Japan’s largest banking group Mitsubishi UFJ Financial Group clocked a record annual net profit even as fourth-quarter profit fell by 41 per cent.

MUFG made a net profit of ¥114 billion (US$782.11 million) in the January-March quarter compared to ¥192.8 billion in the same period the previous year.

Annual profit hit ¥1.86 trillion, beating its previous record of ¥1.49 trillion last year.