Mitsubishi UFJ reports $10.5 billion profit

Japanese banking giant Mitsubishi UFJ Financial Group said on May 22 that it had swung to an annual net profit of 1.18 trillion yen (10.48 billion dollars) from a big loss a year earlier as bad debts shrank and an economic recovery picked up.
In the previous financial year Mitsubishi Tokyo Financial Group and UFJ, which merged last year to become the world's largest bank by assets, made a combined loss of 216.1 billion yen as UFJ fell deep into the red.
"Our net profit increased mainly due to a decline in costs of (bad debt) write-offs," MUFG president Nobuo Koruyanagi told a news conference.