( CNN ) -- One of Japan 's largest banks on Friday announced a loss for the nine-month period ending December 31 , hit by weak markets and a recession at home . Mitsubishi UFJ said higher credit costs and stock losses also contributed to its deficit . Mitsubishi UFJ Financial Group reported a net loss of ¥42.07 billion ( $ 467.44 million ) in the April-December period , its first loss since the group was launched in 2005 . This compares to a profit of ¥314.6 billion ( $ 3.44 billion ) profit for the same period a year ago . The group slashed its net profit forecast to ¥50 billion ( $ 546 million ) , from a previous projection of ¥220 billion ( $ 2.4 billion ) . The bank blamed the bleak outcome on a `` decrease of net fees and commissions '' in businesses such as investment trust , insurance securities and real estate . Higher credit costs and stock losses also contributed to the deficit , the company said . Meanwhile , Reuters.com quoted Japanese financial daily , Nikkei , as saying the `` mega bank '' -- which has already taken a ¥100 billion valuation loss due to the stock market downturn -- may face further write-downs since stock prices have continued to fall .
Loss ##es to a profit of $ 1 million for the same period a year ago . Bank blamed the bleak outcome on a ` ` level of net fees and charges '' Mitsubishi UFJ Financial Group was formed in August .