Banking group UFJ Holdings Inc. said Tuesday it will post first-half group net losses of 65 billion yen for the period to Sept. 30, after shouldering hefty costs to cover bad-loan writeoffs and stock market losses.
The revision is down sharply from the 120 billion yen in profits projected in May, and makes UFJ the third banking group to announce cuts in its earnings forecasts for the first six months of fiscal 2001, following Mizuho Holdings Inc. and Mitsubishi Tokyo Financial Group.
UFJ's three member banks will together write off 240 billion yen in bad loans -- 90 billion yen higher than original estimates.