Mitsubishi UFJ Financial Group said it expects another year of record profit even as U.S. tariff measures cloud the outlook for Japan’s biggest banks.
Net income is likely to reach ¥2 trillion ($13.7 billion) for the 12 months ending March, up 7.5% from ¥1.86 trillion in the previous fiscal year, the company said on Thursday. The projection compares with the ¥2.04 trillion average of 13 analyst estimates compiled by Bloomberg.
MUFG joins its domestic rivals in anticipating further earnings growth while also flagging risks stemming from global trade ructions. The lenders have been raking in record profits thanks to long-awaited interest-rate increases by the Bank of Japan, along with gains from sales of shares held in client companies.
Tokyo-based MUFG said it plans to buy back as much as 1.5% of its shares for up to ¥250 billion. Sumitomo Mitsui Financial Group and Mizuho Financial Group also unveiled share repurchase programs earlier.
Earlier Thursday, Mizuho said it expects profit will climb 6.1% to ¥940 billion this fiscal year. Sumitomo Mitsui anticipates net income to rise about 10% to ¥1.3 trillion, it said Wednesday.
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