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MUFG posts third-quarter net loss due to one-time charge on Indonesian unit, cuts outlook

Published 2020-02-04, 02:22 a/m
Updated 2020-02-04, 02:25 a/m
MUFG posts third-quarter net loss due to one-time charge on Indonesian unit, cuts outlook

TOKYO (Reuters) - Mitsubishi UFJ Financial Group Inc (MUFG) (T:8306), Japan's largest lender by assets, on Tuesday posted 25.7 billion yen ($236 million) net loss in the third quarter, as its banking unit booked a one-off charge on an Indonesian subsidiary.

The results, which were calculated by Reuters based on nine-month cumulative figures disclosed in a stock exchange filing, compared with 221.4 billion yen net profit in the same period a year earlier.

MUFG, which owns 24% of Wall Street lender Morgan Stanley (N:MS), cut its full-year outlook to 750 billion yen net profit from 900 billion yen. That compared with the 820.3 billion yen average of 12 analyst estimates compiled by Refinitiv.

MUFG said in December MUFG Bank would book a one-off charge of about 207.4 billion yen ($1.9 billion) for the third quarter due to a drop in the share price of Bank Danamon.

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