Credit-card figures released
As of the end of August, there were 31 banks issuing more than 3.8 million cash-advanced cards in the nation with total loans amounting to NT$145.2 billion, or 3.45 percent of consumer loans, the Bureau of Monetary Affairs reported yesterday.
As concerns were raised regarding the management of cash-advanced cards due to loose control and management of the service indicated by financial experts, the bureau said the non-performing loan ratio of the card is 1.73 percent, which is within a reasonable range.
The bureau also announced statistics for credit cards yesterday, saying there are currently 8.6 million credit-card holders in the nation, and each has average four cards in use, in the same period of time. The bad-loan ratio for credit cards is also in a reasonable 4 percent.
Bank of Taiwan in trouble
Bank of Taiwan's (台灣銀行) Tokyo-based off-shore banking unit (OBU) was rectified by Japan's financial authorities for business income tax evasion, Huang Tien-mu (黃天牧), deputy director-general of the Bureau of Monetary Affairs, confirmed yesterday.
Huang, however, refused to reveal the tax amount. Local media speculated that Bank of Taiwan may have to pay out over NT$100 million in taxes.
Huang, in addition, said that the bank failed to comply with banking rules in Japan, which stipulate that OBUs should not grant loans to non-residents and corporations.
No effect on rating for Macronix
Macronix International Co's (旺宏) announcement on Monday that it had reduced its net loss for the third quarter will have no immediate effect on its rating, Standard and Poor (S&P) said in a statement yesterday.
Macronix posted quarterly sales of NT$4.9 billion, a 22 percent rise from the previous quarter, which resulted in a net loss of NT$1.2 billion, compared with NT$3 billion in the previous quarter.
CEPD sets growth target
The Council for Economic Planning and Development (CEPD) has set Taiwan's economic growth rate target for next year at 4.7 percent, according to a national development program approved on Monday by the government's top economic planning agency.
CEPD Vice Chairwoman Ho Mei-yueh (何美玥) said that the "challenging target" can be achieved if a NT$500 billion (US$14.8 billion) program for expanding public construction in five years can be carried out smoothly and the existing program for increasing job opportunities can continue.
Fubon profits rise 9.6 percent
Fubon Financial Holding Co (富邦金控), which is about one-tenth owned by Citigroup Inc, indicated that third-quarter profits rose 9.6 percent from a year earlier, boosted by the acquisition of TaipeiBank (台北銀行) last year.
Net income rose to NT$3.87 billion (US$114 million) in the three months ending Sept. 30, from NT$3.53 billion a year earlier.
Mega raises profit forecast
Mega Financial Holding Co (兆豐金控), the nation's third-largest financial company by market value, raised its annual profit forecast by 21 percent to NT$18.1 billion (US$532 million) after cutting costs and winning more business.
The company, which said last week it may increase its outlook for the 12 months ending Dec. 31, will hold an investor meeting on Nov. 13 to detail its earnings and business plan.
NT dollar maintains strength
The New Taiwan dollar yesterday maintained its strength against its US counterpart, rising NT$0.004 to close at NT$33.988 on the Taipei foreign exchange market.
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