Mitsubishi UFJ’s second-quarter net profit beats analysts’ expectations – Earnings Review

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By Kosaku Narioka


Mitsubishi UFJ Financial Group Inc. released its first-half results on Monday. Here’s what you need to know.


NET PROFIT: Mitsubishi UFJ’s net profit fell 70% from a year earlier to 231.09 billion yen ($1.66 billion) for the six-month period ended September 30 . profit in the first quarter, according to a calculation by the Wall Street Journal. That beat the 53.62 billion yen estimate from an analyst poll by FactSet.


REVENUE: First-half revenue increased 46% to 4,314,000,000,000,000,000. Second-quarter revenue was 2.15 trillion yen, considering revenue from 2 164 billion yen in the first quarter. This also exceeded the estimate of Y1.604 trillion in the FactSet poll.


WHAT WE WATCHED:

— NET INTEREST INCOME: First-half net interest income increased 69% year-on-year to 1,674,000,000,000,000, driven in part by improved credit.

–GUIDE: Mitsubishi UFJ maintained its net profit target of 1 trillion yen for the fiscal year ending March 2023. Losses from the planned sale of Union Bank to US Bancorp are expected to offset operating gains higher than previously anticipated.

–PURCHASE: The company announced plans to repurchase up to 150 billion yen of shares by the end of January 2023, after completing the sale of Union Bank on December 1.


Write to Kosaku Narioka at [email protected]

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