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Mitsubishi UFJ posts YOY jump in fiscal Q1 profit on nonrecurring gains

Mitsubishi UFJ Financial Group Inc. reported a 53% year-over-year jump in net profit for the three-month period ended June 30, helped by certain nonrecurring gains, including reversal of allowance for credit losses and gains on equity securities.

The group said net profit attributable to shareholders for the fiscal first quarter rose to ¥289.03 billion from ¥188.92 billion in the prior-year period. EPS rose to ¥21.50 from ¥13.72.

Ordinary income climbed to ¥1.507 trillion from ¥1.389 trillion in the year-ago quarter, while ordinary profit rose year over year to ¥397.48 billion from ¥340.81 billion.

Net interest income dropped to ¥462.55 billion from ¥502.10 billion, while net fees and commissions rose to ¥299.52 billion from ¥295.91 billion in the year-ago period.

The group said it recorded nonrecurring gains of ¥48.39 billion, compared to nonrecurring losses of nearly ¥2 billion in the year ago quarter.

The combined nonperforming loan ratio of the group's banking units as of June 30 clocked in at 1.07%, down from 1.11% as of March 31.

Meanwhile, the Bank of Tokyo-Mitsubishi UFJ Ltd. unit's net profit grew to ¥130.96 billion in the quarter from ¥110.49 billion a year earlier.

Net interest income amounted to ¥227.45 billion, down year over year from ¥275.56 billion. Net fees and commissions slipped to ¥93 billion from ¥98.78 billion. Ordinary profit at the banking unit increased to ¥176.14 billion from ¥152.84 billion.

The unit's NPL ratio slipped to 1.20% from 1.22% at the end of March.

At Mitsubishi UFJ Trust & Banking Corp., net income for the quarter rose year over year to ¥65.17 billion from ¥48.15 billion.

The unit's net interest income rose to ¥53.76 billion from ¥48.08 billion, while net fees and commissions increased to ¥24.21 billion from ¥22.08 billion in the year-ago period. Ordinary profit climbed to ¥81.75 billion from ¥63.25 billion.

The subsidiary's NPL ratio clocked in at 1.37% as of June 30, compared to 1.35% at the end of March.

As of July 31, US$1 was equivalent to ¥110.50.