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.

  • The ‘All You Need’ 2015 Isuzu D-MAX launched
    The ‘All You Need’ 2015 Isuzu D-MAX launched

    Isuzu Philippines Corporation (IPC) just recently introduced the 2015 Isuzu D-MAX pick-up truck at the Clark International Raceway to show that their pick-up model can conquer any kind of terrain.The high-end LS variant and standard LT 4x4 is now equipped with a more powerful engine, the 4JK1-TC (Hi) 2.5-liter engine which with Common Rail Direct Injection and an intercooled Variable Geometry System (VGS) turbocharger. IPC also introduced a new standard ride variant, the LT-X 4x2 manual …

  • Limited Edition Honda CR-V and Jazz now available
    Limited Edition Honda CR-V and Jazz now available

    If you’ve always wanted to be part of an exclusive group of car owners, now might be the time for you to consider getting a Honda CR-V or Jazz.  Honda Cars Philippines Inc. (HCPI) just came out with their limited edition All New Jazz and New CR-V. …

  • ToyotaPH hit its highest monthly sales last March
    ToyotaPH hit its highest monthly sales last March

    Toyota Motors Philippines hit its highest monthly sales to date last March, registering 10,237 units sold.  This recent CAMPI report puts Toyota’s market share at 43.5% last month. …

  • VolkswagenPH launches Child Safety Initiative
    VolkswagenPH launches Child Safety Initiative

    Volkswagen Philippines just  launched the VW Child Safety Initiative (CSI) campaign which aims to support child safety on Philippine roads at the just concluded Manila International Auto Show (MIAS). The World Health Organization’s road safety facts show about 1.24 million die each year globally as a result of vehicle related accidents. Child restraint systems like child seats and booster seats also reduce risk for children by about 70% for infants and upto 80% for small children. This …

  • Pacquiao pleads for Indonesia to spare death row Filipina
    Pacquiao pleads for Indonesia to spare death row Filipina

    World boxing superstar Manny Pacquiao took time out Monday from final preparations for his $400 million megafight with Floyd Mayweather to plead for the life of a Filipina on death row in Indonesia. Pacquiao, a national hero in the Philippines, added his voice to a chorus of global opposition led by United Nations Secretary General Ban Ki-moon to the executions of a group of eight foreign drug convicts, including compatriot Mary Jane Veloso. The eight-division world champion, who will face …

  • Thousands beg Australia not to deport autistic Filipino boy
    Thousands beg Australia not to deport autistic Filipino boy

    A 10-year-old autistic Filipino boy made an emotional plea Monday for permission to stay in Australia, as tens of thousands called for him not to be deported despite the potential cost of his condition. Tyrone Sevilla, who arrived in Australia from the Philippines legally as a two-year-old with his mother Maria Sevilla, has written to Immigration Minister Peter Dutton asking to stay. The letter, which reads: "Dear Mr Dutton, can I stay in Australia please... Tyrone," was the first one her son …

  • Indonesia to look into condemned Filipina's case: Philippines
    Indonesia to look into condemned Filipina's case: Philippines

    Indonesian President Joko Widodo is "sympathetic" about the plight of a Filipina facing death for drug trafficking and has promised to look into her case, a spokesman for Philippine President Benigno Aquino said Monday after he made a personal appeal. While the comments seemed to indicate a faint prospect of reprieve for Mary Jane Veloso, the Indonesian leader is seen as extremely unlikely to change course on the executions which he has insisted for months are essential to halting a national …

  • Halt Indonesia drug executions until graft claims probed: Australia
    Halt Indonesia drug executions until graft claims probed: Australia

    Australia urged Indonesia Monday to ensure the trials of two men sentenced to death on drugs charges were corruption free before their executions go ahead, as family members readied to say their last goodbyes. "Bali Nine" drug traffickers Myuran Sukumaran and Andrew Chan could face the firing squad within days, along with others from Brazil, Nigeria, the Philippines and an Indonesian prisoner. Foreign Minister Julie Bishop spoke to her Indonesian counterpart Retno Marsudi on Sunday evening, …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options