Mitsubishi UFJ net profit plummets 70%, Mizuho profit surges 29% in Q2

Japan’s largest bank in terms of assets, Mitsubishi UFJ Financial Group Inc, on Monday posted a 70% slump in its net profit for the fiscal second quarter due to another one-off loss associated with the sale of MUFG Union Bank.

The lender’s profit decreased to JPY 117.41 billion during the July-September period from JPY 398.4 billion in the year-ago quarter.

Mitsubishi UFJ Financial Group Inc kept its profit forecast for the full year at JPY 1 trillion. The latter compares with a median analyst estimate of JPY 1.04 trillion, according to Refinitiv.

Meanwhile, Japan’s third-biggest lender in terms of assets, Mizuho Financial Group, reported a 29% surge in net profit in Q2.

The bank’s profit rose to JPY 174.67 billion during the July-September period from JPY 135.1 billion in the year-ago quarter.

Mizuho Financial Group maintained its profit forecast for the full year through March at JPY 540 billion. That compares with a median analyst estimate of JPY 561.31 billion, according to data by Refinitiv.