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Mitsubishi UFJ to book 360-B.-Yen loss on falls in Units’ shares

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01 Apr 2020 03:04:23 GMT9
01 Apr 2020 03:04:23 GMT9

TOKYO: Mitsubishi UFJ Financial Group Inc. said Tuesday that it will book a loss of 360 billion yen in fiscal 2019 through March, due to declines in the prices of shares in overseas banking subsidiaries.

Of the total, Mitsubishi UFJ, one of the top three banking groups in Japan, will book 130.5 billion yen of impairment loss on its holdings of shares in Thai commercial lender Bank of Ayudhya as the value of the shareholdings fell over 50 pct from the acquisition price amid the outbreak of the new coronavirus.

Mitsubishi UFJ also finalized its loss on shares in PT Bank Danamon Indonesia at 212.8 billion yen.

In April-December 2019, Mitsubishi UFJ saw its group net profit plunge 33 pct from a year before, due to an impairment loss on the Bank Danamon shares.

The Japanese banking group lowered its consolidated net profit estimate for the whole of fiscal 2019 to 750 billion yen from 900 billion yen when it released the April-December results in February this year.

Mitsubishi UFJ is currently examining to what extent the 360-billion-yen loss announced on Tuesday will affect its fiscal 2019 earnings.

JIJI Press

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