MUFG Profit Beats Estimates; Keeps Record Earnings Target

Mitsubishi UFJ Financial Group Inc. kept its forecast for another year of record profit after earnings exceeded analysts’ expectations in the first quarter.

Net income fell 1.8% from a year earlier to ¥546.1 billion ($3.7 billion) in the three months ended June 30, Japan’s largest bank said Monday. That beat the ¥490.1 billion average of five analysts’ estimates compiled by Bloomberg.