Taishin Financial's income up slightly

Taishin Financial Holding Co (台新金控), Taiwan's eighth-largest financial-service provider by assets, yesterday reported first-quarter after-tax net income of NT$3.25 billion (US$103.9 million), or earnings of NT$0.76 per share, slightly up from NT$3.23 billion a year ago.

The earnings for the first quarter accounted for 24 percent of the company's projected annual earnings of NT$13.57 billion this year. Taishin Financial's net income reached NT$11.3 billion last year.

"The macro-economic conditions were not ideal in the first quarter, because of a sluggish stock market and daily turnover shrinking to around NT$40 billion to NT$50 billion, and the impact of the Statement of Financial Accounting No. 35," company president Julius Chen (陳淮舟) told a press briefing yesterday.

Taishin Financial Holding is composed of Taishin International Bank (台新銀行), Taiwan Securities Co (台証證券) and Taishin Bills Finance Corp (台新票券).

Chen said Taishin International outperformed other affiliates, reporting an increase of 20 percent in profits and accounting for 94 percent of the total profits earned by its parent in the first quarter. Taiwan Securities, however, reported poor financial results caused by the slow stock market.

Taishin International posted earnings of NT$3.17 billion, or NT$1.12 per share, Taishin Financial's chief financial officer Carol Lai (賴昭吟) said.