Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
BankDEP Crypto Bank
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Financial and Banking News

Mitsubishi UFJ Q1 profit slides 66,2%

Financial newsTop Japanese bank Mitsubishi UFJ Financial Group (MUFG) issued a financial report. Bank's net profit I quarter in the 2008-2009 fiscal year decreased by 66.2% to 51.2 billion yen ($475 million) against 151.26 billion yen ($1.4 billion) received for the same period a year earlier.

The Group links the decline in financial performance for the reporting period the global financial crisis. Mitsubishi UFJ lost 16 billion yen ($147.9 million) on investments backed by U.S. subprime mortgages and other securitised products in the April-June quarter, bringing its total losses from the year-long global credit crisis to 139 billion yen ($1.3 billion) so far.

Mitsubishi UFJ has a market capitalisation of $93.6 billion, making it the seventh-largest company on the FTSE global bank index. In addition to a sharp downturn in global markets, which has sparked trading losses and curbed customer demand for investment products, Japanese banks have been struggling to make headway in a sluggish domestic economy.

Two of Mitsubishi UFJ's rivals, Mizuho Financial Group and Sumitomo Mitsui Financial Group last week both reported sharp declines in first-quarter core profitability. The lacklustre results come amid a stream of economic data pointing to weakness in the world's second-largest economy.

Manufacturing activity has now contracted for a fifth straight month while wage earnings and housing starts have both dropped from a year ago, further evidence that high energy prices and shrinking exports may push Japan into a recession.

Source: Financial Times
Date: 05.08.2008 [182]
Get your content published on in just a few clicks.

Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © | All Banks in One Place | Privacy Policy