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UPDATE 1-Japan's MUFG cuts annual net profit estimate by 30% due to one-off charge [Reuters (UK)]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
Company Research Source: Reuters
Japan's MUFG cuts annual net profit estimate by 30% due to one-off charge - Reuters 1 Min Read TOKYO (Reuters) - Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) ( 8306.T ) said on Thursday it had cut its annual net profit estimate by 30% for the year ended in March, primarily due to a one-off charge at its Thai unit. The country’s largest lender by assets lowered the annual estimate to 520 billion yen ($4.9 billion) from 750 billion yen, it said in a statement. MUFG is scheduled to announce the results on May 15. The bank will book a 130.5 billion yen charge at Thailand’s Bank of Ayudhya PCL ( BAY.BK ) and a 65 billion yen charge at other units including Security Bank Corp ( SECB.PS ) of the Philippines. While the writedown was announced at the end of March, MUFG reiterated its full-year forecast at that time. It is also expecting to increase credit-related costs due to the coronavirus outbreak, pushing its net profit estimate down by 35 billion yen, it said. Reporting by Taka Show less Read more
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