Mitsubishi UFJ Financial Group Inc. posted its first full-year loss after the global financial crisis sent markets tumbling, cutting the value of its investments.
The ¥260 billion deficit for the 12 months that ended March 31 compares with a ¥636.6 billion profit a year earlier, Mitsubishi UFJ said Friday, citing preliminary figures. Japan's biggest bank had forecast net income of ¥50 billion.
The global recession has forced the nation's three largest banks to post ¥1.2 trillion in losses and raise more than ¥2.4 trillion to restore balance sheets. Mitsubishi UFJ has sold more than $13 billion in stocks and bonds since October, after investing in New York-based Morgan Stanley and taking over San Francisco-based UnionBanCal Corp.