Mitsubishi UFJ Reports Higher Annual Profit

By Kosaku Narioka

Mitsubishi UFJ Financial Group reported a rise in annual net profit and said it is aiming for further increase in earnings this fiscal year.

The Japanese financial company's net profit rose 30% from a year earlier to 2.427 trillion yen, equivalent to $15.36 billion, for the 12 months ended March, it said. That beat the estimate of Y2.262 trillion in a poll of analysts by data provider Visible Alpha.

Mitsubishi UFJ said it would target a net profit of 2.700 trillion in the fiscal year that began in April and raised its return-on-equity target to about 12% this fiscal year, up from its previous target of about 9%.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

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