MUFG Union Bank's Parent Offset Bad Energy Loans in 2Q

By Eha, Brian Patrick | American Banker, July 26, 2016 | Go to article overview

MUFG Union Bank's Parent Offset Bad Energy Loans in 2Q


Eha, Brian Patrick, American Banker


Byline: Brian Patrick Eha

Despite charging off millions of dollars of energy loans, the parent company of San Francisco-based MUFG Union Bank rode higher affiliate fees, securities gains and expense cutbacks to quarterly profit growth.

The $117.2 billion-asset MUFG Americas Holdings Corp., which is based in New York, on Monday reported net income of $305 million in the second quarter, up 68.5% from the same period last year. Revenue rose 7.4% to $1.2 billion.

Fees from affiliates totaled $239 million, up 24.5% year over year. That gain was partially offset by the costs of certain support services.

Still, MUFG Americas managed to cut noninterest expenses by $33 million year over year, partly as a result of a decrease in employee salaries and benefits. Total noninterest expenses were $810 million for the second quarter of 2016.

The dark spot was energy loans. MUFG Americas in the second quarter charged off $98 million of loans, most of them commitments in the oil and gas sector. That was a 390% increase over net chargeoffs during the second quarter of 2015.

Of the company's total energy loans, 78% were connected to petroleum exploration and production companies as of June 30. …

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