CTBC Financial Holding Co (中信金控) and SinoPac Financial Holdings Co (永豐金控) yesterday reported that net profit for last month fell year-on-year, due to less income from interest and fees.
CTBC Financial’s profit declined 4.5 percent to NT$3.35 billion (US$112.37 million), as profit at its banking unit, CTBC Bank (中國信託銀行), plunged 29.6 percent to NT$1.83 billion.
There was “less interest income due to the central bank’s rate cut of 25 basis points in March,” CTBC Financial head of financial management Chiu Ya-ling (邱雅玲) told the Taipei Times by telephone. “The lower fee income was because consumers became conservative about wealth management and credit card spending amid the pandemic.”
CTBC Bank last month wrote off half of its US$90 million in loans to Singapore oil trader Hin Leong Trading Pte Ltd (興隆貿易), which filed for bankruptcy protection in April, she said, adding that it would continue negotiating with Hin Leong next month to minimize its losses.
CTBC Financial’s insurance unit, Taiwan Life Insurance Co (台灣人壽保險), reported that net profit increased 15.6 percent to NT$1.2 billion last month, thanks to rising investment returns in an improving global financial market.
In the first five months of this year, CTBC Financial’s combined profit totaled NT$18.69 billion, up 8.7 percent from a year earlier, with earnings per share of NT$0.96, the company’s data showed.
SinoPac Financial’s profit plummeted 9.8 percent annually to NT$963 million, as its banking unit, Bank SinoPac (永豐銀行), saw its profit tumble 21 percent due to higher loan-loss provisions and lower interest income.
For the first five months, SinoPac Financial’s profit totaled NT$4.51 billion, down 20 percent from a year earlier, it said.
Meanwhile, E.Sun Financial Holding Co (玉山金控) said that net profit grew 21.97 percent annually to NT$1.71 billion last month, but its combined profit in the first five months declined 5.4 percent to NT$7.85 billion, with earnings per share of NT$0.68.
Of its major subsidiaries, profit at E.Sun Commercial Bank (玉山銀行) fell 23.68 percent to NT$1.16 billion, but profit at E.Sun Securities Co (玉山證券) grew 2.27 percent to NT$45 million while E.Sun Venture Capital Co Ltd (玉山創投) swang into profit of NT$360 million, from losses of NT$66 million a year earlier.
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