Taiwan-based banks posted an average overdue loan rate of 4.33 percent for December last year, a level better than the target set by the Ministry of Finance, according to a quarterly report issued on Friday by Taiwan's Central Bank of China (CBC).
The top five domestic banks with the lowest overdue loan rates are Cathay United Bank (0.82 percent), East Sun Bank (1.18 percent), First Commercial Bank (1.46 percent), Taishin International Bank (1.59 percent) and Chinatrust Commercial Bank (1.65 percent), the CBC report shows.
On the other side, 12 banks, such as Chung Shing Bank and Medium Business Bank of Kaohsiung District, still failed to surpass the government-set level, the CBC report shows. Chung Shing Bank recorded the highest level of 59.03 percent, followed by Medium Business Bank of Hualien District with 23.99 percent, Pan Asia Bank with 22.63 percent and ChinFon Commercial Bank with 19.21 percent.
Among them, seven major public banks posted a lowered average overdue loan of 4.31 percent for February this year, an improvement as compared to January's average level of 4.35 percent, December's 4.37 percent and November's 4.76 percent.
The drop is an indication that the seven major domestic banks -- Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, Chang Hwa Bank, Hua Nan Bank, First Commercial Bank and Medium Business Bank of Taiwan -- have improved their business in writing off bad loans.
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