Higher-Than-Expected MUFG Profit Comes From Reversals of Credit Costs While Core Business Struggles
Mitsubishi UFJ Financial Group posted better-than-expected profit at the bottom line for the July-September quarter owing to JPY 93 billion in write-backs of reserves for losses on loans to borrowers now judged to be less of a risk, but excluding one-time factors, it was another difficult quarter for MUFG. Strong returns from equity method affiliate Morgan Stanley, which contributed 20% of total profit during the period, and growth at Thai subsidiary Bank of Ayudhya could not compensate for the ...
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