IBT expects profit to rise 10%

International Bank of Taipei (IBT, 台北國際銀行) profit forecasts will rise 10 percent this year as the state-owned lender cuts costs and boosts transaction fees. The bank also said it plans to turn itself into a financial holding company. Net income is forecast to rise to NT$2.4 billion (US$72 million) from NT$2.2 billion last year, the bank said in a statement to the stock exchange. The forecast includes loss from the planned sale of NT$1.5 billion of bad loans.