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HomeStockJapan's prime lender MUFG expects 12% drop in annual revenue By Reuters

Japan’s prime lender MUFG expects 12% drop in annual revenue By Reuters



© Reuters. Folks queue inside a department of the Mitsubishi UFJ (MUFJ) Monetary Group’s financial institution of Tokyo-Mitsubishi UFJ in Tokyo, Japan, on this February 1, 2016 file picture. REUTERS/Yuya Shino/Recordsdata

TOKYO (Reuters) – Japan’s largest lender Mitsubishi UFJ (NYSE:) Monetary Group Inc (MUFG) stated on Monday it expects a 12% drop in internet revenue for the present monetary 12 months as a consequence of market volatility and an unsure financial outlook, after scoring a report annual revenue for the earlier 12 months.

MUFG joins Sumitomo Mitsui (NYSE:) Monetary Group Inc (SMFG) and Mizuho Monetary Group Inc, Japan’s No. 2 and No. 3 lenders respectively, in providing cautious outlooks.

MUFG, which owns about 20% of Wall Road financial institution Morgan Stanley (NYSE:), stated it expects one trillion yen ($7.73 billion) in internet revenue for the present enterprise 12 months. That’s beneath analysts’ forecasts of 1.06 trillion yen, in line with Refinitiv Eikon knowledge.

For the earlier 12 months that led to March 2022, MUFG posted a report annual of revenue of 1.13 trillion yen ($8.73 billion) due to the discharge of money from provisions that had been put aside to cope with a possible flood of pandemic-related dangerous loans.

Nevertheless, the ultimate quarter noticed a 64.4% plunge in revenue as MUFG put aside 140 billion yen to cowl potential losses from its publicity to Russia.

That introduced complete Russian provisions by Japan’s prime three banking teams to 312 billion yen.

($1 = 129.3800 yen)

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