Mitsubishi UFJ Financial Group's Fiscal-Year Net Profit Fell 1.3%

By Kosaku Narioka

Mitsubishi UFJ Financial Group said net profit declined 1.3% for the fiscal year that ended March, as losses from bond investments and increased credit costs offset gains in net interest income.

The Japanese financial company said Monday that net profit fell to 1.116 trillion yen ($8.22 billion) from Y1.131 trillion the previous fiscal year.

Fourth-quarter net profit was Y773.32 billion, given a net profit of Y343.175 billion in the preceding nine months ended December, according to a Wall Street Journal calculation. That missed the estimate of Y885.43 billion from a poll of analysts by S&P Global Market Intelligence.

Fiscal-year revenue increased 53% to Y9.281 trillion.

Net interest income climbed 42% to Y2.908 trillion, thanks to improvement in lending spreads, and net fees and commissions rose 8.7% to Y1.555 trillion.

The company booked net losses on debt securities of Y884.62 billion, compared with losses of Y140.44 billion the previous fiscal year, and total credit costs of Y674.84 billion, compared with Y331.435 billion the previous fiscal year.

Mitsubishi UFJ Financial Group said it aimed to achieve net profit of Y1.300 trillion for the new fiscal year that started in April.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

May 15, 2023 04:29 ET (08:29 GMT)

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