MITSUBISHI UFJ Financial Group reported quarterly profit that beat estimates.

The nation’s largest bank said net income came in at 555.9 billion yen (US$ 3,79 billion) for its fiscal first quarter ended in June, accounting for more than a third of its annual projection of 1.5 trillion yen. Profit fell slightly from the year earlier period which was boosted by accounting changes around its 23 percent stake in Morgan Stanley.

Shares of the country’s lenders soared after the Bank of Japan tightened monetary policy, in a move that’s set to boost lending revenues for banks. MUFG’s banking arm in turn said it plans to raise its short-term prime rate in September.