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Mitsubishi UFJ profit drops on credit losses
posted 8:03 am Tue May 20, 2008 - TOKYO
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Mitsubishi UFJ Financial Group Inc. said Tuesday its net profit for the fiscal year just ended fell 28 percent from the previous year as it was battered by U.S. subprime credit problems and other credit-related losses.Net profit at Japan's largest banking group, known as MUFG, fell to 636.6 billion yen ($6.12 billion) in the fiscal year ended March 31, 2008, down from 881 billion a year earlier. Revenue rose 5 percent to 6.394 trillion yen ($61.48 billion), compared with 6.094 trillion yen.
The Tokyo-based banking group said its exposure to the U.S. subprime mortgage problem totaled 81 billion yen ($778.8 million).
The company expects a group net profit of 640 billion yen ($6.15 billion) for the current financial year through March 2009, on revenue of 6.400 trillion yen ($61.54 billion).
Mitsubishi UFJ's earnings figures are based on Japanese accounting standards. Results for the January-March quarter were not made available.
Mitsubishi UFJ shares fell 2.68 percent in Tokyo to 1,055 yen ($10.14). Its earnings were announced after the Tokyo Stock Exchange closed.
The Tokyo-based banking group said its exposure to the U.S. subprime mortgage problem totaled 81 billion yen ($778.8 million).
The company expects a group net profit of 640 billion yen ($6.15 billion) for the current financial year through March 2009, on revenue of 6.400 trillion yen ($61.54 billion).Mitsubishi UFJ's earnings figures are based on Japanese accounting standards. Results for the January-March quarter were not made available.
Mitsubishi UFJ shares fell 2.68 percent in Tokyo to 1,055 yen ($10.14). Its earnings were announced after the Tokyo Stock Exchange closed.
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