Japan’s MUFG posts 6.3% fall in first-half net profit

TOKYO: Mitsubishi UFJ Financial Group Inc (MUFG) has reported a 6.3% drop in net profit for the six months through September, as its profit in the same period of last year was buoyed by the release of bad loan provisions.

Japan’s largest lender by assets, which owns 24% of Wall Street bank Morgan Stanley, said net profit was 609.9 billion yen (US$5.6bil) in April-September, compared to 650.7 billion yen a year earlier.