Tuesday, Japan-based financial services provider Mitsubishi UFJ Financial Group, Inc., or MUFG, (MTU), posted a net loss for fiscal year 2008, hurt primarily by a loss on write-downs of equity securities due to decline in share prices. However, the company said it expects to report earnings for the fiscal year 2009.
For the fiscal year ended March 31, the company posted a net loss of 256.9 billion yen, compared to a net income of 636.6 billion yen in the prior year. Net loss per share for the year was 25.04 yen, compared to net earnings of 61.00 yen in the previous year.
Net interest income for the year increased to 1976.0 billion yen from 1842.1 billion yen last year, mainly due to an increase in overseas lending income, lower funding cost in foreign currency and consolidation of ACOM Co, Ltd. Net fees and commissions for fiscal 2008 dropped to 970.1 billion yen from 1073.5 billion yen last year.
Net loss on equity securities for the year was 408.7 billion yen, compared to 24.8 billion yen last year, due to a loss on write down of equity securities caused by the decline of share prices. Losses on write-down of securities for the year were 479.6 billion yen, compared to 187.1 billion yen in the previous year.
Total credit losses for fiscal 2008 increased to 608.4 billion yen from 301.6 billion yen in the previous year, mainly due to revision of debtor credit ratings.
As at March 31, 2009, risk-adjusted capital ratio on an adjusted basis was 11.76%, while tier 1 capital ratio was 7.76%.
As at March 31, 2009, total assets were 198.73 trillion yen, compared with 192.99 trillion yen as at March 31, 2008.
The company also declared an annual dividend of 12 yen per share, a decrease of 2 yen per share from the previous year.
Looking ahead to 2009, the company now forecasts earnings of 300.0 billion yen. For the full year, the company anticipates dividend of 12.00 yen per share.
MTU is currently trading at US$6.48, up US$0.02 or 0.31%, on a volume of 0.32 million shares on the NYSE.
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