Mitsubishi UFJ Swings to $2.4B Profit

Japan's biggest bank by assets said it swung to a profit in the nine months through December as net interest income rose and expenses fell.
By Joseph Woelfel ,

TOKYO (

TheStreet

) --

Mitsubishi UFJ Financial

(MTU)

, Japan's biggest bank by assets, said it swung to a profit in the nine months through December as net interest income rose and expenses fell.

Mitsubishi UFJ said profit for the April to December period was 217 billion yen ($2.4 billion) vs. a year-loss of 42 billion yen.

Revenue declined to 3.77 trillion yen from 4.35 trillion yen a year earlier.

The bank said it still forecasts profit for the fiscal year ending next month of 300 billion yen; it posted a loss of almost 257 billion yen in the previous fiscal year.

Net interest income in the latest nine months period rose to 1.65 trillion yen from 1.41 trillion yen a year earlier.

Mitsubishi UFJ shares fell 0.6% on Wednesday in Tokyo.

-- Reported by Joseph Woelfel in New York.

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