Salem Radio Network News Sunday, July 3, 2022

Business

Japan’s top lender MUFG reports 64.4% drop in Q4 net profit

TOKYO (Reuters) – Mitsubishi UFJ Financial Group Inc (MUFG), Japan’s largest lender, on Monday reported a 64.4% drop in fourth-quarter net profit.

MUFG, which owns about 20% of Wall Street bank Morgan Stanley, posted a profit of 60.4 billion yen ($467.71 million) for the three months through March, according to Reuters calculations based on the bank’s filing.

The banking group said it expects one trillion yen in net income for the current business year.

Forecasts from 13 analysts averaged 1.06 trillion yen, Refinitiv Eikon data showed.

($1 = 129.1400 yen)

(Reporting by Makiko Yamazaki; editing by Jason Neely)

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