Mitsubishi UFJ Financial Group (MUFG - Free Report) is scheduled to report interim fiscal 2019 (ended Sep 30, 2019) results on Nov 13.
This Japan-based banking giant reported profits attributable to owners of parent of ¥391 billion ($8.9 billion) for first-quarter fiscal 2019 (ended Jun 30), up 24.1% year over year. Increased gross profits, higher net trading profits, low credit costs and strong capital drove the upside, while elevated general & administrative expenses acted as a headwind.
Mitsubishi UFJ has gained 16.7% on the NYSE over the past six months compared with 1.9% growth of the industry it belongs to.
Factors at Play
Profitability of Mitsubishi UFJ is likely to have been unfavorably impacted by sluggish economic growth in Japan and a persistent negative interest rate environment. This is expected to have kept Mitsubishi UFJ’s net interest income under pressure.
Further, the lending scenario might have remained muted due to fears of global economic slowdown and trade war concerns, thereby further affecting interest income.
Also, the company’s expenses are likely to have increased during the quarter as it continues to invest in digital initiatives and expansion of overseas businesses.
Mitsubishi UFJ Financial Group, Inc. Price
Mitsubishi UFJ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Bank of Montreal’s (BMO - Free Report) shares have rallied 16.4% year to date. Also, the company’s earnings estimates for the current year have been revised upward over the past 30 days. The stock carries a Zacks Rank of 2 (Buy), at present.
HDFC Bank Limited (HDB - Free Report) share price has increased 19.3% so far this year. Further, the company’s earnings estimates for the ongoing year have moved upward in the past 30 days. The stock carries a Zacks Rank of 2, currently.
BanColombia S.A. (CIB - Free Report) shares have gained 41% year to date. This Zacks #1 Ranked company’s earnings estimates for 2019 have moved up in 30 days’ time.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>