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Japan's MUFG Q1 profit falls 5.8 pct on Thai bank costs
July 31, 2014 / 7:25 AM / 3 years ago

Japan's MUFG Q1 profit falls 5.8 pct on Thai bank costs

TOKYO, July 31 (Reuters) - Mitsubishi UFJ Financial Group Inc (MUFG) on Thursday said net profit fell 5.8 percent in April-June in part due to expenses after acquiring Thailand’s Bank of Ayudhya PCL.

But the first-quarter profit fall at Japan’s largest lender by assets was significantly smaller than rivals as it booked larger stock-related gains than a year-earlier period while others suffered declines.

MUFG, which owns about one-fifth of Morgan Stanley, reported net profit of 240.5 billion yen ($2.3 billion) in April-June from 255.3 billion yen a year earlier.

MUFG left its net profit forecast for the year ending March 31 at 950 billion yen, down 3.5 percent from a year prior and less than a 963 billion yen mean estimate of 19 analysts in a Thomson Reuters poll.

Shares of MUFG closed 0.9 percent higher ahead of the earnings, versus a 0.2 percent decline in the benchmark index .

$1 = 102.8100 Japanese Yen Reporting by Taiga Uranaka; Editing by Christopher Cushing

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