TOKYO (dpa-AFX) - Mitsubishi UFJ Financial Group Inc. (MTU), a Japanese bank holding and financial services company, on Monday posted a rise in its profit for the first half of the current fiscal, mainly due to a reversal of allowance as well as increases in net gains of equity security and Morgan Stanley related profits. In addition, owing to positive market cues, the company has revised up its guidance for the fiscal 2021.
The Tokyo-headquartered financial company posted a profit attributable to owners of parent at 781.4 billion yen or 60.69 yen per share for the first half of fiscal 2021, compared with 400.8 billion yen or 31.11 yen per share, reported for the same period, last year.
The lender reported its net interest income for the 24-week period ended on September 30 at 992.4 billion yen as against 966.5 billion yen, for the same two-quarter period of 2020.
Mitsubishi also reported a rise in trust fee for first half of 2021 at 744.7 billion yen, versus 655.2 billion yen, last year.
The total credit costs of the financial company moved down for the April to September period at 17.9 billion yen, from 258.4 billion yen, posted a year ago.
Amidst a rise in earnings and considering a progress in its financial performance in the first half, the company has raised its earnings guidance for the current fiscal. Mitsubishi now expects its profit at 1.05 trillion yen, compared with its previous projection of 850 billion yen, a rise of 200 billion yen.
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