Credit-related costs weigh on Japanese bank MUFG's profit

MUFG's credit-related costs in the first quarter came in at 145 billion yen, while the lender's bottom line was buoyed in the same period last year by reversal of bad debt reserves.

TOKYO: Mitsubishi UFJ Financial Group Inc (MUFG), Japan's largest lender by assets, said on Tuesday its first-quarter net profit more than halved as credit-related costs ballooned due to the coronavirus pandemic.

MUFG, which owns 24% of Wall Street investment bank Morgan Stanley, reported a profit of 183.5 billion yen ($1.73 billion) for the three-month period ended June 30, against 389.2 billion yen a year earlier.