E.Sun Financial Holding Co (玉山金控) on Monday reported net fee income of NT$5.27 billion (US$189.1 million) for the first quarter of this year, the highest quarterly figure in its history, thanks to contributions from E.Sun Securities Co (玉山證券) as more investors participated on the local stock market.
E.Sun Securities’ net fee income increased 52.5 percent year-on-year to NT$840 million in the first quarter, accounting for 16.3 percent of the holding company’s net fee income, E.Sun Financial said in a statement.
As of the end of last year, the securities unit’s fee income contributed 12.4 percent to its parent company’s total fee income.
Photo: Kelson Wang, Taipei Times
The growth in fee income boosted E.Sun Securities’ net profit by 274 percent from a year earlier to NT$416 million in the first quarter.
E.Sun Financial’s banking unit, E.Sun Commercial Bank (玉山銀行), reported that net fee income at its credit card business dropped 8 percent last quarter, but rose 3.8 percent at its wealth management operations.
The two divisions contributed to two-thirds of E.Sun Financial’s total net fee income, company data showed.
E.Sun Commercial’s net profit fell 12 percent year-on-year to NT$4.41 billion last quarter, with its net interest margin sliding to 1.2 percent, down 14 basis points from a year earlier, while its non-performing loan ratio remained flat at 0.19 percent.
The non-performing loan ratio for mortgages was 0.07 percent, down from 0.08 percent at the end of last year.
The bank’s loan balance rose 9 percent annually to NT$1.46 trillion, with mortgages expanding 19.7 percent, personal loans growing 12 percent and loans to small-and-medium enterprises rising 15 percent.
However, loans denominated in foreign currencies declined 6.7 percent.
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