Mitsubishi UFJ Financial Group Inc. said Wednesday it has revised upward its earnings forecast for the business year to March 31 to a 1.17 trillion yen group net profit, compared with its previously estimated 9.3 billion yen.

The bullish outlook reflects the economic recovery that has helped megabanks dispose of their bad loans. MUFG saw higher earnings from its corporate borrowers, allowing it to set aside less money for nonperforming loans.

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