TOKYO: Mitsubishi UFJ Financial Group, Japan’s largest bank by assets, returned to profit in the latest quarter due to the absence of big losses on its stock portfolio but its growth forecast for this year is below market expectations.
For the quarter ended March 31, MUFG said its net profit totalled 171.7 billion yen, against a loss of 214.9 billion yen a year earlier. MUFG forecast net profit of 400 billion yen (US$4.3bil) in the year to next March, below the average estimate of 436.2 billion yen in a poll by Thomson Reuters I/B/E/S. – Reuters