Wed, Jan 05, 2011 - Page 12 News List

Taiwan Cooperative profits rose nearly 9 percent last year

By Kevin Chen  /  Staff reporter

Taiwan Cooperative Bank (合作金庫銀行), one of five Taiwanese lenders that opened branches in China last month, said yesterday it made NT$7.49 billion (US$248.1 million) in after-tax profits last year, or NT$1.26 in earnings per share (EPS), a company filing said.

Last year’s profits were 8.99 percent higher than the NT$6.87 billion the state-run bank made a year earlier, the Taipei-based lender’s previous filings showed. However, the figure was still 23.1 percent less than 2007’s NT$9.74 billion profit, a peak in recent years.

Taiwan Cooperative, 36.7 percent owned by the government, accounted for a market share of 8.2 percent in deposits of all local lenders last year.

NET VALUE

Net value totaled NT$118.33 billion as of the end of last month, John Chou (周叔璋), executive vice president at the bank, said in the filing.

Based on the company’s 6.02 billion outstanding shares, its net value per share was NT$19.64, he said.

Taiwan Cooperative was the second of the nation’s 37 lenders to release its balance sheet for last year. On Monday, King’s Town Bank (京城銀行) said it made a record NT$2.02 billion in pre-tax profits, or NT$1.92 in EPS, on strong recovery in both fee and net interest incomes plus a substantial decline in provision charges, according to an exchange filing.

KING’S TOWN

King’s Town’s figure for last year was 62.43 times the NT$31.89 million pre-tax profit the medium-sized, Tainan-based lender made in 2009, according to the company’s financial tallies. King’s Town Construction Co (京城建設) chairman Tsai Tien-tsan (蔡天贊) holds a stake of about 30.9 percent in the lender.

Shares of Taiwan Cooperative fell 2.75 percent to NT$24.8 yesterday and those of King’s Town dropped 2.26 percent to NT$17.3 on the main bourse, compared with a 0.31 percent decline on the TAIEX.

Over the past 12 months, Taiwan Cooperative has risen 23.38 percent with King’s Town surging 89.69 percent, far exceeding the TAIEX’s 9.62 percent increase over the same period, stock exchange data showed.

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