MUFG records 50% plunge in Q1 net profit to $1.73b

The fall was blamed on rising credit-related costs.

Mitsubishi UFJ Financial Group (MUFG) reported a fall in its Q1 net profit by more than a half of its recorded Q1 2019 figures due to a surge in credit-related costs, reports Reuters.

MUFG registered a $1.73b (JPY183.5b) for the three month-period ended 30 June, versus $3.67b (JPY389.2b) a year earlier.

The bank maintained its full-year profit forecast of $5.19b (JPY550b).

Japanese banks have been grappling against ultra-low interest rates for years, with the three major lenders MUFG, Sumitomo Mitsui Financial Group and Mizuho Financial Group saying credit-related costs this year would reach levels not seen since the global financial crisis.

Here's more from Reuters.