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MUFG Americas records reversal in credit loss provision in Q2'16

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MUFG Americas records reversal in credit loss provision in Q2'16

MUFG AmericasHoldings Corp. on July 25 reported second-quarter net incomeattributable to the company of $305 million, compared to $49 million in thelinked quarter and $181 million in the second quarter of 2015.

The company's total revenue was $1.19 billion, up from $1.09billion in the preceding quarter and $1.10 billion in the year-ago period.

The company recorded a reversal in provision for creditlosses of $37 million, compared to a provision of $162 million in the firstquarter, and $15 million in the year-ago period.

MUFG attributed the latest quarter's change in provision tostabilization in the credit quality of the oil and gas sector of its loanportfolio and improving credit quality elsewhere in the commercial portfolio.

Net interest margin for the period was 2.77%, compared to2.69% for the previous period and 2.84% for the year-ago period.

Nonperforming assets for the quarter were $648 million,compared to $974 million in the prior period and $381 million a year ago.

Net loans charged-off in the period were $98 million,largely related to petroleum exploration and production loans, compared to $4million in the linked quarter and $20 million in the same quarter a year ago.Of the charge-offs, $51 million resulted from the transfer of certain petroleumexploration and production loans to held-for-sale.

MUFG's efficiency ratio fell to 68.42%, compared to 80.17%in the first quarter and 76.42% in the second quarter of 2015. The company'sadjusted efficiency ratio was 61.13% in the current period, down from 72.12% inthe linked quarter and 69.02% in the year-ago period.

MUFG Americas is a unit of