• Kyodo News


Mitsubishi UFJ Financial Group Inc. and the nation’s five other top banks made a combined group net profit of ¥1.13 trillion in fiscal 2009, according to their earnings reports released through Tuesday.

The turnaround from a combined net loss of ¥1.17 trillion incurred in fiscal 2008 amid the global financial crisis was due largely to a drop in bad-loan disposal costs resulting from improved earnings at client companies thanks to a pickup in economic activity.

Profits from core banking operations remained weak, however.

MUFG, Japan’s biggest bank by asset holdings, said Tuesday it returned to the black in fiscal 2009 with a group net profit of ¥388.73 billion, compared with the previous year’s loss of ¥256.95 billion.

Dividend revenues from U.S. investment bank Morgan Stanley contributed to the profit, MUFG said.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.