Mitsubishi UFJ Raises Profit Forecast to ¥2.8 Trillion

Mitsubishi UFJ Financial Group reported record first-half net income of about ¥1.63 trillion, up 26% from a year earlier and above analysts’ expectations. The Japanese lender raised its full-year profit target to ¥2.8 trillion from ¥2.7 trillion, citing steady customer-business performance and higher equity earnings from associates, including Morgan Stanley. MUFG also announced plans to repurchase up to ¥200 billion of its shares. Despite the stronger results and outlook, its shares edged lower in Tokyo after the announcement.