While improving ROE in Japan remains key, we see Asia as a better opportunity for MUFG than the U.S.
Mitsubishi UFJ's first quarter was largely in line with expectations with net profit of JPY 315 billion higher against the same period last year and fourth quarter last year. Higher net interest income helped offset lower fee and commission income and trading income while the result also benefited from a reversal in written back loans. Credit costs declined to JPY 27.2 billion from JPY 55.9 billion last quarter and JPY 59 billion the same period last year. This is tracking in line with our forec...
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