TOKYO (Reuters) – Mitsubishi UFJ(NYSE:) Financial Group Inc. (MUFG) forecasts record annual net profits on Monday, thanks to cash release from pandemic-related provisions and a decrease in credit-related expenses.

Japan’s largest lender posted a net profit in April and September of 781.4 billion Yuan ($6.86 Billion), an increase of 95% from the year before.

MUFG owns 24% Wall Street banks Morgan Stanley (NYSE:) raised its profit outlook for the entire year from 850 billion to 1.05 trillion Yuan.

This forecast compares to an average Refinitiv estimate for 982 billion Japanese yen, from 11 analysts. It exceeds the old annual record of 1.0337 trillion Yuen, in the year ending in March 2015.

According to Tokyo Shoko Research, corporate bankruptcies fell in Japan during April-September after small businesses were provided with cash by the government to help them through the pandemic.

Sumitomo Mitsui Financial Group Inc. (NYSE:SMFG) as well as Mizuho Financial Group Inc., raised their profit estimates for the full year.

A strong performance from Morgan Stanley, driven by record investment banking and M&A advisory revenues, also contributed to MUFG’s profit.

MUFG has set a three-year goal to achieve a net profit exceeding 1 trillion yen per year by March 2024. It is focusing more on its Asian operations.

In is pulling back from U.S. retail banks with the $8 Billion sale of MUFG Union Bank to U.S. Bancorp.

($1 = 113.9500 yen)