Thu, Nov 20, 2014 - Page 13 News List

E.Sun bank sees growth in wealth management

By Amy Su  /  Staff reporter

E.Sun Financial Holding Co (玉山金控) expects to sustain its earnings growth momentum next year on the back of its continuous development of wealth management offerings and expansion in South Asia.

The confidence in its wealth management business comes as the company reported a 43 percent growth in fee income in the first three quarters of the year, over the same period a year earlier.

“Following the strategy of improving human resource training, the company has attracted higher-quality customers and sustained the strongest momentum in the [wealth management] market,” E.Sun Financial said in a statement yesterday.

The banking-focused conglomerate expects that the strategy will further solidify wealth management as one of its major revenue drivers next year, the statement said.

In the first three quarters, E.Sun Financial posted a 28 percent year-on-year increase in net income to NT$8.41 billion (US$272.38 million), or NT$1.26 per share.

The company said earnings for the January-to-September period have reached last year’s profit target.

The company’s main business unit, E.Sun Commercial Bank (玉山銀行), saw its loan business increase 9.2 percent from a year earlier during the first nine months of this year.

Earlier, the bank said it had set a growth target of between 10 and 12 percent for the loan business this year.

The bank said it would soon start operation of a new sub-branch in Dongguan, China, and that it is in the process of securing approval to open a new branch in Shenzhen.

Meanwhile, E.Sun Financial’s reinvestment in Cambodia-based Union Commercial Bank PLC is scheduled to continue, with the opening of two new branches in Phnom Penh by the end of this year.

“The development of overseas expansions will be the company’s solid base in the middle to long-term future,” E.Sun Financial said.

E.Sun Financial shares rose 1.03 percent to close at NT$19.55 yesterday in Taipei trading.

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