Mitsubishi UFJ Cuts Net Profit Projection by 230 B. Yen

Economy

Tokyo, April 30 (Jiji Press)--Japan's Mitsubishi UFJ Financial Group Inc. <8306> on Thursday revised down its consolidated net profit projection for the year that ended in March by 230 billion yen to 520 billion yen.

The downward revision reflected substantial impairment losses on its stock holdings due to equity price slumps caused by the coronavirus pandemic, as well as an increase in loan-loss reserves.

The megabank group also decided to amortize the goodwill associated with Thai lender Bank of Ayudhya, which it acquired in 2013.

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