Tue, Nov 09, 2010 - Page 12 News List

Financial holding firms report rise in October net income

PROFIT IMPROVEMENT:Chinatrust benefited from a low base and better asset quality; Taishin and SinoPac received a boost from their banking units

By Crystal Hsu  /  Staff Reporter

Three of Taiwan’s financial holding companies yesterday reported improved profits last month.

Chinatrust Financial Holding Co (中信金控) posted a consolidated net income of NT$1.6 billion (US$52.1 million) last month, up sharply from NT$342 million in September.

Although the company benefited from a continued pickup in its wealth management business and improved asset quality at its US subsidiary, it attributed the sharp growth last month to a low base in September when it recognized a one-off loss from a stock transfer to employees and an increase in pension reserve funds.

Consolidated net income totaled NT$12.21 billion for the first 10 months of the year, which translates into earnings per share (EPS) of NT$1.15, compared with NT$0.99 in the first nine months of the year, the company said.

Chinatrust Commercial Bank (中國信託商銀), the group’s main source of income, reported a drop in its bad-loan ratio to 0.67 percent at the end of last month, from 0.7 percent a month earlier, while its coverage ratio rose to 186.35 percent, from 184.34 percent, suggesting a stronger asset profile, the company said.

TAISHIN

Taishin Financial Holding Co (台新金控) yesterday reported a net profit of NT$810 million for last month, a modest increase from a month earlier, driven chiefly by its banking unit, Taishin International Bank (台新銀行), the company said.

Net income for the first 10 months rose to NT$7 billion, or EPS of NT$0.98, it said.

SINOPAC

SinoPac Financial Holding Co (永豐金控) reported a net income of NT$463 million last month, which it attributed to long-term equity gains.

Its banking subsidiary, Bank SinoPac (永豐銀行), contributed NT$320 million in net profit, accounting for 69.11 percent, the financial holding company said.

Consolidated net profit totaled NT$4.41 billion for the first 10 months of the year, or EPS of NT$0.63, it said.

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