UnionBanCal Corp. on Monday reported third-quarter profit well below analyst estimates and said loan losses are creeping into its commercial and industrial portfolio.

In the last time the San Francisco company reports earnings before Mitsubishi UFJ Financial Group Inc. of Tokyo acquires the shares it does not own already, the $62.6 billion-asset UnionBanCal said net income fell 18% from a year earlier, to $104.8 million, or 75 cents a share. The average estimate of analysts polled by Thomson Reuters was $1.09.

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