Mitsubishi UFJ Financial Group’s profit jumped in the third quarter, beating estimates and wrapping up a strong earnings season by Japan’s biggest banks.
Net income at the country’s largest lender rose 32% from a year earlier to ¥490.7 billion ($3.2 billion) in the three months ended Dec. 31, according to nine-month results released on Tuesday. That exceeded the ¥322.2 billion average of four analysts’ estimates.
Japanese banks are benefiting from rising interest rates following more than a decade of ultra-easy monetary policy. Profits are also being boosted by gains from offloading shareholdings in client companies as part of efforts to boost corporate governance.
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