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.
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