Japan's MUFG projects record profit as rising rates boost loan margins

TOKYO -- Mitsubishi UFJ Financial Group expects record net profit for the year ended March under revised guidance it announced on Wednesday, as interest rate hikes by the Bank of Japan lift long-slumping loan interest margins.

Consolidated net profit is now projected to reach 1.86 trillion yen ($13 billion), MUFG said, up 25% from the previous fiscal year for a second consecutive annual record. The company previously forecast a 1.75 trillion yen profit.