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Name | Symbol | Market | Type |
---|---|---|---|
Mitsubishi UFJ Financial Group Inc | NYSE:MUFG | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.30 | 0 | 01:00:00 |
Japan's largest bank, Mitsubishi UFJ Financial Group Inc., said its first-quarter net profit tumbled as the country's negative interest rates ate into the bank's profits from lending.
Net profit declined 32% to ¥ 188.92 billion ($ 1.8 billion) in the April-June period compared with the same period last year. The Tokyo lender said first-quarter net interest income from lending came to ¥ 502 billion, down 8% from a year earlier.
The weak performance highlights the challenges that lenders are facing now—a painful combination of ultrathin loan spreads, weak loan demand and lower economic growth.
Last Friday, Mizuho Financial Group Inc., Japan's second-largest lender by assets, reported a 16% decline in net profit in the April-June period from a year earlier.
Negative rates are squeezing banks' margins because the banks have to reduce rates charged to corporate borrowers but have yet to lower rates on depositors' accounts below zero.
In overseas operations, Mitsubishi UFJ said it also saw a drop in lending.
MUFG booked a loss of ¥ 6.5 billion from its 20% stake in Morgan Stanley.
Write to Atsuko Fukase at atsuko.fukase@wsj.com
(END) Dow Jones Newswires
August 01, 2016 05:35 ET (09:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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