TOKYO—Mitsubishi UFJ Financial Group Inc reported a 70 percent plunge in first-quarter net profit, blaming one-off losses related to the sale of MUFG Union Bank and a drop in the value of its stake in ride-hailing firm Grab Holdings.
The bank, Japan’s largest lender by assets, booked an appraisal loss of 254 billion yen ($1.9 billion) on bonds and other assets held by MUFG Union Bank, an accounting treatment required ahead of the $8 billion sale of the U.S. retail banking unit to U.S. Bancorp later this year.
