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Mitsubishi UFJ Financial Group Inc., the nation’s biggest bank, reported Thursday a smaller-than-estimated decline in first-quarter profit as lending income and fees rose, shrugging off an equity-market slowdown.

Net income fell 5.8 percent from a year earlier to ¥240.5 billion in the three months ended June 30, the Tokyo-based company said in a statement. Mizuho Financial Group Inc., the third-biggest lender by market value, said profit decreased 38 percent to ¥154.7 billion.

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