Funds News

Japan's top bank MUFG posts 34% drop in H1 profit

TOKYO, Nov 13 (Reuters) - 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.

Net profit in April-September at Japan’s largest lender by assets, which owns 24% of Wall Street bank Morgan Stanley , came in at 400.8 billion yen ($3.82 billion), compared to 607 billion yen a year earlier, according a stock exchange filing.

MUFG raised its profit forecast for the year to end-March to 600 billion yen from 550 billion yen, compared with the 618.9 billion yen average of 11 analyst estimates, according to Refinitiv data. ($1 = 104.9900 yen) (Reporting by Takashi Umekawa; editing by Richard Pullin)