Japans biggest bank Mitsubishi UFJ reports 61% drop in Q3 profit

Japan's biggest bank Mitsubishi UFJ reports 61% drop in Q3 profit

TOKYO (Reuters) – Mitsubishi UFJ Financial Group Inc on Thursday reported a 61.2% drop in third-quarter net profit due to a loss related to the sale of U.S. unit MUFG Union Bank, which would be mostly offset by an accounting profit in the fourth quarter.

Mitsubishi UFJ, which owns about 22% of Morgan Stanley, posted a net profit of 343.2 billion yen ($2.67 billion) for the October-December period, against 289.0 billion yen a year earlier, according to Reuters calculations based on nine-month cumulative figures disclosed in a filing.

Japans largest lender by assets maintained its full-year profit forecast of 1 trillion yen, a 12% drop from the previous year when it posted a record profit. The outlook compared with an average forecast of 1.05 trillion yen from 11 analyst estimates compiled by Refinitiv.

($1 = 128.6600 yen)

(Reporting by Makiko Yamazaki; Editing by Christian Schmollinger)

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