MUFG posts 59% Q2 rise; to raise $11 bnPublished on Wed, Nov 18, 2009 at 16:02 | Source : Reuters Updated at Wed, Nov 18, 2009 at 19:09
The 1 trillion yen share issue is a record for a Japanese financial firm and is Mitsubishi UFJ, which owns one-fifth of Japanese companies have so far raised about USD 40 billion this year by issuing common stock and convertible bonds to shore up balance sheets depleted by the economic downturn. Almost three-quarters of the fundraising has been by financial firms, and analysts say that Mizuho Financial Group and Sumitomo Mitsui Financial Group, Japan's other big banks, will also need to raise more funds. One bright spot has been a decline in bad loans, which spiked last year following the collapse of Mitsubishi UFJ stuck to its forecast for a full-year profit of 300 billion yen. That compares with an average estimate for a net profit of 280.6 billion yen in a poll of 11 analysts by Thomson Reuters I/B/E/S. Mizuho and Sumitomo Mitsui, Tokyo's other two "megabanks", both posted consensus-beating results last week, with Mizuho returning to profit for the first time in five quarters and Sumitomo Mitsui doubling its quarterly profit. Mitsubishi UFJ's shares finished down 0.6% ahead of the results on Wednesday. The shares have fallen 11% so far this year, outperforming a 17% slide in
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