Japan's MUFG 9-month net profit falls 34 pct, hurt by absence of one-time gain
TOKYO Feb 1 (Reuters) - Japan's Mitsubishi UFJ Financial Group posted a 34.7 percent decline in net profit for the nine months ended in December as its year-earlier profit was boosted by a hefty one-time gain from its investment in Morgan Stanley.
MUFG, which owns a 22 percent stake in the Wall Street bank, said it earned a net profit of 532.5 billion yen ($5.8 billion) for the April-December period, down from 815.8 billion yen a year earlier.
Excluding the impact of the year-earlier special gain, Japan's largest bank by assets saw its profit lifted by a year-end rally in the Japanese stock market and growth in overseas loans. Domestic lending activities remained tepid amid Japan's weak economic growth.
MUFG kept its full-year net profit forecast at 670 billion yen, below an average estimate of 685.6 billion yen in a poll of 17 analysts by Thomson Reuters.
Shares of MUFG rose 26 percent in the final three months of 2012, outperforming a 17 percent gain in the benchmark Nikkei average. Prior to the earnings announcement on Friday, the bank's shares closed down 1.15 percent for the day compared to a 0.5 percent gain in the Nikkei.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video