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Business

Mitsubishi UFJ sinks into red, slashes profit forecast

Latest update : 2009-02-06

Japan's biggest bank, Mitsubishi UFJ Financial Group, has announced it sank into the red in the nine months to December 2008 due to falling stock markets and the credit crunch, posting a net loss of 42.07 billion yen (462 million dollars).

AFP - Japan's biggest bank, Mitsubishi UFJ Financial Group, said Friday it sank in the red in the nine months to December, hit by slumping stock markets and the credit crunch.

The megabank reported a net loss of 42.07 billion yen (462 million dollars) for the first three quarters of the financial year, against a year-earlier profit of 314.66 billion yen.

The group slashed its net profit forecast to 50 billion yen for the full financial year to March, from a previous projection of 220 billion yen.

The bank, which bought a chunk of troubled Wall Street titan Morgan Stanley, said it lost 326 billion yen because of falling share prices and 179 billion yen on securitised products and related investments.

Falls in net fees and commissions for investment trusts, insurance, securities and real estate also pressured earnings.

Japan's banks had been seen as relatively immune to the global financial crisis that brought down once-mighty US banks Bear Stearns and Lehman Brothers.

But they are now being squeezed by a plunging stock market and Japan's first recession in seven years.

Date created : 2009-02-06