Salem Radio Network News Monday, November 29, 2021

Business

Japan’s largest bank MUFG posts 95% jump in first-half profit

(Corrects MUFG’s stake in Morgan Stanley to 20%, not 24%)

TOKYO (Reuters) -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 20% 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)

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