Fri, May 04, 2018 - Page 12 News List

E.Sun focusing on fintech and cross-border services

By Crystal Hsu  /  Staff reporter

E.Sun Financial Holding Co (玉山金控) is to focus on financial technology, cross-border services and legal compliance this year, while pursuing profitability, president Joseph Huang (黃男州) yesterday told an investors’ conference in Taipei.

The bank-reliant conglomerate posted a record NT$47.8 billion (US$1.61 billion) in net profit last quarter, representing a 27.9 percent increase from a year earlier, with balanced contributions from interest, fee and financial operating income, the company’s financial statement said.

E.Sun Commercial Bank (玉山銀行) generated nearly 94 percent of the group’s first-quarter profit, with net interest income accounting for 41.6 percent, fee income for 34.3 percent and financial operations the remaining 24.1 percent.

“The company will place greater emphasis on financial technology, cross-border services and legal compliance this year,” Huang said.

Toward that end, E.Sun Bank has appointed ranking officials to take charge of newly created information security and legal compliance offices that aim to step up structural organization, personnel quality and technology maturity, Huang said.

The two offices are not only tasked with creating a risk management system, but to use technology to prevent information security breaches and detect money-laundering activities, he said.

A brewing trade war between the US and China poses the biggest uncertainty to the industry’s operating environment, although an internal assessment said it is likely to have a limited impact on Taiwanese firms, Huang said.

Taiwanese exports have posted stable growth this year, while domestic demand leaves room for improvement, he said, adding that the government’s spending on infrastructure enhancement might help spur private investment.

E.Sun Bank has 25 offices in nine countries and regions, and plans to open a branch in Brisbane, Australia, in the second half of the year, Huang said.

In addition, its subsidiary in Guangzhou, China, is to establish a new branch.

The bank will seek to integrate domestic and overseas operations to provide clients with a seamless cross-border experience, he said.

The group’s return on equity stood at 12.57 percent and return on assets at 0.91 percent. The bad debt ratio was 0.24 percent and the coverage ratio was 489 percent, the statement said.

This story has been viewed 1472 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top