6 top Japan banks expect 895 bil. yen combined net profit in FY 2009

TOKYO, May 19 Kyodo -
Mitsubishi UFJ Financial Group Inc. and five other top Japanese banks expect
group net profits totaling 895 billion yen for the current fiscal year to next
March, according to projections released by the six banking groups by Tuesday.
In fiscal 2008 ended March 31, the six banks posted combined net losses totaling
1.18 trillion yen, the first red figure in five years, due largely to
write-downs on securities investments and a sharp increase in bad-loan disposal
costs amid the deteriorating economy.
Although all six banks are expecting net profits for the current fiscal year,
the combined amount of their profit projections is the smallest since they
posted a profit of 730 billion yen as a whole in fiscal 2004.
MUFG, Japan's biggest banking group, said Tuesday it forecasts a net profit of
300 billion yen for fiscal 2009 after suffering a net loss of 256.95 billion
yen in fiscal 2008, in a turnaround from the previous year's profit of 636.62
billion yen.
==Kyodo