Japan's Mitsubushi UFJ posts 68% profit rise

Japan's Mitsubishi UFJ Financial Group Tuesday posted an annual profit surge of 68.3 percent on lower credit costs, bond trading gains and a conversion of its stake in Morgan Stanley.

Japan's biggest bank said its net profit came in at 981.3 billion yen ($12.28 billion) in the year through March 2012, up from 583.08 billion yen a year earlier.

Revenue rose 9.2 percent to 4.95 trillion yen, it said.

Credit costs fell by 160.6 billion yen from a year earlier partly due to a decrease in losses on loan write-offs, the bank said.

The Japanese lender owns 22.4 percent of Morgan Stanley after offering the Wall Street giant a $9.0 billion lifeline following the global financial crisis in 2008.

In June, it changed the ownership stake to common shares from preferred shares with a dividend, gaining 290 billion yen from the conversion.

For the current fiscal year to March 2013, the bank forecasted that its net profit would be 670 billion yen.

Mitsubishi said its exposure to debt-hit Europe was minimal, with "limited" activity related to the continent's banks and no holdings of Greek or Irish government bonds.

"(Our) exposures to Spain and Italy were mainly towards the infrastructure sector, such as electricity, gas and telecommunications," it said.

"(There were) limited exposures to financial institutions."

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Philippine's Aquino revives comparison between China and Nazi Germany
    Philippine's Aquino revives comparison between China and Nazi Germany

    By Kiyoshi Takenaka TOKYO (Reuters) - Philippine President Benigno Aquino made a veiled comparison on Wednesday between China's activities in the South China Sea and Nazi Germany's expansionism before World War Two, echoing similar remarks he made last year that outraged Beijing. Aquino, who is expected to agree beefed up defence ties with Japan when he meets Prime Minister Shinzo Abe on Thursday, also urged Beijing to rethink its land reclamation projects in the disputed waters. China has …

  • In Tokyo, Philippine leader criticizes China over sea moves
    In Tokyo, Philippine leader criticizes China over sea moves

    TOKYO (AP) — On his sixth visit to Japan in five years, Philippine President Benigno Aquino III on Wednesday criticized China's assertiveness in regional seas, a concern shared by both countries as they deepen their ties. …

  • Phl-Japan ties key to maritime security – Noy
    Phl-Japan ties key to maritime security – Noy

    The Philippines has a vital role to play with Japan in defending maritime security and in keeping stability in the region amid tension stirred by China’s rapid land reclamation activities in disputed waters, President Aquino told the Japanese parliament yesterday. “The prosperity of maritime and coastal East and Southeast Asia, which relies greatly on the free movement of goods and peoples, is at risk of being disrupted by attempts to redraw the geographic limits and entitlements outside those …

  • US turns over $1.3 M seized from ex-AFP comptroller
    US turns over $1.3 M seized from ex-AFP comptroller

    United States Ambassador Philip Goldberg personally handed a ceremonial check worth more than $1.384 million or P60.9 million to the Philippine government yesterday representing proceeds of the forfeiture of US assets of former Armed Forces of the Philippines (AFP) comptroller Carlos Garcia. Ombudsman Conchita Carpio-Morales accepted the money, which will be given to the Bureau of Treasury (BTr) as part of the recovered unexplained wealth of Garcia, a former military general still facing …

  • Gov’t lifts deployment ban to Liberia
    Gov’t lifts deployment ban to Liberia

    The Philippine government will resume deployment of Filipino workers to Liberia, which has been declared free of the Ebola virus, an official said yesterday. The Philippine Overseas Employment Administration (POEA) governing board, “in a resolution, resolved to lift the ban in Liberia and to resume processing and deployment of all Filipino workers, including both vacationing and new hires,” Labor Secretary Rosalinda Baldoz said. …

  • Iloilo to host Independence Day rites
    Iloilo to host Independence Day rites

    Departing from tradition, this year’s 117th Independence Day ceremonies will be held not in Luzon but in Iloilo’s Sta. Barbara town, where the Philippine flag was first raised to inaugurate the provisional revolutionary government of the Visayas in 1898. “Let us make use of that momentous event to show this nation the soaring aspirations of Ilonggos – that with our past, present and near future achievements, we are poised to reclaim Iloilo’s rightful place as Queen City of the South,” Drilon …

  • US returns $1 million forfeited from Filipino ex-general

    MANILA, Philippines (AP) — The United States returned to the Philippine government on Wednesday more than $1 million from the forfeited assets of a discharged Filipino general accused of stashing illegally obtained wealth in America. …

  • Japan, Philippines huddle amid increasing China concerns
    Japan, Philippines huddle amid increasing China concerns

    The Philippine president is on his sixth visit to Japan in less than five years, signaling his country's deepening ties with Tokyo amid increasing concerns by both sides about China's assertiveness in ... …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options