By Kosaku NariokaMitsubishi UFJ Financial Group's nine-month net profit more than tripled thanks partly to smaller losses on debt securities and the absence of one-off expenses booked a year earlier related to the sale of a U.S. banking unit. The Japanese financial company said Monday that net profit increased to 1.298 trillion yen ($8.75 billion) for the nine months ended Dec. 31 from Y343.175 billion in the year-earlier period. A year earlier, its bottom line was hit by losses on debt securities as well as special expenses related to the sale of MUFG Union Bank. Third-quarter net profit was Y370.635 billion, given net profit of Y927.28 billion in the preceding six months, according to a Wall Street Journal calculation. The company recorded net losses on debt securities of Y197.03 billion, narrowing from the losses of Y572.39 billion recorded in the year-earlier period.

Source: Wall Street Journal February 05, 2024 10:03 UTC