The asset quality of the banking sector is showing signs of sustained improvement in the wake of the consumer credit abuse problem, with the bad loan ratio falling for the second month in succession, according to official data released yesterday.
The average non-performing loan ratio of 41 local banks decreased marginally to 2.32 percent last month, down 0.01 percentage points from May, the monthly data released by the Financial Supervisory Commission showed yesterday.
The coverage ratio increased from 54.50 percent to 55.14 percent over the same period, the data showed.
For the first half of this year, aggregate pre-tax profits of local lenders amounted to NT$32.22 billion (US$981 million), down from NT$35.84 billion a year ago.
Meanwhile, blacklisted Bowa Bank (
"The bank's profitability continued to weaken as a result of tight liquidity," commission spokesperson Susan Chang (張秀蓮) said.
"We will not ignore this problem bank," Chang said when asked about the possibility of a government takeover.
Embezzlement scandal-plagued Sunny Bank (陽信商銀) saw its deposit loss decrease to NT$1.5 billion yesterday from NT$3 billion a day earlier, Chang said.
The bad loan ratio of credit card lending edged up 0.01 percentage points to 2.36 percent last month, while that of cash card lending increased 0.68 percentage points to 7.52 percent.
INEXPENSIVE POWER: Group chairman Gautam Adani said 70% of the investment would go into energy transition, with a focus on green hydrogen India’s Adani Group is to invest more than US$100 billion over the next decade, most of it in the energy transition business, chairman Gautam Adani said yesterday, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan. After founding the group in 1988 as a commodities trading business, the 60-year-old has ventured into multiple sectors, mainly in the infrastructure space and in line with the priorities of the government of Indian Prime Minister Narendra Modi. “As a group, we will invest over US$100 billion of capital in the next decade,” Adani, the world’s second-richest person, told the Forbes Global CEO Conference in
PRICE POINT: While overall demand has lagged expectations, higher-priced iPhone 14 Pro models appear to attract more attention than entry-level versions, sources said Apple Inc is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, people familiar with the matter said. The Cupertino, California-based company has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the company would aim to produce 90 million handsets for the period, about the same level as in the second half
Foxconn Technology Group (富士康科技集團) is to invest US$1.75 million in a joint venture with PT Indika Energy Tbk to explore commercial electric vehicle (EV) and electric battery business opportunities in Indonesia, the Taipei-based company said yesterday. With the investment, Foxconn would hold a 40 percent stake in the joint venture, PT Foxconn Indika Motor, while PT Indika would own 60 percent. The collaboration is an extension of a memorandum of understanding signed in January by Indika Energy, Foxconn, Gogoro Inc (睿能創意) and others aiming to build an electric vehicle supply chain in Southeast Asia’s biggest economy. Gogoro, in which Foxconn owns a 0.76
COLD BENDING: Innolux plans to boost contribution from vehicle displays to 50 percent of overall revenue from 12 percent in the second quarter of this year Innolux Corp (群創) is deepening its partnership with the US-based Corning Inc in the production of cockpit displays through a subsidiary, as it pushes ahead with transformation efforts to fuel growth. Singapore-based CarUX Technology Pte Ltd (群豐駿科技), a vehicle display maker fully owned by Innolux, would incorporate Corning’s cold-bending technology into its large curved vehicle displays, Innolux said in a statement yesterday. CarUX and Corning are expanding their collaboration from automotive glass substrates to glass substrate protection solutions, as they seek to build supply chain ecosystems to generate greater industrial synergies, CarUX said in the statement. With Corning’s ColdForm technology, a glass cover