April 30, 2020 / 8:21 AM / a month ago

UPDATE 1-Japan's MUFG cuts annual net profit estimate by 30% due to one-off charge

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TOKYO, April 30 (Reuters) - Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) said on Thursday it had cut its annual net profit estimate by 30% for the year ended in March, primarily due to a one-off charge at its Thai unit.

The country’s largest lender by assets lowered the annual estimate to 520 billion yen ($4.9 billion) from 750 billion yen, it said in a statement.

MUFG is scheduled to announce the results on May 15.

The bank will book a 130.5 billion yen charge at Thailand’s Bank of Ayudhya PCL and a 65 billion yen charge at other units including Security Bank Corp of the Philippines.

While the writedown was announced at the end of March, MUFG reiterated its full-year forecast at that time.

It is also expecting to increase credit-related costs due to the coronavirus outbreak, pushing its net profit estimate down by 35 billion yen, it said.

$1 = 106.6100 yen Reporting by Takashi Umekawa; editing by David Evans

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