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Mitsubishi UFJ (MUFG) Posts Double Profit

|Includes: Mitsubishi UFJ Financial Group, Inc. (MTU)

 Mitsubishi UFJ Financial Group Inc. (NYSE:MTU) , Japan’s biggest publicly traded bank, has reported that profit has more than doubled and also announced plans to buy project-finance assets from Royal Bank of Scotland Group Plc valued at about 3.8 billion pounds ($6.1 billion).

Net income for the six months ended Sept. 30 rose to 357 billion yen ($4.3 billion) from 141 billion yen a year earlier, the Tokyo-based lender said in a statement today. It raised a full-year profit target to 500 billion yen from 400 billion yen.

Mitsubishi UFJ Financial Group Inc. (MTU) has been the most active among Japan's top banks in expanding overseas, having taken a one-fifth stake in U.S. investment bank Morgan Stanley at the height of the financial crisis. It also bought assets from two U.S. banks this year.

The purchase adds to Mitsubishi UFJ’s (MTU) cross-border acquisitions including UnionBanCal Corp. in 2008 and this year’s takeover of two smaller U.S. lenders. Smaller rival Mizuho said on Nov. 12 that it will buy a stake in BlackRock Inc., the world’s biggest asset manager, for $500 million.

The portfolio comprises power, oil and gas, and infrastructure assets in the U.K., Europe, Asia Pacific and the Middle East, the 83%-government owned bank said in a statement.

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