UFJ Holdings Inc. will probably suffer a net loss of more than 700 billion yen for the fiscal first half of 2004, bank sources said Wednesday.
The ailing banking group, which earlier anticipated an interim group net loss of 210 billion yen in the April-September period, now expects to see deeper losses due to intensified writeoffs of bad loans, the sources said.
UFJ is stepping up efforts to clean up its books before a planned merger with Mitsubishi Tokyo Financial Group Inc. through the disposal of bad loans extended to such large-lot borrowers as retailer Daiei Inc. and trading house Sojitz Holdings Corp.