Japan’s biggest bank Mitsubishi UFJ reports 70% dive in Q1 profit

Mitsubishi UFJ Financial Group Inc (MUFG) 8306.T, Japan’s largest lender by assets, on Tuesday reported a 70.3% plunge in first-quarter net profit due to a one-off loss related to the sale of MUFG Union Bank, Reuters reported.

Mitsubishi UFJ, which owns 21.5% of Wall Street bank Morgan Stanley MS.N, reported net profit of 113.7 billion yen ($869.1 million) for the April-June period, against 383.1 billion yen a year earlier.

The Japanese bank maintained its full-year profit forecast of one trillion yen, a 12% drop from the previous year when it posted a record profit. The outlook compared with an average forecast of 1.05 trillion yen from 13 analyst estimates compiled by Refinitiv.