TOKYO (Reuters) - Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) said on Thursday it had cut its annual net profit estimate by 30% for the year ended in March, primarily due to a one-off charge at its Thai unit.
The country’s largest lender by assets lowered the annual estimate to 520 billion yen ($4.9 billion) from 750 billion yen, it said in a statement.
MUFG is scheduled to announce the results on May 15.
While the writedown was announced at the end of March, MUFG reiterated its full-year forecast at that time.
It is also expecting to increase credit-related costs due to the coronavirus outbreak, pushing its net profit estimate down by 35 billion yen, it said.
Reporting by Takashi Umekawa; editing by David Evans