Sat, Oct 19, 2013 - Page 13 News List

E.Sun quarterly results up 18.9% from last year

BETTER THAN AVERAGE:Credit cards and SME loans have proved good business for the financial conglomerate, resulting in faster-than-sector advances

By Crystal Hsu  /  Staff reporter

E.Sun Financial Holding Co (玉山金控) posted NT$2.17 billion (US$73.75 million) in net profit last quarter, rising 18.9 percent from the same period last year on the back of stronger lending, wealth management, credit card and treasury businesses, company president Joseph Huang (黃男州) said yesterday.

Huang made the statements on the sidelines of a public function and ahead of an investors’ conference on Monday.

The third-quarter earnings represented a 3.7 percent pickup when compared with three months earlier, company data showed.

For the first nine months, the bank-focused conglomerate accumulated NT$6.56 billion in net income, translating into earnings per share of NT$1.19 and ranking it 11th among 15 listed peers, according to Taiwan Stock Exchange statistics.

Huang declined to supply earnings breakdowns, saying the company will disclose related details during the analysts’ meeting next week.

Despite the lackluster ranking, E.Sun Financial showed faster-than-sector advances in the growing businesses of credit cards and loans to SMEs, Huang said.

E.Sun Commercial Bank (玉山銀行), the group’s banking subsidiary and main source of income, generated NT$792.24 million in net profit last month and a cumulative income of NT$6.86 billion as of September, company data indicated.

The lender set aside another NT$45 million in provisions last month to meet tighter statutory requirements, the company said in a stock filing last week.

Huang reiterated the bank’s ambition to lead its peers in product and service innovations, especially in third-party payment business.

E.Sun Bank last month entered an alliance with AllPay Financial Information Service Co (歐付寶) to offer payment services for online shoppers in Taiwan and China.

The bank will court more partners in different sectors to meet customer needs and boost revenue, Huang said.

E.Sun Bank will also continue to deepen its presence in China and the Asia-Pacific region, Huang said, adding the lender is preparing to set up branches in Vietnam and Australia.

Shares in E.Sun Financial closed up 1.52 percent at NT$20 yesterday, outpacing the TAIEX, which gained a modest 0.79 percent, Taiwan Stock Exchange data showed.

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