Mitsubishi UFJ Profits Get Lending Boost

Japan's largest bank by assets reported a 48.3% rise in fiscal first-quarter earnings.
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Updated from 4:19 a.m. EDT

TOKYO (

TheStreet

) --

Mitsubishi UFJ Financial

(MTU)

, Japan's largest bank by assets, reported fiscal first-quarter earnings jumped 48.3% as net interest income rose because of an increase in overseas lending.

Earnings were 75.94 billion yen ($794.3 million) compared with 51.2 billion yen a year earlier. It's the first profit the bank recorded in three quarters.

Net interest income in the quarter rose to 555.2 billion yen from 470 billion yen a year earlier.

The bank left unchanged its target of 300 billion yen of consolidated net income for the fiscal year ending March 31, 2010.

Meanwhile,

Mizuho Financial

(MFG) - Get Report

, Japan's second-laregst bank, reported Friday a 4.49 billion yen loss for the fiscal first quarter, battered by the fallout from the global slowdown. It posted a profit of 133.0 billion yen a year earlier.

-- Reported by Joseph Woelfel in New York

.

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