Mitsubishi UFJ posts $2.4 billion profit

Mitsubishi UFJ posts $2.4 billion profit

Tokyo: Mitsubishi UFJ Financial Group, one of Japan’s “megabanks", returned to profit in the nine months through December amid economic recovery in Japan and overseas.

Tokyo-based Mitsubishi UFJ reported 217 billion yen ($2.4 billion) net profit in the April-December period, compared with a 42 billion yen loss a year earlier.

Revenue fell to 3.77 trillion yen ($41.66 billion) from 4.35 trillion yen.

The bank kept unchanged its projection of a 300 billion yen net profit for the fiscal year ending March 2010. The bank posted a net loss of 256.95 billion yen in the last fiscal year.

The bank credited economic recovery in the US, Europe, Japan and the rest of Asia in helping boost its income in lending and market products.

Cost cuts also helped improve the results in the first nine months, Mitsubishi UFJ said.

The bank said its assets increased by 2.5 trillion yen ($27.6 billion) to 201 trillion yen ($2.2 trillion) on equity gains, including issuance of new shares.

Mitsubishi UFJ shares fell 0.6% to 475 yen ($5.2) in Tokyo.