefits coming from a global recovery, Mitsubishi UFJ said.
The Tokyo-based bank expects 500 billion yen net profit for the full year through March 2011, up from its earlier projection of 400 billion yen profit.
Mitsubishi UFJ had reported a 388.7 billion yen profit for the year ended March 2010.
The results are further evidence of recovery at Japan's "Big Three" banks, which were hit by the global financial crisis but have managed to hold up better than some of their Western counterparts.
Last week, Mizuho Financial Group raised its full year forecast to 500 billion yen in profit, about 70 billion yen better than the previous projection.
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