SinoPac Financial Holdings (永豐金控) said yesterday it expects income from fees to expand 20 percent this year, driven by increasing corporate lending, wealth management and credit card operations amid continued economic recovery.
SinoPac Financial posted NT$5.09 billion (US$172.91 million) in net income last year, soaring 4.6 times from that of a year earlier, as its banking and securities subsidiaries emerged from the global financial crisis, company statistics showed.
“We aim to achieve stable growth [in earnings] this year on further improvement in corporate lending and fee income,” the group said in a statement.
The bank-centric group expects strong loan demand from small and medium-sized enterprises this year, while recovering confidence would boost wealth management and credit card businesses, increasing total fee incomes by 20 percent.
Net profit from Bank SinoPac (永豐銀行) totaled NT$3.46 billion last year, rising 66 percent from a year earlier and taking up 68,02 percent of the group’s net earnings, the report said.
Net interest income expanded 22 percent to NT$12.02 billion last year, while net fee income picked up 20 percent to NT$3.71 billion, the report said.
Net interest margin averaged 1.25 percent last year and is expected to widen this year as the central bank continues mild interest rate hikes to rein in property prices and inflationary pressures.
SinoPac Securities (永豐金證券) contributed NT$1.48 billion in net income last year, reversing a net loss of NT$490 million in 2009, the report said.
The group said it aims to increase the brokerage’s market share this year by helping Taiwanese firms in China issue debts in Chinese yuan, among other expansion moves.
Recently, the capital leasing subsidiary approved a US$20 million investment plan to set up a capital leasing firm in Nanjiang, the group said, adding Bank SinoPac intends to establish a representative office there to increase overall presence in China.
The stock of SinoPac Financial ended flat at NT$12.95 yesterday.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has appointed Rose Castanares, executive vice president of TSMC Arizona, as president of the subsidiary, which is responsible for carrying out massive investments by the Taiwanese tech giant in the US state, the company said in a statement yesterday. Castanares will succeed Brian Harrison as president of the Arizona subsidiary on Oct. 1 after the incumbent president steps down from the position with a transfer to the Arizona CEO office to serve as an advisor to TSMC Arizona’s chairman, the statement said. According to TSMC, Harrison is scheduled to retire on Dec. 31. Castanares joined TSMC in
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the
RSS