Mitsubishi UFJ Financial Group, Japan’s top lender by assets, raised its annual net profit forecast to a record 1.75 trillion yen ($11.23 billion) after second-quarter profit surged on higher interest rates and the sale of cross-held shares.

Group net profit for the July-September period came to 702 billion yen, up 90% from 369 billion yen in the year-earlier quarter. It had previously forecast a full-year net profit of 1.5 trillion yen.

It saw higher loan and deposit interest income generated by its domestic retail and corporate lending businesses thanks to higher interest rates and improved lending spreads.

MUFG also booked healthy growth in fees from its asset and wealth management businesses, but net income in its global investment banking business dropped on higher credit costs. It said it would aim to meet a return-on-equity target of around 9 percent this fiscal year, earlier than expected.