Japan's top bank MUFG posts 34% slump in 1H profit

But Japan's biggest bank, which owns 24% of Morgan Stanley, also nudged up its full-year forecast, signalling confidence about its cost-cutting during the pandemic.

TOKYO: Mitsubishi UFJ Financial Group Inc (MUFG) reported on Friday a 34% drop in its half-year net profit due to a rise in credit-related costs amid the Covid-19 pandemic.

But Japan's biggest bank, which owns 24% of Morgan Stanley, also nudged up its full-year forecast, signalling confidence about its cost-cutting during the pandemic.