Japan’s biggest bank Mitsubishi UFJ reports 70.5% slump in Q2 profit

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Mitsubishi UFJ, which owns about 22% of Morgan Stanley (NYSE:MS), posted a net profit of 117.41 billion yen ($841.83 million) for the July-September period, against 398.4 billion yen a year earlier, according to Reuters’ calculations based on six-month cumulative figures disclosed in a filing.

The Japanese bank maintained its full-year profit forecast of 1 trillion yen, a 12% drop from the previous year when it posted a record profit. The outlook compared with an average forecast of 1.04 trillion yen from 12 analyst estimates compiled by Refinitiv.

($1 = 139.4700 yen)