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Banking groups Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. on Friday reported sharp improvements in earnings in the April-June period amid Japan’s economic recovery that has reduced bad-loan charges.

MUFG booked a group net profit of ¥166.35 billion in the first quarter of fiscal 2010, up 119.0 percent over a year earlier, despite a 12.5 percent fall in operating revenues to ¥1.17 trillion.

Mizuho climbed back into the black, with a net profit of ¥149.85 billion, in the just-ended quarter, compared with the year-before loss of ¥4.49 billion.

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