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Japan's MUFG Q2 profit eases, raises full-year forecast

Reuters
FILE PHOTO : People walk past a branch of Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter/File Photo (Reuters)

TOKYO (Reuters) - Mitsubishi UFJ Financial Group Inc (MUFG) reported on Tuesday net profit for the second quarter eased 0.6 percent, with hefty income from the release of bad loan provisions failing to offset a weak domestic lending business.

Profit was 335.8 billion yen ($2.95 billion) in July-September compared to 337.9 billion yen in the same period a year earlier, Reuters' calculation showed.

It raised its profit forecast for the year to end-March by 100 billion yen to 950 billion yen, slightly below the 959.5 billion yen average of 14 analyst estimates, according to Refinitiv data.

MUFG owns 24 percent of U.S. bank Morgan Stanley and 77 percent of Thailand's Bank of Ayudhya PCL.

($1 = 113.9500 yen)

(Reporting by Taiga Uranaka; Editing by Christopher Cushing and Muralikumar Anantharaman)