TOKYO :Mitsubishi UFJ Financial Group reported a near five-fold jump in first-quarter profit on Tuesday, as a recovering domestic economy and higher interest rates abroad boosted lending income for Japan's biggest bank.
MUFG is the third of Japan's trio of"megabanks" to report solid profits for the quarter just ended, following results from smaller rivals Sumitomo Mitsui Financial Group and Mizuho Financial Group on Monday. Squeezed by low margins and a declining population at home, Japan's big banks have instead hunted for growth abroad. Mitsubishi UFJ has a tie-up with Morgan Stanley, forged in the midst of the global financial crisis.
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